New industrial demand in the Washington, D.C., metropolitan region has come not only from its strong service economy, but also a rapidly growing consumer goods supply chain, e-commerce distribution seeking speed of delivery, data centers and even government contractors. Both occupiers and investors seek modern, state-of-the-art building design and features. The Washington metro industrial market (185 million square feet inclusive of flex space) was well into the single digits with a sub-9 percent vacancy rate as of the third quarter of 2015. New construction has returned with 2.7 million square feet poised for delivery. The overall market is fairly balanced between suburban Maryland and Northern Virginia comprising 88.3 million square feet and 87.3 million square feet, respectively. The remaining 9.3 million square feet is located in the District of Columbia. Vacancy has been on a downward trajectory for the region as a whole. The current 8.8 percent rate represents a drop of 100 basis points compared with the third quarter of 2014. The largest industrial market is found in Prince George’s County, Md., and totals 52 million square feet of industrial and flex space. Prince George’s County also anchors the south end of the Baltimore-Washington I-95 Corridor. If the adjacent …
WASHINGTON, D.C. — Wood Partners has begun demolition on an existing two-story office building at 33. N St. N.E. in Washington, D.C., to make way for a luxury apartment community. Situated in D.C.’s NoMa neighborhood, the 346-unit, high-rise property will be within walking distance of Metro’s red line and Union Station. The property, which hasn’t been named yet, will feature studio, one- and two-bedroom units with hardwood floors, quartz countertops and floor-to-ceiling windows. Community amenities will include a resident lounge, co-working space, fitness center, shuffleboard and a rooftop swimming pool with private cabanas. Construction on the property will begin in March, with the first units anticipated to become available in the first quarter of 2018.
WASHINGTON, D.C. — Urban Investment Partners (UIP) has purchased three Class C office buildings in Washington, D.C.’s Tenleytown neighborhood from American University for $45 million. The portfolio includes a 38,396-square-foot office building at 4000 Brandywine St. N.W., the former home of National Public Radio affiliate WAMU; a 59,996-square-foot office building at 4620 Wisconsin Ave. N.W.; and a 39,299-square-foot property at 4545 42nd St. N.W. CapSource is providing acquisition and construction loans for the Brandywine and Wisconsin Avenue locations. MidCap Mortgage is the lender for the 4545 42nd St. transaction. Bobby Meehling and Scott Frankel of CBRE represented the seller in all three transactions. UIP plans to invest $75 million in order to gut-renovate the Brandywine and Wisconsin Avenue buildings, creating residential apartments, all within a block of the Tenleytown-AU Metro station on the Red Line and with an abundance of underground parking.
WASHINGTON, D.C. — Douglas Development Corp. has selected TPG Hotels & Resorts to co-develop and operate the first Moxy hotel in Washington, D.C. Moxy is a brand of Marriott International. Set to open in the first quarter of 2017, the 200-room Moxy DC Hotel will be located on the corner of 11th and K streets in Washington, D.C. The 13-story hotel will feature a rooftop lounge, street-level patio and a live Instragram wall that features images from Moxy travelers worldwide.
WASHINGTON, D.C. — The American Seniors Housing Association (ASHA) has launched its new website — Where You Live Matters (www.WhereYouLiveMatters.org) — along with a major social media outreach initiative. The new site is part of a larger initiative aimed at expanding the awareness of senior living through consumer education. The website’s content includes finance management resources, guides for prospective residents and their families, editorial columns and videos. “Our members and organization are committed to giving consumers across the country a place to learn more about the seniors housing landscape,” says David Schless, president of ASHA. “There are resources available, but we’re committed to painting a clearer picture.” In developing the website and related social media, ASHA established a committee that consisted of representatives from major senior living organizations and experts across the country, including Doug Schiffer of Allegro Senior Living; Jeff DeBevec of Belmont Village Senior Living; David Carliner of Brightview Senior Living; Jonathan Ruchman of Brookdale; Meg Ostrom of Enlivant; Letitia Jackson of Senior Star; Meghan Lublin and Sara Abriatis of Sunrise Senor Living; Dan McConnell, ASHA’s Public Relations Consultant; Dr. Margaret Wylde of ProMatura Group; and Jim Bowe of GlenAire HealthCare, who is the committee chairman. Dr. Roger …
WASHINGTON, D.C. — The Peebles Corp. has partnered with sbe to develop SLS Lux Hotel & Residences, a luxury hotel and condominium project at 901 5th St. in Washington, D.C. This will be the first SLS property in the nation’s capital. The development will comprise 198 hotel rooms, 59 condominium residences and 7,600 square feet of retail space. Los Angeles-based sbe, and its real estate subsidiary, Dakota Development, will develop, manage and operate the mixed-use development, known as 5th and I. As part of its agreement with The District of Columbia, The Peebles Corp. will also develop workforce housing in an under-developed area east of the Anacostia River, on land it has long-owned. Peebles will also renovate two parks, Milian Park and Seaton Park.
