Mid Atlantic Real Estate Journal — October 11 - 24, 2013 — A
www.marejournal.com
A 10-building apartment community near the border of Washington, D.C. Greysteel’s Firoozabadi,Mullen, Tangney, Brown, Ahmadian & Bediones sell $7.09 million apt.
S
uitland, MD — Greysteel , a invest- ment real estate servic-
land I LLC on the successful $7.09 million sale of Regency CourtApartments to Regency Court DNB LLC. “With your knowledge, guidance, and market con- tacts, we realized a higher than anticipated sales price. We appreciate Greysteel’s hard work and look forward to working with you again,” said a principal of the seller, Miles-Suitland I LLC. The 10-building property is conveniently located across the street from the Suitland Metro Station and is nearby several major employment drivers, including The Suit-
land Federal Center and Andrews Air Force base. “The Suitland Federal Cen- ter and Metro station is a major economic driver for the submarket,” stated Director, John Mullen. “Other neigh- boring planned developments including the Suitland mixed- use town center, Tanger Out- lets, and the casino at the National Harbor are evidence that Prince George’s County is not only a growing employ- ment market but also a desti- nation for the D.C. region.” Greysteel served as ex- clusive advisor and agent to Miles-Suitland I LLC. n
es firm has sold Regency Court Apart- ments, a 115- unit walk up apar tment community l o ca t ed i n Suitland. Greysteel’s
John Mullen
multifamily division led by Ari Firoozabadi, John Mullen, W. Kyle Tangney, Caleb Brown, Lance Ah- madian, and Mike Bedio- nes congratulates Miles-Suit-
Regency Court Apartments
Burke of NorthMarq arranges $5m mortgage for Danville Square in MD
Marcus &Millichap brokers sale of two apartment bldgs.
Dundalk, MD — Jo- seph Burke , executive vice president and senior manag-
ing director o f No r t h - Marq ’s Bal- t imo r e r e - gional office, arranged first mortgage re- financing of $5 mi l l i on for Danville Square, an
Joseph Burke
614 Longfellow St. NW
82,000 s/f neighborhood shop- ping center located in Dundalk, MD. Pep Boys, PetSmart and IHOP are major tenants at the site. Financing was arranged for the borrower, Merritt Bou- levard Partnership, by North- Marq through its relationship with a correspondent life com-
WASHINGTON, DC — Marcus & Millichap Real Estate Investment Services has announced the sale of two boutique apartment buildings in D.C.’s Northwest quadrant totaling 44 units, according to Bryn Merrey , regional man- ager of the firm’s Washington, D.C. office. Marty Zupancic , a DC multi-family investment spe- cialist in Marcus & Millichap’s Washington, D.C. office, had the listing to market 6921 Georgia Ave. NW. The building sold for $1.75 million or $83,333 per unit. The property consisted of one efficiency unit, sixteen one-bedroom units, and four two-bedroom units. At approxi- mately 18,624 gross square feet, the 21-unit building was sold in a Chapter 7 Bankruptcy Trustee Sale, making the sale
exempt from D.C’s TOPA (Ten- ant Opportunity to Purchase Act) regulations, which allowed the buyer to close very quickly relative to other D.C. trans- actions. The amount of time between listing and closing was sixty-five days. The property is located directly across the street from the historic Walter Reed Army Medical Center, a future site of major retail and residential development in the District. Zupancic and his D.C. multi-family team represented both the seller and the buyer in the sale. Zupancic also had the exlist- ing to market the Longfellow St. Apartments located at 614 Longfellow St. NW. At 17,984 gross s/f, Longfellow Street Apartments sold for $1.475 million or $64,130 per unit at a 6.34% capitalization rate. n
Danville Square
pany lender. “NorthMarq was able to secure 10-year fixed-rate fi- nancing from one of their life
company correspondent lend- ers for this very successful and well-maintained shopping center,” Burke said. n
Annapolis Junction, MD — Corporate Office Properties Trust (COPT) COPT signs lease for 100% of The National Business Park Park in Annapolis Junction. The company recently com- pleted shell construction on the approximately 125,000 s/f, class A office building and anticipates the tenant will oc- cupy NBP 312 during the first quarter of 2015.
pre-leased. “We are pleased to be able to serve another strategic custom- er at The National Business Park,” said Roger Waesche, Jr., COPT’s president & CEO. “Despite the cuts to the federal budget that went into effect in the wake of the Budget Control Act of 2011, this lease at NBP 312 brings our total new devel- opment leasing, since year-end 2011, to 1.9 million s/f.” n
announ c ed it executed a lease with a strategi c t enan t f o r 100% of 312 Sentinel Way (NBP 312) at The Nation- al Business
As a result of this leasing, the company’s 1.5 million square foot construction pipe- line, which was 74% pre-leased at June 30, 2013, is now 82%
Roger Waesche, Jr.
Made with FlippingBook - Online magazine maker