It’s been open for just a few months and already the mixed-use development called North Bethesda Market in White Flint has a buyer for $200 million. The JBG Cos. and MacFarlane Partners anounced Monday they have sold majority interest in their project to Chicago-based Capri Capital Partners LLC.
Located across Rockville Pike from White Flint mall, the development totals 397 apartments, a 1,200-space parking garage plus 199,000 square feet of retail space anchored by a Whole Foods Market, Seasons 52 restaurant, Arhaus and LA Fitness. It also contains the tallest tower in Montgomery County at just under 300 feet.
JBG has said it will remain as managing partner and have day-to-day responsibility for the property. Brian Coulter, JBG’s chief development officer, said in a news release the development’s leasing has been brisk since it opened in February and retail traffic has been high.
“Its early success made it attractive to investors, including the Capri team, which made us a very favorable offer,” he said. “We look forward to working with them in partnership to continue to make North Bethesda Market an outstanding addition to the area skyline.”
JBG is building a similar project, with a focus on office space, called North Bethesda Market II that will be adjacent to the residential complex.
