District of Columbia

Pearlmark, Lincoln Property to Develop Trophy Office Building in D.C.

by John Nelson April 10, 2017

WASHINGTON, D.C. — Chicago-based Pearlmark Real Estate and Lincoln Property Co. are teaming up to develop an 11-story trophy office building at 699 14th St. N.W. in Washington, D.C.’s East End, less than two blocks from the White House. Situated at the corner of 14th and G streets, the development will connect to the existing historic banking hall, which was last occupied by the National Bank of Washington. Designed by Shalom Baranes Associates, the 160,000-square-foot property will feature 135,000 square feet of office space and 25,000 square feet of ground-floor retail space. The office space will feature 9-foot ceilings, floor-to-ceiling glass, multiple common rooms and private outdoor terraces. As part of the joint venture agreement, Lincoln Property Co. will develop, lease and manage the office building. Matt Haley and Ryan Kruzel were the lead executives on the transaction for Pearlmark. Stephen Conley, Susan Carras and Andrew Weir of HFF arranged the joint venture between Pearlmark and Lincoln.

April 10, 2017

District of Columbia Office Southeast

Washington REIT to Purchase Watergate 600 Office Building in D.C. for $135M

by John Nelson March 30, 2017

WASHINGTON, D.C. — Washington REIT has signed a contract to acquire Watergate 600, a 309,387-square-foot office building located at 600 New Hampshire Ave. N.W. in Washington, D.C. Katherine B. Bradley and David G. Bradley, owners of publishing firm Atlantic Media, have agreed to sell Watergate 600 to Washington REIT for $135 million. Atlantic Media occupies 140,000 square feet of space at the 12-story office building on a long-term lease. Built in 1972 along the Potomac River, Watergate 600 is part of the six-building Watergate complex and features direct access to Interstate 66 and the Metrorail’s Foggy Bottom rail station. The asset was 97 percent leased at the time of sale.

March 30, 2017

District of Columbia Multifamily Southeast

NHPF Purchases 105-Unit Apartment Complex in Washington, D.C. for $16M

by Taylor Williams March 29, 2017

WASHINGTON, D.C. — The National Housing Partnership Foundation (NHPF) has purchased Takoma Place Apartments, a seven-building, 105-unit complex located at 6676 Georgia Ave. in Washington, D.C. The Department of Housing and Community Development committed $13.7 million to the $16 million transaction. Citibank and the undisclosed seller also provided bridge financing for the property.

March 29, 2017

District of Columbia Loans Maryland Multifamily Southeast

Eastern Equity Arranges $12M in Acquisition Equity for 320-Unit Community in Metro D.C.

by Taylor Williams March 22, 2017

GREENBELT, MD. — Eastern Equity Advisors has arranged $12 million in equity on behalf of Blue Ocean Realty, a Maryland-based management company, for the acquisition of The Hanover Apartments, with securities offered through Palladium Capital Advisors. Located at 7232 Hanover Parkway in Greenbelt, Md., a northeastern suburb of Washington, D.C., the garden-style property has 320 units. Marc Belsky of Eastern Equity arranged the equity. Meridian Capital sourced an undisclosed amount of financing from Capital One for the transaction. The purchase price was not disclosed.

March 22, 2017

District of Columbia Multifamily Southeast

Phillips Realty Arranges $26.5M in Financing for Multifamily Development in Metro D.C.

by Taylor Williams March 21, 2017

COLUMBIA, MD. — Phillips Realty Capital has structured $26.5 million in permanent financing for The Evergreens at Columbia Town Center, a 156-unit apartment development in Columbia, roughly midway between Washington, D.C. and Baltimore. Adam Bieber of Phillips arranged the financing on behalf of RMJ Development Group, a firm based in McLean, Va. PGIM Real Estate Financing, a division of Prudential Financial Inc., provided the funds.

March 21, 2017

District of Columbia Loans Office Southeast

Natixis Provides $24M Development Loan for Multifamily Conversion in D.C.

by John Nelson February 24, 2017

WASHINGTON, D.C. — Natixis has provided a $24 million loan for the repositioning of an 11-story office building in Washington, D.C.’s Capitol Riverfront neighborhood. The borrower, Douglas Development, will use the floating-rate financing to pay off existing debt and convert the asset into a 415-unit apartment building with 17,238 square feet of retail space and parking. Douglas Development plans to break ground on the project in 2017 or 2018. The property is situated along the Anacostia River and is within walking distance of Washington Nationals Park and the DC United Stadium, a soccer stadium that is currently under construction.

