Tag Archives: MG Commercial

Cheers to Careers! Real Estate Industry Panel Discussion

The award-winning MG Residential Sales Team is currently hiring for passionate real estate professionals licensed in DC, MD, and VA, who seek career growth and can see themselves embracing our mission of Transforming Lives, Careers, and Communities through Real Estate.

Join us on Wednesday, May 15th from 5:30-7:00 PM for a happy hour and panel discussion with four of our Neighborhood Experts and learn how a full-service team culture may benefit you and your business. Registration is requested: http://bit.ly/2ZMt3ey

The Menkiti Group To Buy Worcester Building From MassDevelopment

From massdevelopment.com:

October 17, 2018

The Menkiti Group, through its subsidiary 526 Main Street Partners LLC, has executed a purchase and sale agreement with MassDevelopment to buy 526-538 Main Street in Worcester, the former Pawn Shop building that MassDevelopment bought last year through its Transformative Development Initiative (TDI) Equity Investment program. MassDevelopment purchased the building in 2017 and made façade improvements before soliciting interest from developers through an RFP process.

The Menkiti Group, an integrated real estate services company, submitted a comprehensive proposal to reactivate the building by providing opportunities for retail, arts, and cultural amenities that will reinforce the neighborhood’s identity as a destination for arts and entertainment. The sale is expected to close in spring 2019.

“Our anticipated purchase of 526-528 Main Street will add to The Menkiti Group’s growing portfolio of projects in the Worcester Theater District, and further demonstrates our commitment to that neighborhood and to its future,” said Bo Menkiti, Founder and CEO of The Menkiti Group. “We recognize the significant architectural, cultural, and educational community assets that are here, and we look forward to working with existing stakeholders, local creatives, and entrepreneurs to enhance and harness those assets to develop a thriving, diverse, and economically vibrant neighborhood.”

“The Menkiti Group has a strong presence here in Worcester’s TDI District and throughout the city, and is the right team to lead 526-538 Main Street into the next stage of development,” said MassDevelopment President and CEO Lauren Liss. “MassDevelopment was proud to invest in this key property through our TDI Equity Investment program and we look forward to seeing this revitalized building breathe new life into downtown Worcester.”

The redevelopment of 526-538 Main Street, a two-story building located across the street from the Hanover Theatre and Conservatory in Worcester’s Theatre District, is critical to advancing the city’s vision for transforming its downtown. Following the departure of the Pawn Shop from the building in March 2018, 526-538 Main Street contains 8,000 square feet of vacant space on the building’s first floor and 8,400 square feet of vacant space on the building’s second floor. The Muse Bar, a contemporary bar established in 2015, occupies 1,000 square feet on the building’s first floor. Since MassDevelopment purchased the building in 2017, the Agency worked with the Theatre District Alliance to install new signage that visually improved the building and marketed the property.

“As our downtown revitalization efforts continue with a complete re-imagining of Main Street, reactivating this key property in our Theatre District is a vital piece of our overall development plan,” said City Manager Edward M. Augustus. “We thank MassDevelopment and the Menkiti Group for making this important project a reality through the TDI program.”

MassDevelopment’s Transformative Development Initiative is a program for Gateway Cities designed to accelerate economic growth within focused districts. The program works with cross-sector partnerships to engage community members in actionable planning, implement local economic development initiatives, and spur further public and private investment.

MassDevelopment uses its TDI Equity Investment program to make equity investments in properties with potential to spur transformative development in and around a TDI District. Through the program, MassDevelopment invests in near-term projects that will have significant economic impacts within a district; are consistent with Commonwealth and Agency priorities; engage and build capacity in local communities and partners; catalyze market demand and support district goals; and lack other sufficient funding sources to proceed.

Worcester is one of 10 Gateway Cities selected in 2014 to host pilot TDI Districts—along with Brockton, Everett, Haverhill, Holyoke, Lynn, Malden, New Bedford, Peabody, Pittsfield, Revere, and Springfield. As a part of the TDI program, each District receives a range of real estate development services to support local visions for redevelopment and to catalyze economic activity and investment. The vision for Worcester’s Theatre District is to become a bustling hub of cultural activity and entertainment within the downtown, leveraging institutional, residential, and commercial growth anchors to create a mixed-use neighborhood for residents and visitors alike to live, work, and play.

