DAISY BREAUX's CHAMELEON
1519 New Hampshire Ave. NW Washington, DC
Renovated - 1993
This was the first property acquired in Washington, DC.
BN i Properties owned and managed this architectural gem in the heart of Dupont Circle since the late 1980's.
The property was renovated in the mid 1990's to accommodate the offices of the International Center for Alcohol Policy Analysis.
BN i Properties sold the property in 2013.
2520 L Street NW Washington, DC
WEST END/FOGGY BOTTOM
Renovated - 1992
BN i Properties purchased the building in 1993 while leased on a NNN basis to The George Washington University medical billing & services office. George Washington University vacated the property in 1997. BN i Properties was working on a plan to assemble the block which included an unimproved lot at the corner of L and 26th Streets owned by the Embassy of Egypt, when approached by the government relations offices of the Church of Latter Day Saints who inquired about purchasing the property. While BN i Properties had most of the adjacent properties under letters of intent, they were not able to complete the assembly due to one property owner who was unwilling to sell. BN i Properties sold the property to the Church of Latter Day Saints in 1999
1718 Connecticut Avenue NW Washington, DC
Built 1983 - David Schwartz Architects - Architectural Award Recipient
BN i Properties purchased the office building from Dean Witter Realty Trust in 1995. When BN i Properties began negotiating the purchase of the building, the Door Store, a major retail tenant, was already experiencing difficulties meeting their rent obligations. The Door Store filed for bankruptcy and vacated the retail space a couple of weeks prior to BN i Properties closing on the purchase of the property. Mr. Papadopoulos requested and achieved a rent guarantee from Dean Witter Realty for one year of rent payments at the Door Store rental rate, as a condition to closing on the purchase. Immediately after purchasing the building, the retail space which included the street level floor and the floor below (below grade), was listed and aggressively marketed for 12 months but with lackluster results. It became apparent that the two floor (street level and below grade) configuration of the space was not appealing to the tough retail market of the time. BN i Properties made the decision to seal off access to the lower floor from the space. Two months after that decision, the space was leased to Burrito Brothers, who were succeeded by Johnny Rockets, and more recently, by Bethesda Bagles.
BN i Properties owned and managed The Clocktower until it was sold in 2012.
1305 22nd Street NW Washington, DC
Redeveloped (Interior) 1993-1995
The property was purchased by BN i Properties in 1998. The building contained a mix of four one bedroom and studio apartments on four floors. BN i Properties allowed the tenant leases to expire and begun renovations in early 2000 which included complete upgrades of the electrical, plumbing and fire suppression systems, high quality interior finishes, and the excavation of the ground level along the full length of the building which yielded additional net rentable square footage. The renovated building consisted of three two bedroom, two bath apartments, and one one bedroom apartment, allowing for a mix that commanded rents in the $1.5 to $1.8 per square foot per month. The property was sold in 2003.
THE BELMONT LOFTS
1800 Belmont Rd. NW Washington, DC
Repositioned - 2002
BN i Properties purchased 1800 Belmont in 2001. The building was rented to a group of artists who were occupying it on verbal lease agreements. The property was not cash-flowing and it was suffering from substantial deferred maintenance issues. After terminating all the verbal leases, and upon expiration of the two retail leases in 2002, BN i Properties redeveloped the property into 3 two bedroom two bathroom condominium residences, and 1 retail unit. The Belmont Lofts featured NY loft style architecture with high end finishes featuring, Phillip Stark bathrooms with floor to ceiling marble tiles, bamboo wood floors, exposed HVAC ducts, island kitchens containing Thermidor, Vulkan, and Miele appliances; and architectural accents such as exposed brick, spiral staircases, and high ceilings. The residential units were sold between 2004 and 2005.
BN i Properties retained the retail unit which was rented to Maggie Moo's ice cream until they sold it in 2006.
BAER-MAC LOGISTICS CENTER
105 Enterprise Lane , Hagerstown, Maryland
HAGERSTOWN - JUNCTION Interstate 81 & Interstate 70
105 Enterprise Lane was purchased in August 2012. BN i Properties' strategy was to negotiate early renewals with the tenants who's leases were expiring within the first 4 years of the investment; improve the grounds by paving the truck court; and enhance the center's security by installing a fence around the property and a security guard house at the entrance of 105 Enterprise Lane. Additionally, BN i Properties had plans to entitle and develop an additional 40,000 to 80,000 square feet of space to satisfy possible expansion needs of existing tenants; or build to suit for a new tenant. It became apparent early during BN i's ownership that the existing tenancy of the center did not share the same long-term commitment to their facility, as BN i Properties did to their investment. BN i's expression of long-term commitment to the property by offering to invest in improvements to the truck court and overall property security, in exchange for early renewals of the shorter term leases, was met with indifference. In the first year of ownership, rental activity in the Hagerstown industrial market slowed down to almost non-existent. The signs of market weakness were further confirmed after one of the existing tenants reduced their occupancy, at the time of lease renewal, to half of their originally occupied space. BN i Properties could not ignore the indicators that pointed to imminent deterioration of the property's fundamentals. BN i's management moved quickly to secure a county site-plan approval for the expansion of the site, and proceeded to negotiate the sale of the property.
The property was sold in the Fall of 2014 to the largest tenant in the facility.