March 2024

8C — March 2024 — Best of 2023 — M id A tlantic Real Estate Journal


Progress Capital South Lake at Dulles Corner Business Park

JLL Capital Markets RB3 Canoe Brook Development

Marcus & Millichap 405 E Marsh Ln Wilmington, DE

Brad Domenico

Size: 270,000 s/f Progress Capital’s Partner, Brad Domenico secured acquisition financing for Fred Arena, CEO of Vision Properties to purchase South Lake at Dulles Corner Business Park, a 270,000 s/f, class A office building 100% leased to Amazon. The property serves a mission- critical function for Amazon’s Web Services (AWS) and has been the subject of significant tenant investment. Located at 13820 Sunrise Valley Drive, the 10-story property directly supports AWS massive data center network, of which AWS has invested over $35 Billion on cloud computing infrastructure over the last decade in Northern Virginia.

Institution: IPA Capital Markets Agent: James Conley Size: 550,000 s/f

Jon Mikula Jim Cadranell

Steven Klein

James Conley

405 E Marsh Ln is an industrial warehouse property that also features distribution and office space in Newport Industrial Park, DE. It has easy access to all major interstates and is one mile from Rte. 141 interchange. M&T RCC on behalf of a local real estate development company. Terms of the seven-year loan include 25-years amortization with 5.4% fixed interest and an LTV of 65%.

Size: 200 Acres Team: Jon Mikula, Jim Cadranell, and Steven Klein Financier: The Northwestern Mutual Life Insurance Company

Cushman & Wakefield Princeton Place at Hopewell Hopewell/ Pennington NJ The Most Unique Innovative Tenant Amenity Space of 2023

Benchmark Construction Company, Inc. Fairfield Inn & Suites Bethlehem, PA The LARGEST HOSPITALITY PROJECT of 2023

Size: 58,835 s/f The four-story, 58,835 s/f hotel features 110 keys and provides guests with a full range of amenities including a lounge, fitness center, complimentary hot breakfast, out - door patio, guest laundry, and an on-site market. Before construction could get underway, the project building pad had to be brought up to the required grade elevation. The building structure is comprised of structural steel in the main lobby and canopy entrance, wood framing, and a fastening system (Simpson Strong-Tie) which requires extreme attention to detail. The building envelope is EIFS with aluminum windows and a storefront along with simulated stone around the first floor.

Size: 300,000 s/f Brokers: Cushman & Wakefield’s Kevin Carton & Todd Elfand Princeton Place is a 1.8 s/f amenity-rich office campus. Tenants benefit from a multitude of state-of-the-art amenities, including a café, fitness area with dedicated showers and locker room, an indoor basketball court, putting green, zen garden, bocce ball, badminton, corn hole, dedicated bike lanes and walking trails, covered parking deck, EV chargers and landscaped ponds/greenways. The buildings each feature 6-inch raised flooring with 9-foot ceilings, plus a two- story atrium in the 1700 and 1800 buildings. The 1750 building has a two-story full glass atrium collaboration area, soft seating and high-top tables for out of the office gatherings.

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