Mid Atlantic Real Estate Journal — March 14 - 27, 2014 — A
www.marejournal.com
Mid Atlantic Real Estate Journal — March 14 - 27, 2014 — 7A
www.marejournal.com
W Zupancic & Smith, DC multi-family investment specialists had the listing Marcus & Millichap arranges the sale of a boutique apartment building totaling $875,000 ASHINGTON, DC — M arcus &Milli- chap Real Estate
written offers. The asset ul- timately went under contract with a local real estate inves- tor for $1,000,000. However, the tenants formed a tenant association, exercised their TOPA rights, and eventually closed on the transaction on the last legal day that the TOPA statute provided for, over a year later. The property is located just east of 16th St. and south of Piney Branch Park, a tributary of the larger Rock Creek Park. The building is adjacent to the Pershing House (3701 16th St NW), a 59-unit apartment building purchased by Van Metre Companies in August 2011 for $4,712,000 (or $79,864 per unit), and across the St. fromThe Fitzgerald (3625 16th St. NW), a 23-unit apartment building that has undergone extensive renovations under the ownership of the partner- ing CAS Riegler, JCR, and SNEAD Construction compa- Arlington, VA — Fed- eral Capital Partners (FCP) and RESI Management have signed Marymount University to an 87,000 s/f lease at 4040 N. FairfaxDr., a ten-story, 184,213 s/f office building in the heart of the Ballston submarket of Arlington. FCP, in partnership with the McMullin family, re- cently completed a significant renovation and repositioning of 4040 N. Fairfax. ”Marymount University is a vital and integral part of the Arlington community and we are thrilled to welcome them to 4040 N. Fairfax,” said FCP managing partner, Tom Carr . FCP and McMullin took the opportunity in January 2013, as part of the Base Realign- ment and Closure (BRAC) initiative, to do an extensive renovation of 4040 N. Fair- fax that allows the building to compete with new class A buildings at a discount to com- petitor pricing. 4040 N. Fairfax renovations
nies. The Fitzgerald was origi- nally planned to be a condo- minium conversion project af- ter its purchase in December of 2012 for $1,800,000 (or $78,261 per unit), but the owning entity has chosen to keep the asset as a rental building accord- ing to CAS Riegler’s website. Also in December of 2012, the apartment building located at 1575 Spring Place NW traded for $1,200,000 (or $75,000 per unit). When commenting on this abundance of recent trans- actions in the North Columbia Heights neighborhood, Marty Zupancic pointed out, “1445 Spring Rd. NW is the fourth small multifamily deal to trade in this pocket of North Colum- bia Heights in the last couple of years. The location next to a tributary of Rock Creek Park, the proximity to 16th St., and strong rent growth in this submarket, all contributed to the strong level of interest in this asset.” n
Investment Services has an- nounced the sale of a 13-unit boutique apartment build- ing in the Columbia Heights neighborhood of D.C.’s North- west quadrant, according to Bryn Merrey , regional man- ager of the firm’s Washington, D.C. office. Marty Zupancic and Peg- gy Brooks Smith , DC Multi- Family investment specialists inMarcus &Millichap’s Wash- ington, D.C. office, had the listing to market 1445 Spring Rd. NW. The building was listed for $875,000 (or $67,308 per unit) and sold on Febru- ary 10, 2014 for $1,000,000 (or $76,923 per unit), which was 12.5% above the asking price. The property consists of ten one-bedroom units, two two-bedroom units, and one efficiency. At approximately 12,888 gross s/f, the 13-unit
1445 Spring Road NW
building was owned by the Quick family for fifty-two years, and was originally built by Morris Cafritz, patriarch of the powerful Cafritz real
estate family, in 1923. Marcus & Millichap extensively mar- keted the building, running over twenty-five tours and eventually receiving over ten
Patterson-Woods/CORFAC Int’l. sells brownfield site for $850,000
Federal Capital Partners signs 87,000 s/f in Virginia
Wilmington, DE — Pat- terson-Woods Commercial Properties/CORFAC In-
and make way for a new retail development on the land. According to Latina, the buyer has entered the property into the DNREC Brownfields Development Program as a first step toward cleaning the site for redevelopment. DN- REC is an abbreviation for The Delaware Department of Natural Resources and Environmental Control and the state entity that oversees brownfield-site redevelop- ment. “The buyer paid a premium for the land on a per-square- foot basis (the equivalent of slightly over $2.4 million per acre) but given the strong de-
mand for class A retail along the Concord Pike corridor, and the lack of available opportuni- ties, I am confident that they will be able to redevelop the property and demand a strong enough rent get to a good return on their investment,” said Latina. It is the second investment property sale on the Concord Pike corridor completed by Patterson-Woods/CORFAC International this year. Last month Tom Ryan (with Pat- terson-Woods) sold a retail property located at 2702 Con- cord Pike that is occupied by Delaware Gold Exchange and Casapulla’s Subs. n a smoothly run operation,” said Eddie Goldmeier , senior managing director for NGKF, who represented Mariner in the transaction and represents the company in its retail leases around the country.” n
ternational p r e s i d e n t D u n c a n Patterson, CCIM , an- nounced that Joe Latina represented Ac e Pe t r o - leum Inc. in
Joe Latina
an investment property sale located at 2801 Concord Pike in Wilmington. The buyer, HP Concord LLC paid $850,000 for .35 of an acre and a 1,296 s/f garage build- ing that it plans to demolish
4040 N. Fairfax
began with the demolition of the entire interior to shell con- dition, including the removal of partitions, ceilings and flooring, allowing maximum flexibility for full floor or multi- tenant layouts. FCP extends its apprecia- tion to Josh Peyton, Peter Berk and Dave Millard of Avi- son Young, who represented Marymount and Rob Walters, Mike Shuler and Nate Krill, also of Avison Young, who represented the ownership in the lease transaction. n
Nottingham, Md — Mariner Finance is ex- panding and relocating its corporate headquarters to 8211 Town Center Dr., ac- cording to Newmark Grubb Knight Frank (NGKF) . The consumer-loan com- Newmark Grubb Knight Frank negotiates 69,401 s/f pany will occupy the former William Scottsman building, for a total of 69,401 s/f. “Mariner Finance is on track to more than double in size by the end of next year due to its growth from
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