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DAISY BREAUX's CHAMELEON
1519 New Hampshire Ave. NW Washington, DC DUPONT CIRCLE Built 1917 Renovated - 1993 This was one of the first properties acquired in Washington, DC. BN i Properties owned and managed this architectural gem in the heart of Dupont Circle since the early 1990'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 to a user/investor in 2013. |
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LDS BUILDING
2520 L Street NW Washington, DC WEST END/FOGGY BOTTOM Built 1923 Renovated - 1992 BN i Properties began managing the building in 1993 while leased on a NNN basis to The George Washington University's medical billing & services office. George Washington University vacated the property in 1997. While marketing the property for lease, BN i Properties worked 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. During this time BN i was approached by the government relations offices of the Church Jesus Christ of Latter Day Saints who inquired about purchasing the property. While BN i Properties had most of the adjacent properties under letters of intent BN i Properties determined that the certainty of a sale outweighed the potential benefits of continuing to pursue an assembly of the block. After a successful negotiation BN i closed on the sale of the property to the Church of Jesus Christ of Latter Day Saints in 1999. . |
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THE CLOCKTOWER
1718 Connecticut Avenue NW Washington, DC DUPONT CIRCLE Built 1983 - David Schwartz Architects - Architectural Award Recipient BN i Properties purchased the office building from Dean Witter Realty Trust (DWRT) 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 was granted a rent guarantee by DWRT for one year of rent payments at the Door Store current 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. |
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1305 APARTMENTS
1305 22nd Street NW Washington, DC DUPONT CIRCLE Built 1890's Redeveloped (Interior) 1999 The property was purchased by BN i Properties in 1997. 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 1999 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 two studio apartments, allowing for a mix that commanded above market rents and a very successful repositioning project. The property was sold in 2003. |
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THE BELMONT LOFTS
1800 Belmont Rd. NW Washington, DC ADAMS MORGAN Built 1890 Redeveloped - 2002 BN i Properties purchased 1800 Belmont in 2000. 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 at or above expected market prices between 2004 and 2005. BN I Properties retained the stabilized (cash-flowing) retail unit which was rented to Maggie Moo's ice cream until they sold it in 2006. |
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BAER-MAC LOGISTICS CENTER
105 Enterprise Lane , Hagerstown, Maryland HAGERSTOWN - JUNCTION Interstate 81 & Interstate 70 Built 2011 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 land 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 its 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. |
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