Comstock Holding Companies, Inc., (NASDAQ: CHCI) (“CHCI” or
“Comstock”), announced that one of its managed companies, Comstock
Development Services, LC, and its affiliates (“CDS”) has acquired
JBG Smith’s Commerce Metro Center Portfolio (“CMC Portfolio”). The
acquisition, facilitated by CHCI, increases the Reston Station
neighborhood to 4.5 million square feet at full build out, covering
nearly 40 acres spanning the Dulles Toll Road and surrounding the
Wiehle-Reston East Metro Station. The CMC Portfolio acquisition
also increases the total assets under management by CHCI under its
long-term asset management agreement covering Reston Station and
other assets of CDS.
The CMC Portfolio is located adjacent to
Reston’s first, and currently its only Metro station, the
Wiehle-Reston East Station on the Silver Line and lies directly
across the Dulles Toll Road from the first phase of the Reston
Station neighborhood being developed by Comstock. A
pedestrian bridge provides direct connection between the CMC
Property, the Metro Station, and the Reston Metro Plaza, which is
already home to BLVD Apartments, Founding Farmers, Sweet Leaf,
Starbucks, Spaces Co-Working Suites by Regus, CVS (opening late
2019), Northern Virginia’s only Helmut Jahn designed office
building, and a 2,300-space commuter parking garage. The first
phase of Reston Station is also home to Nordine Salon, Orange
Theory Fitness, M&T Bank (opening late 2019), Aperture
Apartments, and the Greater Reston Chamber of Commerce.
The CMC Portfolio includes three stabilized
Class-A office buildings totaling 408,000 square feet and has
entitlements in place for an additional 1.1 million square feet of
mixed-use development including office, residential, retail and
hotel uses. Improvements are being planned that will enhance the
pedestrian experience and connection to the Metro Station while
incorporating the CMC Portfolio into the Reston Station
neighborhood and positioning the expanding CMC Portfolio to attract
additional retail, dining and service establishments. With
the addition of the CMC Portfolio, the Reston Station neighborhood
will include approximately 4.5 million square feet at full
build-out and have significant frontage on Sunset Hills Road,
Wiehle Avenue, Sunrise Valley Drive, Reston Station Boulevard, and
the Dulles Toll Road.
“The CMC Portfolio acquisition demonstrates
CHCI’s ability to provide end-to-end asset management services for
our managed companies and clients, while representing the next step
in our transformation we announced in early 2018,” said Comstock
CEO, Christopher Clemente. “With our previously announced exit from
for-sale homebuilding substantially complete, our reshaped
management team is focused on increasing assets under management
through the development of a multi-million square foot portfolio of
transit-oriented and mixed-use properties and through acquisition
of high-quality, value-add properties such as the CMC
Portfolio.”
The three existing office buildings in the CMC
Portfolio are approximately 86% leased to multiple tenants
including, among others; Applied Information Sciences, Kimley Horn
and Associates, Inc., CACI NSS Inc., Clarabridge, Inc., BT
Americas, Inc., Pennsylvania State University, and Kroll
Associates, Inc. Rob Faktorow of CBRE represented the seller in the
transaction while Timothy Steffan, Comstock’s EVP of Asset
Management, Leasing & Development handled the transaction on
behalf of the buyer.
For further information, please visit www.ComstockHolding.com or
www.comstockcompanies.com.
About Comstock Holding Companies,
Inc.
Comstock Holding Companies, Inc. (“Comstock” or
“CHCI”) is a multi-faceted real estate development, asset
management and real estate related services company that, since
1985, has designed, developed, constructed and managed several
thousand residential units and millions of square feet of
residential and mixed-use projects throughout the Washington, DC
metropolitan market and in other key markets in the southeastern
United States. In early 2018, Comstock transitioned its operating
platform from being primarily focused on developing on-balance
sheet, for-sale homebuilding projects to being focused on
commercial real estate development, asset management and real
estate related services. As a result, CHCI began operating through
two real estate focused platforms, CDS Asset Management ("CAM") and
Comstock Real Estate Services ("CRES"). CAM provides real estate
development, asset management, and property management services,
while CRES provides development supply chain services, including
capital markets, real estate brokerage, environmental consulting
and design services in the Washington, DC metropolitan area and in
New Jersey and Pennsylvania. Anchoring the transition of CHCI is a
long-term asset management agreement covering two of the largest
transit-oriented, mixed-use developments in the Washington, DC
area; Reston Station, a 4.5 million square foot transit-oriented,
mixed-use development located in Reston, VA, and Loudoun Station, a
2.5 million square foot transit-oriented, mixed-use development in
Ashburn, VA, as well as other additional development assets.