“The announcement of this sale is an exciting development in bolstering the great momentum that the Theatre District is currently witnessing,” said Craig Blais, President and CEO of the Worcester Business Development Corporation (WBDC). “This purchase is yet another example of MassDevelopment’s TDI investment programs and the indelible impact that they continue to have within the Theatre District.  The 526 Main Street property has long been viewed as a distress property and the WBDC commends the Menkiti Group’s willingness to take on this difficult property.  This complements our block by block strategy connecting CitySquare to Main Street.”

“The 526-538 Main Street building had been a real detractor to the area until MassDevelopment purchased it,” said Hanover Theatre President and CEO Troy Siebels. “We’re glad to see that they’ve identified a buyer in Menkiti Group that’s committed to using the building in a way that contributes positively to the theatre district.”

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2018, MassDevelopment financed or managed 384 projects generating investment of more than $4.1 billion in the Massachusetts economy. These projects are estimated to create or support 10,994 jobs and build or rehabilitate 830 housing units.

Contact:
Kelsey Schiller, MassDevelopment
kschiller@massdevelopment.com
617-330-2011 & 617-694-9695 (cell)

MG COMMERCIAL SIGNS CALABASH TEA & TONIC IN BROOKLAND

THE MENKITI GROUP’S COMMERCIAL TEAM SIGNS CALABASH TEA & TONIC TO 2701 12TH STREET NE
Award-winning teahouse prepares to open second DC location with large outdoor patio.

WASHINGTON, D.C., February 9, 2018 — The Menkiti Group’s commercial division, MG Commercial announces the recent signing of Calabash Tea & Tonic, an award-winning teahouse based in Washington, DC, to its property at 2701 12th Street, NE, in the heart of the Brookland neighborhood.  The 900 square foot location will be the second for Calabash and will feature a large outdoor patio with medicinal plants and culinary herbs and is slated to open later this spring.

Proposed streetscape and outdoor patio for Calabash’s Brookland location.

The first Calabash location in Shaw has been voted “Best Tea” five years in a row by the Washington City Paper, and the Brookland location will feature over 50 organic tea blends based on founder Dr. Sunyatta Amen’s Cuban-Jamaican great-grandmother’s time-tested formulas. The teahouse will also serve direct trade pour-over coffees, vegetarian food selections, and will host community meetups and wellness-focused events.

“We are very pleased to include Calabash Tea & Tonic as one of our neighborhood-serving retail tenants in a space that is very special to us and to the Brookland community,” said Bo Menkiti, CEO and Founder of The Menkiti Group.

Existing 2701 12th St NE location. owned by The Menkiti Group.

The high-visibility site (left) once housed Menkiti headquarters and is ideally suited for activation with retail and community engagement offerings. The same block includes MG Commercial tenant Italian deli Salumeria 2703 (2703 12th St. NE). Rob Foa represented MG Commercial in the transaction.

This location will also allow Calabash to expand its rapidly growing wholesale business, which currently serves Shop Made In DC, Baked & Wired, WeWork D.C., Cove, and Culture Coffee businesses in the area, among others. The new jobs created in Brookland will allow Calabash to continue its commitment to hiring single mothers, veterans and returning citizens.

“This concept is just what the neighborhood needs, and we recognize the deeper impact that Calabash can make with hiring from the community, and be supporting ongoing engagement and activity there, too. We strongly support any businesses that operate from a similar perspective,” said Menkiti.

Amen, a fifth-generation master herbalist and naturopathic physician, says, “We have this incredibly dynamic and diverse community of staff and guests at our Shaw location and we’re excited to expand to my neighborhood of Brookland. Because of its creativity, history, and vibrancy, Northeast DC is the perfect place for our next home. We look forward to contributing to the commercial invigoration of the 12th Street strip.”

For information on MG Commercial leasing opportunities, contact Rob Foa. To learn more about The Menkiti Group, visit MenkitiGroup.com and follow on LinkedIn, Facebook, and Instagram.

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