Mid Atlantic Real Estate Journal — July 12 - 25, 2013 — A
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Ferrell of NorthMarq’s Baltimore office places $2.5 million mortgage for Parkway Building Deeter of NorthMarq’s Philadelphia office arranges $15.75 million for Fredericktowne Crossing
tephens Ci ty, VA — Phil Deeter , senior vice president and managing director of NorthMarq’s Philadelphia regional office, arranged first mortgage refinancing of $15.75 million for Freder- icktowne Crossing, an 88,418 s/f retail center located in Stephens City. Martin’s, a regional grocery chain, is the major tenant at the site. Financing was based on a 10-year term and a 30- year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a CMBS lender. Hanover, MD — Nan- cy Ferrell , senior vice presi- dent and managing director S WASHINGTON, DC — Hines announced that 1200 Nineteenth Street, a trophy- class, 11-story LEEDPlatinum office building in downtown Washington, DC, has been sold to Fosterlane. The building owner, the Hines U.S. Core Office Fund, was represented in the trans- action by HFF . “We are happy to have select- ed Fosterlane as the new owner of 1200 Nineteenth Street. Together we share a 30-year history of successful real estate investment and development,” said Hines senior managing director ChuckWatters . “This sale underscores the strength and stability of the downtown D.C. office market. Hines is committed to continue to build on our high level of activity in D.C., particularly with further investment and development opportunities.” 1200 Nineteenth Street is 86 percent leased to tenants in- cluding: McKinsey &Company, Inc., United States; Squire Sanders (US) LLP; Navigant Consulting, Inc.; Womble Car- lyle Sandridge & Rice LLP; and MOI, Inc. In addition to the office tenancy, the build- ing includes 23,000 s/f of retail space that is fully leased to
Fredericktowne Crossing
Parkway Building
of NorthMarq’s Baltimore regional office, arranged acquisition financing of $2.5 million for the Parkway
Building, a 27,555 s/f office building located at 7257 Parkway Dr. in Hanover. Financing was based on a
10-year term and a 25-year amortization schedule and was arranged for the bor- rower, Parkway 100 Hold-
ings, LLC, by NorthMarq through its relationship with a correspondent life company lender. n
Hines sells 1200 Nineteenth Street in DC to Fosterlane
U.S. Core Office Fund acquired the property and, in October 2007, implemented a rede- “This sale underscores the strength and stability of the downtown D.C. office market. Hines is commit- ted to continue to build on our high level of activity in D.C., particularly with further investment and de- velopment opportunities.” — Chuck Watters velopment program, adding three stories to the building, which expanded the property to 340,000 s/f. The redevelopment also included: elevator up- grades; new mechanical, elec- trical and plumbing systems; replacement of the existing façade with a high-efficiency glass curtain wall and full- height glass retail storefronts; new paving and landscaping; new amenities including a “green” planted roof with a deck; and the addition of a fit- ness center. After completion of the redevelopment in June 2009, 1200 Nineteenth earned its LEED Platinum certifica- tion, and is still one of the few multi-tenant office buildings in D.C. with that designation. n
1200 Nineteenth Street was originally completed in 1964 as 1200 Nineteenth Street
restaurants and a men’s fash- ion retailer.
a 245,000 s/f, eight-story office building. In 2003, the Hines
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