WASHINGTON, D.C. — Newmark Grubb Knight Frank (NGKF) has arranged a 26,500-square-foot office lease at Washington Center, a 355,000-square-foot, Class A office building located at 1001 G St. N.W. in Washington, D.C. The new tenant is Optoro, a local tech firm serving the retail industry. The 12-story Washington Center office building has direct internal access to the newly renovated Grand Hyatt Hotel, as well as a private entrance to the Metro Center Metrorail station. Brendan Owen, George Vogelei and Rafael Notario of NGKF represented Washington Center’s ownership, Quadrangle Development Corp. and Oxford Property Group, in the lease deal. Harry Klaff, Jay Farmer and Andy O’Brien of JLL represented Optoro.
WASHINGTON, D.C. — NorthMarq Capital has arranged an $8.3 million FHA 221(d)(4) construction-to-permanent loan for The Conway Center, a $90 million, 320,000-square-foot mixed-use project in Washington, D.C. The project will be occupied by SOME (So Others Might Eat), an interfaith, community-based, tax-exempt organization. The property will occupy a full city block on Benning Road and will combine affordable housing, job training and healthcare services. The Conway Center is capitalized with public funding, tax credits, tax-exempt bonds and low-interest loans. The Conway Center will annually provide 172 homeless and low-income men and women with affordable housing and 15,000 underserved men, women and children with comprehensive care at the Medical and Dental Health Center operated by Unity Health Care. An estimated 300 adult students will receive job training at SOME’s Center for Employment Training, and 30 homeless and low-income families will be provided with affordable housing. Frank Relihan and Brendan Scanlon of NorthMarq Capital’s Washington, D.C., office arranged the loan, which contributed to the $86.7 million that has been raised for the project thus far. SOME is currently seeking the final $3.3 million to complete the development. Construction for SOME’s facility, which features staff offices and retail space, began Nov. 15 with …
WASHINGTON, D.C. — Cushman & Wakefield has brokered the $107.9 million sale of a 218,923-square-foot office building located at 1575 Eye St. in Washington, D.C. The property is located one block from the White House and adjacent to the McPherson Square Metrorail Station, Hay Adams, St. Regis, Capital Hilton and Hyatt Place. Two federal agencies anchor the office building: the Department of Veterans Affairs and the Federal Aviation Administration. The property’s amenities include a conference center, rooftop terrace, fitness center, parking garage and a deli. Bill Collins, Paul Collins, Drew Flood, Jud Ryan and James Cassidy of Cushman & Wakefield represented the seller, 1575 Eye Street Associates LP, in the transaction. The seller is majority-owned by the American Society of Association Executive, an anchor tenant and investor of the office building since it was delivered in 1979. Carr Properties, which manages the selling partnership, has been retained by the new owner to manage the office building.
WASHINGTON, D.C. — Cambridge Property Group has brokered the $64 million sale of a 128,571-square-foot mixed-use development located at 1250 23rd St. in Washington, D.C.’s West End submarket. Built in 1989 and renovated in 2010, the property was fully leased at the time of sale with more than 75 percent of the tenants encumbered by leases exceeding 10 years. Galaxy 23rd Street LLC, a joint venture between Hartford Investment Management Co. and Galaxy Investments LLC, purchased the development from W/G 1250 23rd Street NW LLC. Transwestern represented the seller in the transaction. The new ownership has retained Cambridge Property Group to provide property management and leasing services for the project.