16B — December 22 - January 12, 2018 — Industry Leaders— ODM — M id A tlantic
Real Estate Journal
www.marejournal.com
I ndustry L eaders
Scanlon arranges financing on behalf of Brick Lane Real Estate Greysteel completes sale of East Beach Ocean View portfolio
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Station Norfolk, the neigh- borhood is attracting new residents and new develop- ment. The City of Norfolk declared the neighborhood a Priority Target Area and developers are taking notice. Recent developments include Ocean View’s East Beach, an award-winning, master- planned community, retail and infrastructure improve- ments, and additional Class A communities announced for construction. The East Beach Ocean View Portfolio is also within walk- ing distance to Norfolk’s East Beach Development and is also near several area ameni- ties including the Chesapeake Bay, Ocean View beaches, the Norfolk International Airport, Botanical Gardens, and more. “The East Beach Ocean View Portfolio offered a compel- ling value-add opportunity,” said Wilcox. “With Cclass A inventory set to increase by over 200% in the Ocean View submarket in by 2020, com- bined with the Portfolio’s close proximity to the East Beach Neighborhood development, the buyer has an opportunity to realize substantial rent pre- miums in the near future by commencing modest interior and exterior renovations.” n Advance Real ty hires four at Bridgewater, NJ headquarters BRIDGEWATER, NJ — Advance Realty a owner, de- veloper and manager of class A office, multifamily, mixed-use and industrial-space proper- ties announced four new hires at its Bridgewater headquar- ters, including two members of the company’s executive team. Angela Tsai will join Ad- vance’s executive team as a director of asset management. Tsai joins Advance from Eastdil Secured, where she held the role of senior vice president. Also joining Ad- vance’s executive team is Di- ane Pellegrino , who serves as financial controller. In addition to its new ex- ecutive hires, Advance has also brought aboard Sean Doherty as an asset manage- ment associate. Also joining Advance Realty is Sid Desai as a senior asso- ciate with the capital markets team. n
ORFOLK, VA — Greysteel, a national commercial real es-
Estate . The East Beach Ocean View Portfolio, consists of 124 mar- ket-rate apartment units in Norfolk’s dynamic and rapid developing Ocean View sub- market. The brick, two-story apartment buildings were built between 1967 and 1972 and the Portfolio includes five individual communities rang- ing from eight to 56 units. With Ocean View’s seven miles of beautiful beaches, and location near major tran- sit corridor I-64 and both the Joint Expeditionary (Navy) Base Little Creek and Naval
tate investment services firm, has arranged the sale of the East Beach Ocean View Port- folio, located in Norfolk. Greysteel director, Rawle Wilcox ; and investment as- sociates Brenden Hill and Jared Emery from the firm’s Norfolk office negotiated the transaction on behalf of the seller, and Brendan Scanlon of the firm’s Washington, D.C. office arranged the financing on behalf of the out-of-state buyer, Brick Lane Real
East Beach Ocean portfolio
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