Real Estate Journal — October 16 - 29, 2015 — 5A
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M id A tlantic
BPG celebrates opening of 608&627MKT inWilmington
A 30,361 s/f office building sold in all-cash transaction Cascade Realty acquires VA office building for $4.8million RLINGTON, VA — Ca s c a d e Re a l t y Partners has acquired
a 30,361 s/f office building strategically located at the corner of Columbia Pike and Glebe Rd. in Arlington, for $4.8 million in an all-cash transaction. Situated on a 1.5 acre site and 75% leased to Bank of America, 3401 Columbia Pike has future de- velopment potential within a rapidly transforming corridor. The property was marketed by Cushman & Wakefield . This is the first acquisi- tion for the newly formed Bethesda, MD-based partner- ship of Matt Clinebell and Adam Roffman , who both previously worked at Avison Young. “What we find so com- pelling about this deal is the combination of an incredibly strong national credit tenant in a part of Arlington that’s undergoing a major transi- tion,” said Roffman. “While the office building is fairly small, it sits on a 65,000 square parcel on the corner of two of Arling- ton’s busiest roads. For now, we plan to lease the remaining vacancy; over the long term, we think the area provides tremendous opportunities.” Known as Arlington’s “Main Street” and the busiest bus corridor in Virginia, Columbia Pike traverses the entire coun- ty fromArlington Cemetery in STERLING, VA — Two companies have signed leases cumulatively representing nearly 20,000 s/f of space with St. John Properties at Loudoun Tech Center, a busi- ness community located near VA Routes 7 and 28 in the Dulles Airport/Route 28 North sub-market of Sterling. St. John Properties’ buildings in Loudoun Tech Center include 127,000 s/f of R&D/office/flex buildings at the intersection of Ridgetop Circle and Nokes Blvd. Danny Severn of St. John Properties represented the landlord in both transac- tions. Envise signed a lease for
Canopy by Hilton and Hyatt House rendering
MKT 627
WILMINGTON, DE — Wilmington-based developer, The Buccini/Pollin Group, Inc. (BPG) , and BPGS Con- struction announced the grand opening and ribbon cutting celebration for MKT 627 and 608, two apartment buildings consisting of 74 units located on Market St. The new units are more than doubling the portfolio of the existing MKT apartments, making the new unit total 114. MKT 608 marks a pivotal moment for the city, as it is the first ground-up apartment community on Market St. in over 50 years. MKT 627 took over a space that was formerly vacant and once Delaware State University’s Wilmington Campus. The two new buildings will be managed by BPG’s residential operations arm, ResideBPG . While BPG’s goal is to continue the revi- talization of Wilmington’s downtown by bringing more residents to live, work and play there, ResideBPG’s mis- sion is to provide professional management services and amenities to the residents that will allow them to live the exciting concierge-style, urban living lifestyle that residing downtown can offer. ResideBPG’ residents benefit from perks such as commu- nity-wide events, discounts to local shops, restaurants and entertainment venues, and complimentary Delaware Sports League memberships. The MKT community un- der the ResideBPG umbrella was previously named The Residences at LOMA. With the new apartments coming
3401 Columbia Pike
cial space by 2040. 3401 Columbia Pike is lo- cated just minutes from down- town Washington and major transportation routes I-395, I-66, Rte. 50, and Rte. 7. “This was our first deal, and it was more competitive than we initially thought it would be, with an all-cash quick close,” said Clinebell. “This acquisition taught us exactly what we need to do to be competitive, and we’re looking forward to doubling our portfolio. We’re going to continue scouring the market for interesting opportuni- ties across product types, including deals that might be less conventional but provide greater upside.” n
the east to the Fairfax County border in the west. In the late 1990s, Arlington County es- tablished the Columbia Pike Revitalization Organization to plan revitalization of three key portions of the corridor, using a new FormBased Code that streamlines rezoning. The Form Based Code has catalyzed extensive public and private investment in the corridor, including a new 303- unit apartment project with street-level retail space just across the street from 3401 Columbia Pike. Already home to more than 17% of Arling- ton’s population, Columbia Pike is expected to add 7,300 new residents, 7,000 jobs, and 2.2 million s/f of new commer-
MKT 608
on board and many other establishments utilizing the LOMA brand, BPG decided it was time for a fresh, new look to go along with the loft-style apartments. The additional MKT communities are walk-up style along Mar- ket St. above the commercial businesses and each contains unique historical features. The apartment count is as follows: 421 MKT -12 units, 837 MKT-6 units, 811 MKT- 11 units, 823 MKT-6 units, 815 MKT-3 units, 831 MKT-2 units, 608 MKT-28 units, 627 MKT-46 units. The commu- nity offers a variety of studio, one and two bedroom floor plans. With floor to ceiling views of Market St., quartz counter- tops, exposed elements and stainless-steel appliances the two new buildings have been well received by the commu- nity, 608 MKT has been leas- ing for 2 months and is already 61% occupied while 627 MKT opened its doors October 1st and is already 13% pre-leased. Residents are enjoying the walkable lifestyle and conve- nient location. n
St. John Properties signs two leases totaling nearly 20,000 s/f at Loudoun Tech Center
Loudoun Tech Center
8,333 s/f of space at 21670 Ridgetop Circle, a 32,801 s/f R&D building. Adam Schindler of Serten Advi- sors represented the tenant in this transaction. Aut i sm Outreach, Inc .
leased 11,028 s/f of space at 21680 Ridgetop Circle, a 35,558 s/f R&D building. Kevin Fitzpatrick and Allen McBride of KWCommercial represented the tenant in this transaction. n
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