February 24, 2017

District of Columbia Office Southeast

Skanska Completes Excavation Work at 99M Office Building in D.C.’s Capitol Riverfront Area

by John Nelson February 14, 2017

WASHINGTON, D.C. — Skanska has completed the excavation and foundation work for 99M, an 11-story, 234,000-square-foot office building under construction in Washington, D.C.’s Capitol Riverfront neighborhood. The building will be situated at the corner of 1st and M streets within walking distance of Nationals Ballpark and Navy Yard-Ballpark Metrorail entrances and seven blocks from the U.S. Capitol. Set to open in 2018, the asset will feature about 11,000 square feet of retail and restaurant space, with two committed restaurants in place: CIRCA and Open Road. The property will also feature a green roof, rooftop terrace, fitness center, bicycle storage and four levels of underground parking. The excavation work began in November 2015. Skanska has five other development projects underway in the greater D.C. area: 2112 Pennsylvania Ave., RESA at Tyber Place, the First Street Tunnel, the headquarters facility for the District of Columbia Water and Sewer Authority and American University’s East Campus project.

February 14, 2017

District of Columbia Mixed-Use Southeast

Rock Creek Breaks Ground on Repositioning of Historic Takoma Theatre in D.C.

by John Nelson February 13, 2017

WASHINGTON, D.C. — Rock Creek Property Group has broken ground on the repositioning of the historic Takoma Theatre located at 6833 4th St. N.W. in Washington, D.C.’s Takoma neighborhood. Situated two blocks from the Red Line’s Takoma Metro station, the theater opened in the 1920s and was one of the first theaters in the area to feature talking movies. Since its opening, the venue has hosted several performances and events, including an HBO comedy special by Chris Rock in 1996. Rock Creek plans to convert the asset into 23,000 square feet of office and retail space with 15- to 20-foot ceilings. The design team, including Cunningham | Quill Architects and Eichberg Construction, will open the new project this summer. Washington, D.C.-based Rock Creek has more than $100 million of ongoing projects in all stages of the development cycle.

February 13, 2017

District of Columbia Market Reports Multifamily Southeast Southeast Market Reports

Rent Growth, Leasing Activity to Remain Robust in D.C.’s Apartment Market

by John Nelson February 13, 2017

There are many things to be optimistic about in metropolitan Washington, D.C.’s multifamily market. Here are some facts to consider: — The D.C. metro multifamily vacancy averages 3.4 percent compared to the national average of 4.5 percent. — The D.C. region has seen $3.174 billion in multifamily sales activity year-to-date with an average cap rate of 5.2 percent. — Private investors are leading multifamily sales activity in the D.C. metro region and responsible for 64 percent of the deal flow. — Multifamily investment sales are up by 4.5 percent compared to the first half of 2015. — An influx of new workers to fill the 92,500 new jobs added in the last year has heightened demand for multifamily units despite an abundance of new supply. With a low unemployment rate of just 4.1 percent and job growth far exceeding the national average, and at its highest point since December 2000, the Nation’s Capital is humming with activity. Last year, D.C.’s multifamily market saw staggering amounts of new construction deliver with net absorption levels that surpassed all expectations. Many of the young workers are interested in an urban live-work-play environment ripe with amenities and relish the opportunity to decrease commute times …

February 13, 2017

District of Columbia Industrial Market Reports Southeast Southeast Market Reports

In the Nation’s Capital, Retail Always Follows Where New Residential Rises

by John Nelson February 6, 2017

The building height restriction — enacted in Washington, D.C. to preserve picturesque views of the United States Capitol Building and the Washington Monument — helps provide clear and exceedingly stunning views of the multitude of construction cranes that currently dot the vertical landscape of the District of Columbia. The majority of these yellow-steeled economic generators are being used to develop new residential and mixed-use projects, ranging from the NoMa district to the southeast Waterfront area and weaving through the neighboring suburbs, including Loudoun, Va., and Bethesda, Md. And, where new residential goes, supporting retail always follows, including the trendiest grocery store chains and hottest fast-casual and dine-in restaurant concepts. In addition, the area’s ever-expanding transportation network that provides a daily lifeline to D.C. and suburban workers is also paving the way for new retail opportunities as our Nation’s Capital continues to retain its reputation as among the most prolific retail locations in the country. Downtown Core Residential-only or mixed-use projects currently underway in the District are too numerous to mention, but here is a glimpse into the frenetic activity as there appears to be a bottomless appetite for new housing, particularly among Millennials. MRP Realty is developing the 1,600-unit Rhode …

February 6, 2017

Newer Posts

Older Posts