6 — January 13 - 26, 2012 — Mid Atlantic Real Estate Journal
MARE journal.com
D EL M AR V A
ORESTV I LLE , MD — Marcus & Millichap Real Estate Investment Part of a 1031 exchange in Prince George’s County Marcus & Millichap arrange $10.8 million sale F
Meridian Capital Grp. originates transaction BeechStreet Capital provides $9.35m Freddie Mac loan
Services has negotiated the sale of a 19,620 s/f, two-tenant shopping center fully leased by Walgreens and Sherwin-Wil- liams. The center is located in the Washington, D.C. suburb of Forestville in Prince George’s County, within the Baltimore- Washington MSA. The sales price is $10.88 million which equates to $555 psf. Dean Zang and Mark Taylor, senior directors of Marcus & Millichap’s National Retail Group (NRG), along with Der- rick Dougherty and Christo- pher Munley of the Philadel- phia office, represented the seller. Marcus &Millichap also procured the private, out-of- market 1031 exchange buyer. BETHESDA, MD — Stone- bridgeCarras and PNHoffman announced today that they have formed a joint venture with Northwestern Mutual, arranged by HFF, to develop a mixed-use project in the heart of Bethesda’s prime commer- cial district at the corner of Woodmont and Bethesda Av- enues. StonebridgeCarras and PN Hoffman have been work- ing with Montgomery County since 2005 to re-develop the County’s two surface parking lots (commonly referred to as Lots 31 and 31A) into a mixed- use project featuring 250 resi- dential units and 40,000 s/f of street retail above a public parking garage that will ac- commodate 950 cars. With the requisite approvals in place, Northwestern Mutual’s finan- cial strength enables the team to move forward with the $200 million development project. “We are extremely pleased to have been able to bring one of the most successful insti- tutional real estate financial partners into the development of Lot 31,” commented Douglas M. Firstenberg, a principal with StonebridgeCarras. “We look forward to creating a vi- brant mixed-use project that builds on the great success of Bethesda Row.” Residential components of the development include The Darcy, an 88-unit luxury con- dominium, and The Flats, a 162-unit apartment build- ing. “While we anticipated strong interest when opening the Darcy sales center a few
Trantor Place Apartments
BETHESDA, MD — Beech Street Capital, LLC headquar- tered in Bethesda announced that it has provided a $9.35 million Freddie Mac CME loan for the acquisition of Trantor PlaceApartments, a 178- unit, rent stabilized property located in Staten Island, New York. The transaction was origi- nated by Meridian Capital Group, LLC, and was financed by Beech Street Capital as part of its correspondent relation- ship with Meridian. Key to the transaction was the borrower’s plan to invest over $700,000 in capital improvements to the asset after purchase. The improvements, planned over the next two years, will further enhance the rent sta- bilized property which contrib- utes to quality housing in the New York market. “Given the importance of maximizing proceeds, we chose WILMINGTON, DE — The Delaware office of Jackson Cross Partners, LLCannounced nine leases totaling 19,133 s/f. There were five new leases, two lease expansions, and two lease renewals. All of the trans- actions were represented by Jackson Cross Partners’ Pete Davisson, SIOR, CCIM and Cindy Fleming. “As was the case in 2010, this year we have continued to see a good level of leasing activity by smaller tenants in Wilmington and New Castle County,” said Davisson. “As a matter of fact, more than 70% of the new leases signed this year were for less than 4,000 s/f. This indicates relatively strong activity by small business, but also indicates larger firms are still cautious. These recently signed leases are representa- tive of that activity.” The first lease was signed by Brown Advisory, an indepen- dently owned investment firm located in Baltimore, MD. The
to engage Freddie Mac who structured the deal to include the borrower’s cap ex budget along with closing costs,” com- ments Mike Edelman, senior vice president of Beech Street Capital. “Freddie offered us 85% of the cost to purchase, which included the $700,000 in capi- tal enhancement funds that were escrowed at closing.” Barry Lefkowitz, the Meridian mortgage finance advisor on the transaction was pleased. “Although the financial mar- kets remain volatile, Beech continues to beat the compe- tition in rate, structure and service,” said Lefkowitz. Built in 1964-1966, the garden- style apartment complex is comprised of 16 three-story buildings situated on 5.7 acres. The fixed-rate loan has a term of ten years with two years interest-only. ■ Jackson Cross Partners as- sisted with three leases at Larch Corporate Center which is located at Robino Ct. in New- port, DE. The first signed lease was by Bail Bond Agency, Inc. comprising 3,301 s/f, the sec- ond was by Shaddock Benefits Group comprising 1,447 s/f, and the third lease was by a Nurse Training School with 1,812 s/f. Along with the new signed leases, Jackson Cross Partners aided in two lease expansions and two renewals. Casarino Christman Shalk Ransom & Doss, P. A. signed a lease expan- sion at The Renaissance Centre in Wilmington, DE. Also, Col- lection Market Center signed a lease expansion at 300 Water St., Wilmington, DE. ■ office contains 1,722 s/f in Suite 1407 at 1201 North Market St., Wilmington, DE. The next lease was signed by 4th Street Chiropractic & Pain Management, comprising 1,134 s/f and located at Lincoln Square in Wilmington, DE.
7000 and 7008 Marlboro Pike
David Feldman, regional manager of Marcus & Millic- hap’s Washington, D.C. office, was the broker of record in the transaction. “This property provides the new owner with two easily managed, investment-grade
credit tenants, both on long- term leases,” said Taylor. “The financing that was available for this asset supported a low cap rate.” The property is located on 1.8 acres at 7000 and 7008 Marl- boro Pike. ■
StonebridgeCarras and PN Hoffman forms joint venture
Jackson Cross Ptrs. announces nine leases
Lot 31
months ago, the response has exceeded expectations and sales are ahead of schedule,” said Monty Hoffman, CEO of PN Hoffman. “We have agree- ments for more than a third of the Darcy residences and interest continues to grow each week.” “Northwestern Mutual ac- tively invests in high qual- ity mixed-use developments. The development of Lot 31 at the epicenter of downtown Bethesda, adjacent to the walkable Bethesda Row com- munity, represents high qual- ity urban redevelopment and strong long-term value for our policyowners,” said Matthew Ascher, director with North- western Mutual Real Estate
Investments. “We are pleased to venture with StonebridgeCarras and PN Hoffman and look forward to a productive relationship.” “The project represents the largest undeveloped tract of land in downtown Bethesda and one of the region’s most anticipated transactions in 2011,” added Stephen Conley, executive managing director with HFF. The Darcy’s sales are being directed by PN Hoffman Real- ty, LLC and the retail leasing by KNLB Retail. The project has been designed by SK&I Architectural Design Group and the Clark Construction Group is the general contrac- tor for the project. ■
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