Real Estate Journal — November 27 - December 10, 2015 — 3A
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M id A tlantic R eal E state J ournal Fund II will acquire office, retail, multi-family & ind. Rock Creek Property Group closes $60 million Fund II
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investment climate and our platform continue to evolve, we determined that it is more beneficial to our investors to mix development and oppor- tunistic plays within the same investment vehicle as income- producing assets.” Rock Creek will continue to focus on the DC region, where its four principals each have more than 25 years of experi- ence. “We have been involved in many real estate cycles over the years and developed a unique niche,” Schlager said. “We have experience across all major product types, which allows us to both avoid tunnel- vision investing and to hone in on the highest and best use for each asset, sometimes in less obvious ways.” This investment strategy has served Rock Creek well over the past few years, with its redevelopment of office buildings at 1100 16th St., NW, and 1438 U St., NW, along with the joint-venture development of multi-fami- ly assets including Takoma Flats, an 88-unit gut renova- tion in DC, and The Shelby, a 240-unit, class A ground-up
development in Alexandria. Rock Creek’s Fund II is already off to a successful start, having acquired three projects, including the joint- venture acquisition of 646-654 H St., NE, in Washington’s emerging H Street Corridor. This property is located on a prime corner next to a Whole Foods that is under construc- tion, and where Rock Creek will develop a mixed-use proj- ect. Rock Creek’s Fund II has also acquired two turn-around office/retail plays at 1413- 15 22nd St., NW, in Dupont Circle, and 6833 4th St., NW, two blocks from the Takoma Metro station. Rock Creek anticipates that a portion of its deal flow in Fund II may be strategic joint ventures with other operators. Glick emphasized that “Rock Creek provides much more than just capital. We make projects better and more profitable for our part- ners by filling in the gaps where needed, providing a full platform of development and investment services to help maximize value on each investment.” n
A S H I N G T O N , DC — Principals of Rock Creek Prop-
erty Group announced that they have successfully closed on their second real estate fund, in which they raised $60 million. Fund II will acquire office, retail, multi-family and industrial properties through- out the Greater Washington, DC region. As with Rock Creek’s Fund I, launched in 2010, Fund II will continue to invest primarily in the $3 million to $30 million “middle-market” space, tar- geting development projects, value-added opportunities and strategic joint ventures. In addition, Fund II will look to acquire well-located, income- producing assets which have the potential for long-term appreciation. “Not every property will be developed or acquired with a goal to exit in the short term,” said Rock Creek principals Gary Schlager and Andy Glick . “Lessons learned from Fund I, and our current deal flow both support the premise that certain assets should be held longer term. As the LIVINGSTON, NJ — Eisenhower Corporate Cam- pus continues to expand its onsite amenities with the recent addition of Hills Fit Studio, Northern New Jer- sey’s indoor cycling studio. Livingston-based Hills Fit relocated to the 380,000 s/f class A office property in early November, providing tenants and employees – as well as area residents – with another distinct option for achieving their health and fitness goals. The building’s fitness amenities also include a tenant-only fitness center, one-on-one personal training at It’s Beyond Fitness and appointment-only massage services from New Jersey Massage. Located at 290 West Mount Pleasant Ave., Eisenhower Corporate Campus is owned and managed by Eastman Companies of Livingston, along with its joint venture partner LongWharf Real Es- tate Partners of Boston, MA. “Eisenhower Corporate Campus is a wonderful fit for our studio,” said owner Hill- ary Schumer. “Our new space allows us to serve existing
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Eisenhower Corporate Campus in Livingston, NJ welcomes Hills Fit indoor cycling studio
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clients in a more efficient set- ting while introducing Hills Fit Studio to a whole new customer base.” Ei senhower Corporate Campus is comprised of four interconnecting buildings set on 33.5 acres. Campus ame- nities include a full-service cafeteria with catering ca- pabilities, 24-hour security, electric car charging stations and a 600-vehicle parking structure with LED light- ing and enhanced security features. “Top-tier office buildings that offer a variety of first- rate amenities continue to at- tract – and retain – tenants in search of flexible, convenient
work environments,” accord- ing to Michael Schofel , Eastman’s co-managing part- ner. “The addition of Hills Fit Studio – in combination with our professionally supervised tenant-only fitness center and personal training at It’s Be- yond Fitness – significantly raises the bar for corporate health and fitness offerings. ” Ei senhower Corporate Campus offers tenants di- rect access to Route 280 and is easily accessible to inter- states 78, 80, 287, the Garden State Parkway and Newark Liberty International Airport. Garibaldi Group/CORFAC International is leasing agent for the property. n
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