Prominent Chinatown Property, Arch Square, Sold To AFIAA

WASHINGTON, March 3, 2015 /PRNewswire/ -- A partnership between Chicago-based McCaffery Interests and Washington-based Douglas Development has finalized the sale of the prominent 56,330 square foot building known as Arch Square, to Zurich-based AFIAA. Located in the heart of Chinatown, Arch Square is at the vibrant corner of 7th Street and H Street, NW, directly across the street from the Gallery Place/Chinatown Metro Station.

In 2013, McCaffery Interests and Douglas Development completed the historic preservation and adaptive reuse of this building, originally constructed in the 1890s, transforming it into a trophy quality asset with architectural design by Antunovich Associates. The development team further optimized the property's presence and integration into the Chinatown neighborhood by introducing bilingual exterior signage at the ~23,000 square foot flagship Walgreens store, which is one of the top performing locations in the United States.

Arch Square's remaining retail space is leased to strong tenants such as Panera Bread and Sports Zone. An additional 25,000 square feet of Class A office space is leased to the Alliance of Automobile Manufacturers. McCaffery Interests' Asset and Property Management division has managed Arch Square from the time redevelopment was completed through the sale in February of 2015.

About McCaffery Interests:
McCaffery Interests, Inc., is a privately owned, full-service commercial real estate company that has been in the business of investing, developing, leasing and managing real estate for 25 years. The McCaffery Interests portfolio of planned, completed and managed projects exceeds 20 million square feet and includes office, mixed-use, hotel, and residential properties, as well as large, master-planned communities and land developments. With offices in Chicago, IL and Washington, DC, and controlled assets and completed developments valued in excess of $2 billion, McCaffery Interests is one of the most trusted real estate companies in the nation. For more information, please visit www.mccafferyinterests.com.

About Douglas Development:
Douglas Development Corporation is one of the most dominant and successful real estate developers in the Washington area controlling nearly 9 million square feet. The Company and its principals have earned a national reputation as a leader in redevelopment of historical properties. For more information, visit http://www.douglasdevelopment.com.

About AFIAA:
AFIAA is an investment foundation under Swiss law, which invests exclusively in real estate investments abroad. AFIAA offers tax-exempt Swiss pension funds an attractive and clear investment instrument to specifically enhance their portfolios. AFIAA maintains offices in Zurich, New York and Sydney. The portfolio currently includes 31 direct investments with sustainable growth potential in North America, Europe and Australia. The total investment volume amounts to approximately CHF 1.3 billion. For more information about AFIAA, please refer to http://www.afiaa.com.

SOURCE McCaffery Interests