A $2.3 billion deal has been reached by Mark Winkler Company to sell the majority of its real estate portfolio of both residential and commercial properties to Duke Realty Corporation of Indianapolis, Ind., and JBG Investment Fund, an affiliate of JBG Companies of Chevy Chase, Md.
"All of Winkler's commercial office projects in Alexandria, most of the remaining development land and the commercial office management and development operations of the Mark Winkler Company will be sold to Duke Realty. The residential apartment properties and the shopping center at Mark Center in Alexandria will be sold to JBG Investment Fund," said Randal B. Kell, CEO, Mark Winkler Company. Closing on the deal is set for Feb. 28, according to Kell.
JBG has been "an active owner, developer and manager of Washington-metropolitan area real estate since 1960."
Overall the sale will include approximately 5,020 apartment homes in 12 separate residential communities in Alexandria, Arlington and Fairfax County plus approximately 3,590,000 square feet of commercial office space in 35 office buildings located in the District of Columbia, Alexandria, Reston and Fairfax and Loudoun counties.
Additionally, there are just over 161 acres of undeveloped land parcels "in several key locations in Northern Virginia that Winkler has acquired over the years, which, when fully developed, could ultimately support another 4,557,000 square feet of commercial, residential, retail and industrial space," according to Winkler.
JBG will continue to operate the properties as they have been under the Winkler Company," Kell said.
"They [JBG] bought the properties in line with their policy to hold and operate the properties as apartments. However, ultimately that could change depending on market conditions. The properties are in excellent condition.Ó
ALEXANDRIA HAS SERVED as headquarters for the Mark Winkler Company throughout its 60-year history as a family-owned and operated enterprise. It employs approximately 150 people throughout its Alexandria operations, split between headquarters and property management.
Since Mark Winkler's death, the company has been guided by his widow, Catherine Winkler, now 92, and his daughter, Tori Winkler Thomas, who serves as chairman of the board.
When asked why the family had decided to sell its portfolio, Kell said, "When you are a family-owned business, itÕs always a question of how long to stay and when is the best time to sell. This appears to be that best time."
JBG would not speak on the record until the sale is conducted in late February, according to Kathy Holmes, vice president of corporate communication for Mark Winkler Company.