Three Washington, DC real estate firms — The JCR Companies, CAS Riegler Companies, and RS Snead Construction — have joined forces to create The JACK GROUP, offering a wide range of real estate services including leasing, acquisition, development, and construction. The JACK GROUP combines JCR’s retail experience with CAS Riegler’s residential development expertise and Snead’s construction management capabilities.
The newly formed group already has delivered its first project, the redevelopment of a 12,000 square foot mixed-use property at 1324 14th Street, NW in Washington, DC. JCR had contracted for the purchase of the building in 2011 and had planned to reposition its 3,250 SF retail space while delivering simple, value-engineered office space above.
After JCR brought in CAS Riegler and its associate Snead Construction as development partners, a new plan emerged. After a variety of strategic zoning and historic preservation approvals, they added a three full floors and excavated the basement to more than triple the building’s useable space, converted the offices to five luxury condominiums, and leased the newly expanded 4,900 SF retail space to Top Chef contestant Bart Vandaele’s new B Too Restaurant, which is scheduled to open this month.
“We realized that by combining our unique skill sets, we could produce powerful results and carry out a larger scope of real estate services,” said Joe Reger, a partner and founder of the JCR Companies.
“It is rare that you can combine this kind of real estate talent with no overlap,” said partner Kevin Riegler, co-founder of CAS Riegler. “Everyone brings a lot to the table without internal competition.”
In addition to Reger and Riegler, the firm’s other partners are C. Adam Stifel, a co-founder of both CAS Riegler companies and Snead Construction, and Snead Construction co-founder Chris Heisey.
The combined companies have produced several hundred million dollars worth of projects in Washington’s most vibrant neighborhoods including Logan Circle, DuPont Circle, Georgetown, Capitol Hill, and Shaw. These projects include a 25-unit condominium development on Capitol Hill and renovation of a 50-unit apartment building in Columbia Heights. In addition, the group recently built out a 4,500 SF office building at 1501 11th Street, NW to house its combined 18 employees.
JCR has leased and repositioned over 165,000 SF of retail space with an aggregate value of over $100 million. CAS Riegler has developed or redeveloped 189 residential units and over 13,000 SF of retail space with an aggregate value of over $90 million. Snead Construction completed over $7 million in business in their first year; the construction volume is expected to top $15 million over the next 18 months.