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Real Estate Journal
M id A tlantic R eal E state J ournal
Advisory & debt placement teams rep. seller included Sansosti, Peek, Cannon, Vazifdar & Patel HFF announces sale and financing of The Westin Tysons Corner in Falls Church, VA
and bank regulations on de- velopment opportunities. Con- sequently, pre-leasing rates in the northeast are among the highest in the country at over 85% in 2017. In addition, capital is adopting speculative build-to-core strategies in sec- ondary markets to meet return requirements and satisfy im- mediate tenant demand. The Rockefeller Group acquired you crank up that AC. Protecting your business from the volatile energy mar- kets can be accomplished with good planning. A combina- tion of strategic supply-side purchasing and demand-side energy efficiency measures is a great start to taking control over one of your largest ex- penses. (HFF) announced the sale and acquisition financing of The Westin Tysons Corner, a 407-room, recently renovated, premium-branded, full-ser- vice hotel in Tysons Corner, the “Downtown” of Fairfax F parking systems or to enforce spaces using black and white lists, notifying enforcement of- ficers if an unauthorized vehicle parks in a reserved space. Most PGS systems also come with Find My Car features that allow drivers to find their vehicles if they’ve forgotten where they parked. Finally, sensors can be equipped with surveillance video equipment monitoring individual spaces so if a parked car is hit by another vehicle, or if a parker is the victim of a crime at his vehicle, the entire episode will be recorded for the protection of those parkers. PGS systems have always also provided important admin- istrative benefits. For instance, they collect utilization data that can be used by parking owners to make informed park- ing management decisions. They also maximize utilization of available spaces by reducing the risk that parkers will give up and look for someplace else airfax County, VA — Holliday Feno- gl io Fowler , L.P.
County. The HFF team marketed the property on behalf of the seller, a leading special ser- vicer, and Driftwood Acqui- sitions & Development, LP (DAD) purchased the property. Additionally, the HFF team arranged the competitive 10- year, fixed-rate acquisition
financing. TheWestin Tysons Corner is located at 7801 Leesburg Pike within the Tysons Corner of- fice submarket, the largest of- fice market in Virginia and the 13th largest CBD in the U.S. The hotel is in a transit-orient- ed location at the confluence of some of Northern Virginia’s
residents use common spaces more often to live, work, and play, they have transformed into living rooms! The lines between public and private spaces are blurred and this provides an opportunity to join the “sharing economy” and fig- ure out how to integrate what is important to the community into the space. Not only is co- working transforming design, so is the need for personaliza- tion. In order to personalize a space, technology can help with state-of-art fitness ma- chines that record, analyze and share performance and progress. Media lounges can offer Bluetooth connected speakers; virtual theatres allow you to plug in from a their first thought of visiting a destination to reserving park- ing, choosing shops or other ac- tivities to visit, validating their parking session, and finding their car when they are done, all on a mobile device. And convenience goes both ways. Parking owns and lo- cal businesses benefit just as much. Newmobile services can generate and send interactive e-tickets for a variety of wal- lets, smartphone platforms, and ticket technologies, such as 2D-Barcode, Bluetooth and NFC. Additionally, local busi- nesses can band together to maximize the promotion of their locations by marketing parking assets as part of the customer journey. For exam- ple, they can distribute visi- tor passes with reservations, validate visitors, and distribute promotional coupons. These services can be a vital entry point that moves patrons from having initial interest along a spectrum that ultimately leads to customer loyalty. These are most significant arterials, I-495 (Capital Beltway), Rte. 7 (Leesburg Pike), Rte. 123 (Chain Bridge Rd.) and I-66. Originally constructed as a Ramada in 1972, the property was converted into a Westin in 2005 and has undergone nearly $9 million in capital expenditures since 2011. The HFF advisory and debt placement teams representing the seller included executive managing director and co-head
