Tuesday, June 25, 2024

Publicly-Owned Real Estate Company to Acquire Midtown Row

Broad Street Realty, Inc., recently announced its acquisition of Midtown Row in Williamsburg (Courtesy of Broad Street Realty)
CORRECTION (March 3, 2022): This story originally noted that the acquisition of Midtown Row by Broad Street Realty was completed. It has since been noted to WYDaily that the acquisition is not yet completed. We apologize for any confusion this may have caused. -Ed.
* indicates a correction made to this article.

WILLIAMSBURG — Broad Street Realty, Inc. recently announced that it *plans on acquiring Midtown Row, located in Williamsburg.

Broad Street Realty, Inc., which is considered a self-managed publicly-owned, fully-integrated real estate company based out of Bethesda, Md., *plans to acquire the mixed-use property for $122 million. Midtown Row consists of 63,573 sq. ft. of gross leasable area to include residential and retail.

According to a release issued by Broad Street Reality, Inc., the acquisition is subject to customary closing conditions. It is noted that there cannot be assurances that these particular conditions will be met nor that the Broad Street Realty will complete the Midtown Row Acquisition on these terms. *Mylisha Palmer, marketing coordinator for Broad Street Realty, noted to WYDaily that the acquisition is expected to be completed by the end of the second quarter of 2022.

“We are proud to further solidify our commitment to Midtown Row and the Williamsburg region with this acquisition,” remarked Chairman of the Board of Directors and Chief Executive Officer of Broad Street Realty Michael Z. Jacoby. “We have served as the development manager for Midtown Row and serve as the property manager and the leasing broker for the retail portion as well so this is truly a natural evolution.”

Midtown Row would be the fifth active property in Virginia and the sixteenth in the company’s portfolio, which includes properties in the Mid-Atlantic, Southeast, and Denver (Colo.) markets.

The mixed-use community held its grand opening in September 2021, boasting that every apartment had been leased. Recently, Midtown Row announced the opening of several businesses, including Matchsticks BBQ, Insomnia Cookies, Tiny Textures Salon, and Row House. The community has also announced events for 2022 including a Shredding Party on March 19 as well as the Chesapeake Bay Writers Book Parade, scheduled to take place on March 26.

Visit the website for Midtown Row for more information on this community. To learn more about Broad Street Realty, Inc., please visit the company’s website.

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