Real Estate Journal — October 11 - 24, 2019 — 13A
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M id A tlantic
Meisel & Nicholson of JLL represent seller MC Real Estate Partners acquires Executive Plaza
Marcus & Millichap handles sale of 2 Urgentcare facilites
OCKV I LLE , MD — MC Re a l Es - tate Partners LLC (MCRE) and an institutional partner have acquired Execu- tive Plaza, in Rockville. This is the second office acquisition for the recently formed company founded by Andy Nathan and Steve Grant as the succes- sor to their predecessor firms Meritage Properties and Clear- Rock Properties. The 327,000 s/f property, which has been significantly renovated over the past several years, sits a short walk from the dynamic Pike and Rose mixed use de- velopment and the White Flint Metro station. “MCRE is thrilled to have made our first DC area acqui- sition so soon after our forma- tion. Steve and I have each been active locally for over 20 years and see Executive Plaza R NORFOLK, VA — The Rai- lyard at Lambert’s Point has been approved by Norfolk City Council and the Norfolk Planning Commission with the support of the Lambert’s Point Civic League. The adap- tive re-use development by Meredith Construction is now on track to bring an inspir- ing vision of repurposed historic buildings and new construction to Norfolk. When complete, it will include a mix of retail, of- fice, entertainment and dining in the Lambert’s Point neigh- borhood along Hampton Blvd. The 8.8-acre parcel is located between Norfolk Naval Base, Old Dominion University, Chil- dren’s Hospital of the King’s Daughters, Eastern Virginia Medical School, Sentara and downtown Norfolk. Meredith Construction has partnered with CCB Rail- yard, LLC , a subsidiary of the Charlotte-based Clear Creek Brothers, LLC (CCB) , a real estate investment group on the much anticipated mixed-use development. “We are committed to revital- izing this area of Norfolk,” said Rich Meredith , who heads the development division of
Adventist Health Care Urgent Care facilities
Executive Plaza
were guaranteed by Adventist Healthcare, Inc. Josh Ein , first vice presi- dent investments, in Marcus & Millichap’s Washington, DCoffice and Dean Zang , senior managing director in- vestments, in Marcus & Mil- lichap’s Washington, D.C. of- fice, represented the buyer, a Washington, D.C. area based 1031 exchange buyer which the team has transacted with on several properties this year. Bryn Merrey, broker of record, assisted in closing this transaction. ed, “I applaud all stakeholders involved, and special kudos to United Way of Central Mary- land, for coming together to help these 18 families in need.” Franklyn Baker , president and CEO of United Way of Cen- tral Maryland, said, “United Way works every day to keep people in their homes and out of shelters—because the success of our communities is directly tied to the financial stability of our neighbors. We are proud to partner with the Maryland Multi-Housing Association on the Rental Connections pro- gram to assist families in ur- gent need of rental assistance.” “Leasing professionals made personal calls on a monthly ba- sis to residents with unpaid rent and referred them to United Way’s 211 phoneline for help,” said Kathie Dzbinski , director of training and leasing for A&G Management Company. “This programworked—our residents received the assistance they needed and now we will con- tinue to refer future residents who are struggling to the 211 helpline,” Dzbinski added.
ROCKVILLE AND GER- MANTOWN, MD — Marcus & Millichap announced the sale of a portfolio of two Adven- tist Health Care Urgent Care facilities located in Rockville and Germantown, MD, accord- ing to Bryn Merrey , division manager of the firm’s Wash- ington, DC office. The proper- ties sold for $12,669,947. The properties, constructed in 2015 and 2016, had more than 10 years remaining on absolute triple net leases. The leases featured two per- cent annual escalations and CENTRAL MARYLAND — The Maryland Multi-Hous- ing Association (MMHA) and the United Way of Central Maryland (UWCM) success- fully completed a four-month pilot program, Rental Con- nections, which prevented 18 families from eviction. Created by MMHA member companies A&G Management Com- pany, Inc., Hendersen-Webb, Inc, Quest Management Group, LLC, Rachuba Man- agement, and Regional Man- agement Inc., along with UnitedWay, Rental Connec- tions pooled shared resources and expended nearly $7,500 to assist residents struggling to pay their rent. MMHA members identified residents late on rent and re- ferred them to United Way’s 211 helpline. United Way ap- proved and qualified residents and granted emergency rental funds sent directly to the man- agement companies. “We all have an interest in keeping families in their homes,” said MMHA president Stephen Margerum . He add-
as an ideal addition to our portfolio. The property has all a tenant could ask for – out- standing amenities, great light throughout and flexible floor- plates – ideally located near highways, mass transit, retail and housing. Angelo Gordon and Monument did a wonder- ful job repositioning Executive Plaza and we look forward to guiding the asset through its next level transformation,”
said Andy Nathan, managing principal of MCRE. MCRE has retained The Polinger Company to provide on-site propertymanagement services. JimMeisel and Matt Nich- olson of Jones Lang LaSalle (JLL) represented the seller and sourced the buyer for this transaction with mortgage brokerage services provided by JLL’s Sue Carras and Chris Hew.
The Railyard at Lambert’s Point receives approval by City Council & Norfolk Planning Commission
MMHA&UWCM’s Rental Connections Pro- gram prevents 18 families from eviction
The Railyard at Lambert’s Point has been approved by Norfolk
Meredith Construction. “The Railyard at Lamberts Point represents an investment of al- most $40 million with a poten- tial for 350 jobs and 100,000 s/f of new and redeveloped space. Meredith and CCB are invest- ing with a long-term vision and are excited to see this project completed next year.” Meredith and CCB have awarded contracts to the fol- lowing members of the develop- ment team: • Work Program Architects (site planning, master planning and design concepts) • Timmons Engineering (site plan design, landscape archi- tecture and traffic engineering) • Commonwealth Preserva- tion Group (historic research
and visualization) • Compo Construction (site development and vertical con- struction) • PACE Collaborative (me- chanical, electrical, plumbing engineering) • Speight, Marshall & Fran- cis, P.C. (structural engineer- ing) The Meredith family owns four of the five historic build- ings that were built between 1920 and 1940. CCB is acquir- ing, rehabilitating and devel- oping the parcels surround- ing Meredith’s buildings. The manufacturing, warehouse and depo buildings will be restored to retain much of their historic nature and repurposed for mod- ern users.
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