mobile device where you can stream video and watch Netf- lix; iCafes with USB ports and other web-access features are now common practice. PET FRIENDLY: It’s a pet revolu- tion! Pet ownership is on the rise with more than 70% of apartment renters owning either a cat or dog. Dog wash stations, pet parks, exercise stations, concierge services, even dog treats in the lobby, are becoming the norm. Mul- tifamily Executive reported that AvalonBay hosts Doggie Paddle pool parties, Yappy Hours and pet CPR classes to bring pet lovers together in their community. Richard Gacek is the Principal Designer of Gacek Design Group. just some of the ways that mo- bile strategies offer efficiency while providing new manners of engagement. “The evolution of pay-by- phone technology has been extraordinarily beneficial to both drivers and businesses,” said Dan Kupferman of Walker Consultants. “Mobile technolo- gy was always very convenient for drivers, but today it is much more flexible, user-friendly, and useful.” Exciting Times Technology has transformed the parking experience, and far from being “the worst part of driving,” today’s typical parking experience is much more convenient and pleasant than ever before. And with the constant pace of innovation we can expect even more exciting advancements in the coming years. Bill Smith is public rela- tions consultant specializ- ing in parking, and a con- tributing editor to Parking Professional magazine. of HFF’s debt placement and loan sales platform Gerard Sansosti , senior managing di- rector and head of HFF’s hotel group Daniel Peek , manag- ing director Brock Cannon and senior directors Cyrus Vazifdar and KC Patel . “The Washington, D.C. MSA continues to be highly sought after by institutional hotel investors, and Tysons Corner is one of the market’s best sto- ries,” Vazifdar said.
continued from page 13A 2018 Industrial Real Estate Trends . . . Chuck Hurchalla is presi- dent of Evolution Energy Partners, a premier full- service energy consulting firm with extensive knowl- edge of the deregulated energy markets. Evolution Energy Partners’ execu- tive team has over 80 years experience in energy pro- curement and energy engi- neering - and has used this Two essential steps to protect your . . . expertise to help clients maximize the opportunities while minimizing the risks that these markets pose. How a business uses energy is an important factor in managing energy needs, therefore services are de- signed to address both the supply and demand sides to achieve clients’ energy goals. continued from page 9A
continued from page 14A Design is transforming . . .
a 228-acre site with plans to develop 2.2 million s/f in Pis- cataway, NJ, a branch of the NJ Turnpike Corridor, with the first phase already 100% pre-leased to a large national retailer. We had significant institutional interest from all investor types to provide joint- venture equity up front for a multi-phased project. We expect higher transac- tion volume in 2018 as in- to park. In addition to generat- ing more revenue for owners by maximizing occupancy, PGS can also help owners defer capital costs because garages that appear to be full when they aren’t often lead owners to mistakenly believe they need to invest in new facilities or the expansion of existing garages. “When you consider that owners typically consider their facilities to be fully occupied at 85 or 90%, being able to fill that remaining 10 to 15% of cur- rently unused spaces can be a huge benefit,” said Fowler. “For the typical mid-sized parking structure that translates to tens of thousands of dollars a year in additional revenues.” But there are other ways parking owners benefit as well. For instance, by making park- ing so much more convenient, PGS offers a competitive and public relations benefit. Driv- ers will want to park in facili- ties that are more pleasant and convenient. PGS also makes it easier for owners to charge dy-
vestors continue to be under allocated industrial product when compared to other as- set classes. In addition, we expect larger portfolio sales and recapitalizations to be a significant trend in 2018 as developers take chips off the table while still maintaining partial interest. Marc Duval is director at HFF’s Florham Park, NJ office. namic rates that reflect actual parking demand because they can measure occupancy in real- time and adjust prices as need- ed. Similarly, owners can use PGS to establish VIP, economy, and other designated parking areas and charge accordingly. Finally, in areas where parking turnover is desired, parking guidance systems can be used to enforce parking time limits, let drivers know when it’s time to leave, and inform enforce- ment personnel when a vehicle has overstayed the time limit. Pay-By-Phone Mobile payment has matured incredibly over the past decade. No longer is the technology merely a platform allowing drivers to pay for parking ses- sions with their phones. Today it serves as a gateway provid- ing access to a vast array of services. Pay-by-phone has always been about parker convenience, and the latest advances have raised the bar considerably. Now drivers can move from
continued from page 20A On the March: How technology has transformed parking . . .
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