Mid Atlantic Real Estate Journal — May 10 - 23, 2013 — A
Alliance Real Estate Professionals assit in 27,000 s/f lease in New Castle, DE Cushman & Wakefield sells 775,000 s/f distribution ctr. on 60 acres in Baltimore-Washington Corridor
ALTIMORE, MD — Cushman & Wake- field has sold 7600 As-
sateague Dr. in the Maryland Wholesale Food Center in Jes- sup to a joint venture between New York Life, on behalf of institutional investors, and Mosaic Realty Partners . The property encompasses 775,000 s/f on 60 acres. Cushman & Wakefield’s capital markets team of Cris Abramson , Brian Kruger and Nick Signor , in conjunc- tion with the industrial team of Michael Elardo, Jared Ross and Michael Kimmel , coordinated the disposition of 7600Assateague Dr. on behalf of the seller. “We are extremely pleased with the result,” saidAbramson. “This price rewards the seller for a very well-located facility, and equally allows new owner- ship to be competitive going forward in transforming the WASHINGTON, DC — HFF has secured $130 mil- lion in financing for two office buildings, 1400 Crystal Dr. and Jefferson Plaza, totaling 578,372 s/f in Arlington. HFF worked on behalf of an affiliate of Lowe Enter- prises Investors to place the renovation and bridge loan with Wells Fargo and M&T Bank . Proceeds will be used to perform an extensive rede- velopment of 1400 Crystal Dr. into a state-of the-art, trophy quality office building, and to pay for renovation and leas- ing costs at Jefferson Plaza. Lowe Enterprises Investors acquired the properties on behalf of an investment client in early 2008. Affiliate Lowe Enterprises serves as property and development manager for the buildings. The properties are located in the heart of Crystal City and feature expansive views of Washington, D.C. The redevel- oped space at 1400 Crystal Dr.
600 Ships Landing Way
Pretter released the following statement: “We are pleased with the acquisition and the cooperation shown by all par- ties to complete the transac- tion. This is a unique asset and leasing opportunity. The part- nership is hitting the ground running with planned property upgrades to further capitalize on the strong level of interest in the asset.” NEWCASTLE, DE —Cush- man & Wakefield, Inc. has ar- ranged a lease of 27,000 s/f for CAD Import Inc. at 600 Ships Landing Way. The signing, for a
three-year term, was arranged for CAD by Ernie Felici, Jr. and John Birmingham, III of Cushman & Wakefield’s Wilmington office, along with Bob Wheatley of Alliance Real Estate Professionals . The landlord, Gedric DE LLC, was represented by Mitch Berkowitz and Sean McCue of Deaton McCue and Com- pany . Located within Twin Spans Business Park, the 600 Ships Landing Way is the second location in Delaware (Seaford) for CAD. n Originally constructed in 1986, the property has received nearly $3 million in capital improvements during the past five years, including interior unit renovations as well as significant improvements to the common area amenities and building systems. The 94 percent leased property in- cludes one- and two-bedroom units averaging 864 s/f each. The HFF team representing Waterton Associates was led by senior managing directors David Nachison and Alan Davis and director Brenden Flood . “Aston Woods has seen the successful implementation of a renovation program that still provides room to increase rents through modest additional up- grades, and its appeal has been improved by major area road improvements in the region including the Intercounty Con- nector that now links the I-270 corridor with the I-95 corridor,” Nachison said. n
7600 Assateague Dr.
building into an income-produc- ing asset.”
Mosaic Realty Partners prin- cipals Eron Sodie and Isaac
HFF secures $130 million financing for two office buildings and closes $40.75 million sale of 261 unit apartment in MD & VA
in Silver Spring, MD. HFF marketed the property on behalf of the seller, Water- ton Associates, LLC. Azure Partners LLC purchased the asset for $40.75 million free and clear of existing debt on the property. Aston Woods is located at 3411 Gateshead Manor Way near major transportation routes including the Inter- county Connector, Interstate 95 and Interstate 270, which provide access to the entire Washington, D.C. and Bal- timore metropolitan areas.
1400 Crystal Dr.
and renovated Jefferson Plaza will offer the highest quality space available in the amenity- rich Crystal City submarket. 1400 Crystal Dr. is undergo- ing an extensive slab-to-slab reconstruction designed to achieve LEED Gold certifica- tion, which is scheduled for
completion in May 2013. The HFF team was led by managing director CaryAbod and associate director Jordan Lex . In a separate transaction, HFF has closed the sale of As- ton Woods, a 261-unit, garden- stylemulti-housing community
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