District of Columbia

NorthMarq Capital Arranges $8.3M Loan for The Conway Center in D.C.

by John Nelson December 9, 2015

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 …

December 9, 2015

District of Columbia Office Southeast

Cushman & Wakefield Brokers $107.9M Sale of Office Building in D.C.

by John Nelson December 4, 2015

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.

December 4, 2015

District of Columbia Mixed-Use Southeast

Cambridge Property Group Brokers $64M Sale of Mixed-Use Project in D.C.

by John Nelson December 2, 2015

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.

December 2, 2015

Shops at Dakota Crossing Washington, D.C.

District of Columbia Retail Southeast

Three National Retailers Sign Leases at Shops at Dakota Crossing in D.C.

by John Nelson November 23, 2015

WASHINGTON, D.C. — Three national retailers have signed leases for space at Shops at Dakota Crossing, a 430,000-square-foot, Class A retail center under construction in Washington, D.C.’s Fort Lincoln neighborhood. Dick’s Sporting Goods, PetSmart and an unnamed national retailer signed long-term leases to occupy a combined 85,500 square feet at the center, which is currently anchored by Costco and Lowe’s Home Improvement. This will be the first Dick’s Sporting Goods in Washington, D.C. Construction on the final phases of Shops at Dakota Crossing has started with a scheduled completion date in the fourth quarter of 2016. Following the lease deals, the retail center is more than 87 percent leased. Lisa Stoddard and Kristen Braun of CBRE are the leasing agents for Shops at Dakota Crossing on behalf of the developers, Trammell Crow Co., Fort Lincoln New Town Corp. and CSG Urban Partners.

November 23, 2015

District of Columbia Multifamily Southeast

CAS Riegler Completes Apartment Community in D.C.’s Logan Circle Neighborhood

by John Nelson November 17, 2015

WASHINGTON, D.C. — CAS Riegler Cos. has completed construction on HOLM, a 38-unit luxury apartment community located at 1550 11th St. N.W. in Washington, D.C.’s Logan Circle neighborhood. The four-story property includes a rooftop deck, approximately 3,000 square feet of street-level retail space, catering kitchen, below-grade parking garage, private courtyard and bike storage. This new apartment community is pet-friendly and is situated right across the street from Shaw Dog Park and four blocks for a Metrorail station. Monthly rental prices start at $2,250 for one-bedroom apartments and $3,200 for two-bedroom units; penthouse apartments range from $4,200 for a one-bedroom unit to more than $7,500 for a three-bedroom residence.

November 17, 2015

District of Columbia Retail Southeast

Marcus & Millichap Brokers $3.5M Sale of 7-Eleven in Historic Georgetown District

by John Nelson November 16, 2015

WASHINGTON, D.C. — Marcus & Millichap has brokered the sale of a 3,911-square-foot 7-Eleven store located at 1340 and 1344 Wisconsin Ave. in Washington, D.C.’s historic Georgetown neighborhood. Marty Zupancic, Dean Zang and Christian Barreiro of Marcus & Millichap’s Washington, D.C., office represented the seller, a local family estate that has owned the property since 1928. Zang and Josh Ein of Marcus & Millichap’s TZD Retail Team secured and represented the buyer, a local, privately held investment manager. 7-Eleven has roughly eight years remaining on its lease.

November 16, 2015

District of Columbia Hospitality Southeast

Marcus & Millichap Arranges Sale of Hotel in Washington D.C. Area

by Haisten Willis November 4, 2015

HARPERS FERRY, W.VA. — Marcus & Millichap has arranged the sale of the Quality Hotel and Conference Center, a 100-room hotel located in Harpers Ferry, W.Va. The asset sold for $2.95 million or $29,500 per room. Karianne J. Cibello and Gordon Allred of Marcus & Millichap marketed the hotel along with two retail buildings on nearly 14 acres. Cibello and Allred also secured the buyer, a local business owner who plans to upgrade the property. Ralph Nash served as the broker of record for the transaction. Located at 4328 William L. Wilson Freeway, the Quality Hotel & Conference Center is next to River Riders family adventure resort and one mile from the Hollywood Casino at Charles Town.

November 4, 2015

District of Columbia Hospitality Mixed-Use Multifamily Southeast

Lima Hotels to Develop Mixed-Use Project in Downtown D.C.

by Haisten Willis October 26, 2015

WASHINGTON, D.C. — Lima Hotels, a new company established by developer Habte Sequar, plans to develop a 14-story hotel and apartment building in downtown Washington, D.C. The high-rise property will be located at 317 K St. N.W. at the corner of 4th and K streets in the Mount Vernon Triangle neighborhood in Washington’s East End district. A small commercial building and auto body shop on the site will be demolished. The project will feature 200 hotel rooms on the first 11 floors and 30 apartment units on floors 12 through 14. Lima Hotels has selected PGN Architects and Gordon & Greenberg to co-design the project.

October 26, 2015

District of Columbia Retail Southeast

Marcus & Millichap Brokers $3.2M Sale of Vacant Retail Property in D.C.

by John Nelson October 15, 2015

WASHINGTON, D.C. — Marcus & Millichap has brokered the $3.2 million sale of a 5,440-square-foot vacant retail property located at 1301 H St. N.E. in Washington, D.C. The property, formerly St. John’s Church of God, sold for $2.2 million in 2013. Josh Feldman and Ben Wilson of the Feldman Group, part of Marcus & Millichap’s Washington, D.C., office, represented the seller, a group of attorneys, in the transaction. Feldman and Wilson also procured the buyer, a developer that cited interest in the H Street corridor as the reasoning behind the purchase. The developer plans to raze the property and develop a four-story, mixed-use condominium building with ground-floor retail space at the site. The property is a block from the H Street Country Club, Rock and Roll Hotel and Biergarten Haus.

October 15, 2015

1101 and 1111 16th St. N.W. Washington DC

District of Columbia Office Southeast

Akridge, Stars Investments to Convert Two Properties in D.C. into One Trophy Office Building

by John Nelson September 18, 2015

WASHINGTON, D.C. — Akridge and its partner, Stars Investments, plan to redevelop 1101 and 1111 16th St. N.W. into one freestanding, 100,000-square-foot trophy office building. One block away from the new Fannie Mae headquarters and within view of the White House, the new property will feature a fitness center, rooftop terrace and parking. Akridge recently purchased the two assets from the American Beverage Association and the American Association of University Women. Eric Berkman, Steve Gichner and John Boland of Cushman & Wakefield brokered the transaction on behalf of the sellers. The new 1101 16th Street building will deliver in 2017.

September 18, 2015

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