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McCaffery Interests Announces Walgreens Flagship Location in Washington, D.C.'s Chinatown Neighborhood

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WASHINGTON, March 22, 2013 (GLOBE NEWSWIRE) -- McCaffery Interests announces the opening of a new Walgreens flagship location in Chinatown. The three-level, 22,603-square-foot store is situated in Arch Square at the northeast corner of 7th and H Streets, NW. Arch Square is a redevelopment of three historic buildings and was recently completed by a joint venture of McCaffery Interests and Douglas Development.

This intersection commands some of the highest rents in the metro area, due to its close proximity to the Verizon Center, the WMATA Gallery Place-Chinatown station and DC's widely popular Chinatown shopping district. Juan and Rory Cameron of McCaffery Interests, Norman Jemal of Douglas Development and Korey Robinson of Walgreens jointly consummated the deal. The store joins Walgreens' new "Well Experience" brand, which "…aims to transform the traditional drugstore into a new health and daily living destination."

The store opened the morning of March 21, 2013 to much fanfare. Jack Evans of the D.C. City Council cut the ribbon. The opening was clearly a bipartisan event as is evidenced by attendees such as Sen. Mitch McConnell, Rep. Eric Cantor and Rep. John Lewis, along with Rep. Danny K. Davis, Rep. Bobby Rush and freshman Rep. Tammy Duckworth, all from Walgreens' home state of Illinois.

"This opening is yet another success for McCaffery Interests' development and brokerage initiatives," says Dan McCaffery, Chairman and CEO of McCaffery Interests. "We're proud to bring leading retail to this exciting sub-market of Washington, D.C."

McCaffery Interests and Douglas Development expanded, renovated and restored three historic buildings on the northeast corner of 7th and H Streets, NW. Other tenants include Panera Bread and YO! Sushi, as well as the new federal headquarters for the Alliance of Automobile Manufacturers.

For more information on the deal, contact Juan Cameron of McCaffery Interests: jcameron@mccafferyinterests.com | (703) 351-9500.

About McCaffery Interests, Inc:

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 more than 20 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 across the country, McCaffery Interests is one of the most trusted real estate companies in the nation. For more information, please visit http://www.mccafferyinterests.com or call (703) 351-9500.

The McCaffery Interests, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=15998

CONTACT: MEDIA CONTACT: Juan Cameron | Senior Managing Director of Development and Acquisitions McCaffery Interests, Inc. | (703) 351-9500 jcameron@mccafferyinterests.com

Source: McCaffery Interests