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Gallery Place, the prominent mixed-use development that anchors the Chinatown area along with the neighboring Capital One Arena, is set to have a new owner.
MRP Realty was the highest bidder to acquire the property out of receivership and is expected to close the deal early this summer, pending court approval, the Washington Business Journal reported.
A source with knowledge of the deal confirmed it to Bisnow.
The 660K SF Gallery Place has been in receivership since May, and owner Oxford Properties had been shopping the loan secured by the property, the WBJ reported in October. It isn’t clear how much MRP is paying for the loan, but the most recent receivership report, filed earlier this month, shows $179M of secured debt on the property and a total valuation of $327M, the WBJ reported.
The news comes a day after it was revealed that D.C.’s NBA and NHL teams, which had been preparing to move across the river to Virginia, will be staying at Capital One Arena, next door to Gallery Place. Sources told the WBJ the sale to MRP was set “well before” Wednesday’s announcement.
Click here for full story from Bisnow
