Latest
News

Strategic Real Estate Changes for DC Affordable Housing Developer MANNA, Inc.


Nov-12-2018



share this

Building Sale and Short-Term Lease Allow for Future Headquarters Redevelopment

Washington, DC (November 12, 2018) – West, Lane & Schlager Realty Advisors, LLC (WLS), a leading commercial real estate brokerage firm specializing in tenant representation, announced today that MANNA, Inc., a DC-based nonprofit affordable housing developer, has sold its property at 828 Evarts Street, NE to Franklin & Rocky Properties.

The 15,692-square-foot building in the Brookland neighborhood sits on a 24,000-square-foot parcel only one block from the Rhode Island Avenue-Brentwood Metro station. The property is adjacent to three additional lots Franklin & Rocky has accumulated in recent months for a contiguous 2.75 acres.

MANNA has taken a multi-year lease for 6,279-square-feet at 6856 Eastern Avenue, NW in the Takoma Park submarket to house its operations while it explores redevelopment of its long-held property on S Street, NW. The Takoma Park building is owned by the Douglas Development Corporation.

“As we reviewed our real estate goals with WLS, we discovered that current market conditions were right for selling our Evarts Street property. This is a strategic move that will help us toward the long-term goal of redeveloping our original headquarters on S Street,” said Jim Dickerson, Director, President, and CEO of MANNA, Inc. “I think it’s fitting for this organization to be moving toward developing its own home, just as we do so for many others.

“WLS was the right real estate partner to help us move closer to our ultimate goal. They have a unique understanding how best to work with non-profit partners,” added Dickerson.

MANNA’s mission since its founding in 1982 has always been about more than just building and selling houses. Their commitment to revitalizing neighborhoods through homeownership and homebuyer education is a model for urban revival and long-term community stability. Involved in a wide range of housing projects in Washington, DC, MANNA has produced nearly 1,200 housing units—townhouses, condominiums, cooperatives, rentals and the occasional single-family home.

“MANNA understands the value of being in a location tailored to individual needs and we applaud their business acumen in leveraging the value of one asset to achieve their long-term goals,” said Andrew Genova, Vice President at West, Lane & Schlager.

WLS Vice President Andrew Genova along with Assistant Vice Presidents Brian Dickerson and Clark Turner, represented MANNA, Inc. in its lease at 6856 Eastern Avenue and the sale of its property at 828 Evarts Street.

CityBizList