Mid Atlantic Real Estate Journal — August 15 - 28, 2014 — 3A
www.marejournal.com
Real Estate Journal — August 15 - 28, 2014 — 3A
www.marejournal.com
M id A tlantic
139-unit apartment building to offer urban living near Bethesda Row and Metro Washington Property Company breaks ground for $60m development of Solaire Bethesda
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Solaire Bethesda residents will be just 15 minutes from downtown Washington and Union Station. “Solaire Bethesda will set a new standard for modern urban living in Bethesda,” said Daryl South , senior vice president, WPC. “The property’s numerous ameni- ties and proximity to down- town Bethesda’s renowned restaurants and retailers will attract residents who desire convenience and quality of life in one of the most coveted residential communities in the region.” Amenities at Solaire Bethes- da will include a residents’ lounge with billiards, bar, fire- place, and games; a club room; cyber café, a state-of-the-art fitness center; and outdoor terraces. “When initially purchased out of foreclosure, our team immediately implemented a recapitalization program and a strategic marketing and leasing plan,” said FCP vice president of commercial asset management, Howard Jen- kins . “We are very pleased with Lexington Village’s tran- sition from a partially devel- oped property that included a stand-alone Kohl’s department store, to a vital retail center - incorporating Dick’s Sporting building at 11810 Grand Park Ave. in Phase 1 of Pike & Rose. Delivering in late 2014 and early 2015, the initial first phase of Pike & Rose also includes approximately 500 high-end residential apart- ments; entertainment such as iPic Theaters and AMP, and a performance venue “Federal Realty is proud to welcome Bank of America Mer- rill Lynch, a world leader in the affluent and growing area of St. Mary’s County.
WPC purchased the 25,000 s/f site at 7100 Wisconsin Ave. in July of 2011. The $60 million development is being financed with a $42 million construction loan from RBS Citizens Bank . Solaire Bethesda will be WPC’s third Solaire-branded luxury apartment community, following the 2012 opening of Solaire Silver Spring and the early 2014 opening of So- laire Wheaton. These distinct properties, totaling nearly 700 units, combine the finest ame- nities and unit finishes with close proximity to Metrorail’s Red Line. The Wheaton and Silver Spring developments provide the ultimate in conve- nient urban Metro-accessible living at rental rates substan- tially below those in Washing- ton, DC. n
O N T G O M E R Y C OUN T Y , MD — Bethesda, MD-
based Washington Prop- erty Company has broken ground for its latest and most upscale apartment complex on Metrorail’s Red Line in Montgomery County. Solaire Bethesda, scheduled to deliver in 2016, will offer 139 rental apartments with 6,400 s/f of ground-floor retail space and a two-level underground park- ing garage. Strategically located at the corner of Wisconsin andWood- mont Avenues on the site of the former Eastham’s Exxon Servicenter, Solaire Bethesda will be just 800 feet from the planned southern entrance to the Bethesda Metro station and Purple Line light rail sta- tion. Riding Metro’s Red Line, LEXINGTON PARK, MD — Federal Capital Part- ners® (FCP) and Westmo- reland Partners have an- nounced the sale for $24.1 million of Lexington Village, a 160,000 s/f, 96% leased re- tail center at the intersection of Maryland Rte. 235 and Buck Hewitt Rd. in Lexington Park. Acquired in November 2010, FCP and Westmoreland Partners completed the devel- opment of the property and transformed the center into a thriving and successfully tenanted retail destination in ROCKVILLE, MD — Fed- eral Realty Investment Trust announced Bank of America Merrill Lynch as the lead office tenant at Pike & Rose, the new transit-oriented, pedestrian-friendly, mixed- use neighborhood at the top of the White Flint District of North Bethesda. Bank of Amer- ica Merrill Lynch will occupy 40,000 s/f, half of the 80,000 s/f LEED certified, class “A” office
Solaire Bethesda rendering
FCP announces sale of Lexington village shopping center for $24.1m
NGKF completes 606,575 s/f lease renewal in DC
Goods as a second anchor, na- tional credit tenants along the front parcels, and an attractive mix of specialty store tenants.” FCP and Westmoreland Partners extend their appre- ciation to construction lender PNC , the retail sales team at CBRE , leasing brokers Ryan Wilner and Ryan Minnehan of KLNB , leasing consultant Art Carson , property man- ager Renaud Consulting , and to St. Mary’s County for its support in the activation and development of Lexington Village. n wealth management and fi- nancial services to Pike & Rose as our lead office tenant,” said Chris Weilminster , executive vice president - real estate and leasing at Federal Realty Invest- ment Trust. “The commitment of a first class company like Bank of America Merrill Lynch further underscores the strength of Pike & Rose as a leading des- tination in this affluent region of Montgomery County.”
for more than 30 years, and more recently has modernized the building, including energy efficiency upgrades.” Hoffman Tower II is part of Hoffman Town Center, an ur- ban mixed-use development in central Alexandria, developed by The Hoffman Co. Hoffman Town Center represents the potential for more than five million s/f of office, retail and residential space on 54 acres. This latest transaction comes after USAA Real Es- tate Co. purchased the 2.03- acre development site for the new headquarters of the National Science Foundation (NSF), which signed a 704,571 s/f pre-construction lease last summer. Owen represented The Hoffman Co. in the land sale. n
ALEXANDRIA, VA — On behalf of the U.S. Department of Defense, the U.S. General Services Administration (GSA) has signed a lease renewal for 606,575 s/f at Hoffman Tower II in Alexandria, VA’s urban center. Washington, DC based Brendan Owen , chairman- Asset Services group , and principal Scott Johnston of Newmark Grubb Knight Frank (NGKF) represented owner, The Hoffman Co. The tenant was represented by CBRE . “This is the largest lease in the Washington, DC region in 2014, and is one of the top five in the region in the last five years,” said Owen, who represents the Hoffman family. “The Department of Defense has occupied the site
Federal Realty Investment Trust announces lead office tenant for Pike & Rose
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