O wners , D evelopers & M anagers
Real Estate Journal — Section B
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ASH I NGTON , DC — Marcus & Millichap Real Marty Zupancic and Christian Barreiro market 2621 39th St. in Washington, DC Marcus & Millichap arranges $1.1m sale of boutique apartment building in Glover Park W
chased the property, plans to eventually convert the four 1-bedroom apartment units into four 2-bedroom condo units, adding two total additional floors one above and one below the two-story building. Glover Park just recently welcomed a new 81-unit resi- dential development owned and operated by the Bern- stein Management Corpo- ration , which recently bought out its partners, Chesapeake Realty Partners and The Altus Group . Leasing for the studios, one and two-bedroom units began in June with apartments ranging between approximately 460 to 865 s/f and priced between $1,900 to $3,400 per month. The prop- erty is currently almost 20% leased up. n
multifamily investment spe- cialists in Marcus & Millic- hap’s Washington, DC office, had the listing to market 2621 39th St. NW. The build- ing, which was constructed in 1940, is approximately 3,500 gross s/f and consists of four self-contained one-bedroom, one-bath rental apartment units with dens. The team conducted over 35 tours and received 10 written offers for the property which eventu- ally sold on June 30th, 2015 for $1,100,000 (or $275,000 per unit). “The fact that we received double-digit offers after conducting dozens of tours is not only a testament to the current strength of the DC market, but also shows that investors are hungry to acquire assets in historically stable neighborhoods like WEST WINDSOR, NJ — New office construction is rare in the current commercial real estate market, and mid-size build-to-suit opportunities are even rarer still. However, an office building ready for construction in West Windsor will provide just that in the Princeton submarket – the opportunity for a modest- sized company to design its own space and the building around it, precisely to meet current and future office re- quirements. The 38,000 s/f build-to-suit opportunity is located at 19 Roszel Rd. in West Windsor – a joint venture of Mountain Development Corp. (MDC) and Gottesman Real Estate Partners . It is situated in the heart of the Rte. 1 corridor adjacent to Carnegie Center, and is part of the two-building Roszel Square development. The project has the advantage of proximity to New Jersey Transit at Princeton Junction, along with the many restau- rants and amenities. “The site is fully entitled, and shovel-ready,” said Mi- chael Allen Seeve , president
HI-LIGHTS J ul y 31 - A ugust 13, 2015 Estate Investment Ser- vices , the nation’s largest real estate investment ser- vices firm, has announced the sale of a four unit apartment building located in Northwest DC’s Glover Park neighbor- hood, just north of George- town, according to Bryn D. Merrey , regional manager of the firm’s Washington, DC office. Marty Zupancic and Christian Barreiro , DC
2621 39th St. NW
Park neighborhoods. Local developer Madison Investments , who pur-
Glover Park,” according to Barreiro, who specializes in the Georgetown and Glover
Joint venture of MDC and Gottesman Real Estate offers rare build-to-suit opportunity
Architects & Engineers
of the Woodland Park, NJ- based MDC. “This allows us to deliver the space on time and on budget, as we did with the first building.” Milt Charbonneau of DTZ is leading the marketing effort for the venture. The developers completed the initial 21 Roszel Rd., a 625,000 s/f, three-story build- ing, led by a build-to-suit lease with Hill Wallack, LLP earlier this year. The law firm occupies 48,000 s/f, and Rip- en eCommerce subsequently leased 9,200 s/f, leaving just one 4,000 s/f first-floor space availability. “Hill Wallack was a candi- date for renewal at its previ- ous location, but we were able to structure a long-term transaction for a new building at comparable pricing,” said Seeve. “The Princeton/West Windsor market is one of the few in New Jersey that offers tenants the opportunity to move into brand-new, build- to-suit space for exactly what they would pay for older, less- contemporary offices.” Similar to Hill Wallack at 21 Roszel Rd., prospective lead
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Facility Management
21-28B Hollister Constr. breaks ground on vertical farm
Rozel Square
tenants for the new building will be able to play a major role in planning the interior design of their office space. Working closely with the development team and the architectural firm Gensler , “Hill Wallack created an exceptional envi- ronment for its clients and staff,” said Charbonneau. “They participated very ac- tively in the design and de- velopment of the building, so everything – from the lobby finishes, to the ceiling height, to color of the exterior brick, to tree selection in the plaza, to the most minute details of the security system…everything was designed to meet their needs at a base rental price
competitive with older build- ings in the area.” To begin construction, MDC is seeking a lead tenant of “not less than 20,000 s/f” with building signage a key ame- nity. “When you drive on Roszel Road, you see the Hill Wallack name, along with the corporate logos of some of the finest companies in the coun- try, prominently displayed,” he said. “This is a very exciting address and a chance for real identity and place making.” The venture has already received feedback on the avail- ability, according to Charbon- neau. “We expect to be moving forward on this project in the very near future.” n
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