REBusinessOnline

SIOR Foundation Selects Aaron Barnard as New President

WASHINGTON, D.C. — SIOR Foundation has announced Aaron Barnard as its new president for the 2018-2019 term. The transition from current president Bill Ginder to Barnard occurred last week at the Society of Industrial & Office Realtors (SIOR) Fall World Conference in Denver. Barnard is a veteran broker in Minneapolis with Cushman & Wakefield and specializes in investment analysis, tenant and landlord representation. [caption id="attachment_214957" align="alignleft" width="100"] Aaron …

Walker & Dunlop Arranges $61M in Financing for Retail Development in D.C.

WASHINGTON, D.C. — Walker & Dunlop has structured $61 million in financing for the recapitalization of The Shops at Dakota Crossing, a trophy retail center in Washington, D.C. Jamie Butler of Walker & Dunlop led the team that replaced the existing construction financing with a senior bridge loan, which also provides for future funding based on additional leasing and capital costs. Located on New York Avenue, the 140,000-square-foot shopping center is 98 percent pre-leased to national …

Paramount Sells 372,552 SF Office Building in D.C. to Saban Real Estate for $157M

WASHINGTON, D.C. — Paramount Group Inc. has completed the sale of 425 Eye Street, an office building located in the NoMa submarket of Washington, D.C. Saban Real Estate acquired the seven-story property for $157 million. As of June 30, 425 Eye was 98.7 percent leased with weighted average in-place gross annualized rents of $46.16 per square foot. The U.S. government leases 90 percent of the office space at the 372,552-square-foot building. Jim Meisel of HFF represented the seller in the …

Aria Development Acquires Land Parcel for Mixed-Use Development in Washington, D.C.

WASHINGTON, D.C. — Aria Development Group has purchased a land parcel located at the corner of Florida Avenue and North Capitol Street N.E. in Washington, D.C., for an undisclosed price. The buyer is planning to develop a mixed-use building, including residential space, on the 25,000-square-foot site. The purchase represents the culmination of three years of assemblage activity to connect tree-lined P Street N.E. with Florida Avenue and North Capitol Street. Additional details of the …

JBG Smith Sells Office Building in D.C.’s East End to Exan Capital for $121.4M

WASHINGTON, D.C. — JBG Smith has sold Executive Tower, a 130,000-square-foot office building in Washington, D.C. Exan Capital acquired the asset for $121.4 million. The 11-story building is located at 1399 New York Ave. in D.C.’s East End submarket. Collins Ege and Nicholas Pappas of Eastdil Secured arranged the transaction on behalf of JBG Smith. Executive Tower was 93 percent leased as of June

FCP, Level 2 Development Sell Apartment Community in D.C. for $50.6M

WASHINGTON, D.C. — Federal Capital Partners (FCP) and Level 2 Development have sold Takoma Central, a 150-unit apartment community in Washington, D.C., for $50.6 million. The partnership completed construction on the community in 2015. Located at 235 Carroll St. N.W. in the city’s historic Takoma neighborhood, Takoma Central includes a mix of one- and two-bedroom units and is situated adjacent to the Takoma Metrorail station. Community amenities include a business center, clubhouse, …

Land Constraints, Demand from Big Data Spur Rent Growth in D.C. Industrial Market

The 195 million-square-foot Washington, D.C., metropolitan industrial market features various sectors and centers of demand across the region. The overall market has been extremely healthy, with unique forces impacting the area’s primary regions of Northern Virginia, Suburban Maryland and Washington, D.C. The overall metro market expanded between first-quarter 2017 and first-quarter 2018. Net absorption in the period was 1.7 million square feet, albeit a significant slowdown from the …

Grandbridge Secures $32M Refinancing of New Apartment Community in D.C.

WASHINGTON, D.C. — Grandbridge Real Estate Capital has secured a $32 million loan for the refinancing of Reed Row Apartments, a newly developed, 132-unit apartment community in Washington, D.C.’s Adams Morgan neighborhood. Phillip Cox and Bill Mattice of Grandbridge arranged the 10-year, interest-only loan through a correspondent insurance company. The name of the borrower was not disclosed, but according to local media reports, Kettler, a Virginia-based multifamily developer and property …

HFF Secures Sale, Financing for 73,168 SF Office Building in D.C.

WASHINGTON, D.C. — HFF has arranged the sale and financing for the Jefferson Building, a 73,168-square-foot office building located in Washington D.C.’s central business district. Jim Meisel, Andrew Weir, Stephen Conley, Matt Nicholson and Dave Baker of HFF brokered the transaction on behalf of the seller, Invesco Real Estate, and procured the buyer, Marcus Partners. In addition, HFF’s Dan McIntrye and Jay Graham arranged acquisition financing through a balance sheet lender on behalf of …

SIOR Appoints Tom McCormick as New CEO

WASHINGTON, D.C. — The Society of Industrial and Office Realtors (SIOR) has appointed Tom McCormick as its new CEO. McCormick, an industrial specialist based out of Irvine, Calif., has been an SIOR member for 33 years and has served as SIOR global past president, SIOR foundation past president, his local chapter’s past president and most recently as SIOR’s operations director on the board of directors. He is the first SIOR designee to hold an executive position within the …

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