Comstock's substantial experience in entitling, designing,
developing, and managing a diverse range of properties including
apartments, single-family homes, townhomes, mid-rise condominiums,
high-rise condominiums and mixed-use (residential and commercial)
properties, as well as large scale commercial parking garages and
infrastructure projects, has positioned the Comstock organization
as a premier developer, asset manager, and real estate
related service provider in the mid-Atlantic Region. The
Company is a publicly traded on NASDAQ under the symbol
CHCI. For more information about CHCI or its managed businesses,
please visit www.ComstockHolding.com or www.ComstockCompanies.com.
To view our social media, please visit
https://twitter.com/Comstockcos.
About Reston Station
Strategically located mid-way between Tysons
Corner and Dulles International Airport, Reston Station is among
the largest mixed-use, transit-oriented developments in the
Washington, DC area. Located at the terminus of Phase I of Metro's
Silver Line, Reston Station is already home to more than 1,000
residents, numerous businesses, multiple retail establishments, and
several restaurants. With almost 2 million square feet of completed
and stabilized buildings, more than 2 million square feet of
additional development in various stages of entitlement,
development and construction, and a 3,500-space underground parking
garage and transit facility adjacent to the Wiehle-Reston East
Metro Station, the Reston Station neighborhood is taking shape and
quickly becoming Fairfax County's urban focal point in the Dulles
Corridor. For more information about Reston Station, please
visit www.RestonStation.com.
About Loudoun Station
Located at the terminus station on Metro's
Silver Line, minutes from Dulles International Airport, Loudoun
Station represents Loudoun County's first (and currently its only)
Metro-connected development. Loudoun Station has approximately
700,000 square feet of mixed-use development completed and
stabilized, including hundreds of rental apartments, approximately
150,000 square feet of retail, restaurants, and entertainment
venues, 50,000 square feet of Class-A office, and a 1,500-space
commuter parking garage. Approximately 2 million square feet of
additional development is slated for Loudoun Station. Located
adjacent to Metro's Ashburn Station on the Silver Line, the Loudoun
Station neighborhood represents Loudoun County's beginning
transformation into a transit connected community with direct
connectivity to Dulles International Airport, Reston, Tysons Corner
and downtown Washington, DC. As Loudoun County's only transit
connected neighborhood, Loudoun Station is quickly becoming Loudoun
County's urban focal point in the Dulles Corridor. For more
information about Loudoun Station, please
visit www.LoudounStation.com.
Cautionary Statement Regarding
Forward-Looking Statements
This release includes "forward-looking"
statements that are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by use of words such
as "anticipate," "believe," "estimate," "may," "intend," "expect,"
"will," "should," "seeks" or other similar expressions.
Forward-looking statements are based largely on our expectations
and involve inherent risks and uncertainties, many of which are
beyond our control. You should not place undue reliance on any
forward-looking statement, which speaks only as of the date made.
Some factors which may affect the accuracy of the forward-looking
statements apply generally to the real estate industry, while other
factors apply directly to us. Any number of important factors which
could cause actual results to differ materially from those in the
forward-looking statements include, without limitation: our ability
to successfully transition our business platform, including the
winding down of our homebuilding business and our performance under
the asset management agreement; completion of Comstock's financial
accounting and review procedures; general economic and market
conditions, including interest rate levels; our ability to service
our debt; inherent risks in investment in real estate; our ability
to compete in the markets in which we operate; economic risks in
the markets in which we operate, including actions related to
government spending; delays in governmental approvals and/or land
development activity at our projects; regulatory actions;
fluctuations in operating results; our anticipated growth
strategies; shortages and increased costs of labor or building
materials; the availability and cost of land in desirable areas;
adverse weather conditions or natural disasters; our ability to
raise debt and equity capital and grow our operations on a
profitable basis; and our continuing relationships with affiliates.
Additional information concerning these and other important risk
and uncertainties can be found under the heading "Risk Factors" in
our Annual Report on Form 10-K, as filed with the Securities
and Exchange Commission, for the fiscal year ended December
31, 2017. Our actual results could differ materially from these
projected or suggested by the forward-looking statements. Comstock
claims the protection of the safe harbor for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995 for all forward-looking statements contained herein.
Comstock specifically disclaims any obligation to update or revise
any forward-looking statements, whether as a result of new
information, future developments or otherwise.
Company Contact: Comstock Holding Companies,
Inc. Denise Pattakos 703.230.1146Maggie Parker
703.230.1291Source: Comstock Holding Companies, Inc.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/af4a460d-701d-450e-acdd-38289982d3ab
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/6297c609-70cd-4019-947c-7f83eef4a447
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