Real Estate Journal — April 10 - 23, 2015 — 3A
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M id A tlantic
DelStar Construction to execute renovations Evergreen Apartment Group arranges$25msaleof384-units
Fritz represents buyer of 27,305 s/f NAI KLNB inks $2.95m sale of former bank
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ewark, DE — E vergreen Apart- ment Group Inc.
of New Castle, Del. recently arranged the sale of Village of Windhover Apartments, a 384-unit community located in Newark, for $25 million. Fannie Mae provided fi- nancing for the property, owned by Village of Wind- hover LLC. Key Bank ser- viced the loan and AMA Financial was the mortgage broker. The community will be re- branded as Evergreen Apart- ments at Christiana Reserve. The property features 32 complete concrete building structures and is built on 21 acres with 395,000 s/f of rentable space. The prop- erty consists of a mix of one-, two-, and three-bedroom apartments, with rents for one-bedroom units starting at $799 and for two-bedroom units starting at $949. The community has a current oc- cupancy of 90%. The community is located off Rte. 1, half way between Philadelphia and Baltimore. McLEAn, VA — ci de- sign, inc. , an international planning, architecture and interior design services firm, served as design lead for the renovation of the recently constructed elevator enclo- sure at the Tysons Galleria in McLean, Virginia. Located in the mall’s cen- ter court, the internally lit elevator enclosure includes an integrated LED display for advertising. The feature was designed to complement the three-level shopping center’s upscale tenants and premier luxury shops. “The property owner, Gen- eral Growth Properties (GGP) , approached us with the challenge of creating a contemporary statement in the center court, anchored by the Ritz Carlton and Lord & Taylor, that would not obstruct tenant views. With
1614 Churchville Rd.
BEL AIR, MD — NAI KLNB has brokered the sale of the former Slavie Federal Savings Bank building, lo- cated at 1614 Churchville Rd. in Bel Air, Maryland to 1614 Churchville Road, LLC for $2.95 million. David Fritz of NAI KLNB represented the buyer and Beetle Smith and Tom Motley of MacKenzie Commercial Real Estate Services represented the seller, the Federal Deposit Insurance Corporation in this transaction. The independent agency of the United States Govern- ment assumed ownership and control of the three-story, 27,305 s/f building, located near the intersection of MD Rtes. 22 and 543 in Bel Air, upon the closing of Slavie Fed- eral Savings Bank last spring. The new owner, affiliated with Bramhall-Hitchen Insur- ance in Newark, Delaware, has acquired Bel Air-based WSMT Insurance and plans to utilize this building for the new offices of the insurance agency that offers products serving individuals as well as the dental, medical, hospital- ity, manufacturing, not-for- profit, property management, construction and wholesale in- dustries. The offices are being relocated fromEast Broadway in Bel Air. In addition, three separately-owned businesses will continue to operate within this building. “This classically-designed office building is recognized as among the most aesthet- ically-pleasing commercial real estate products in the
Harford County region, and the investor/user interest in this property was extremely high,” said David Fritz of NAI KLNB. “The new owner is able to take occupancy of this building with minimal tenant improvements, based on the pristine condition of the space. In addition, the owner assumes the leases and income of three stable and high-quality tenants with the ability to increase the cash flow with available class ‘A’ office space for rent.” COLUMBIA, MD — Sig- nal Outdoor has signed a lease with Kenwood Man- agement , on behalf of its affiliate Hampton Centre East, for 5,469 s/f of space at 9225 Hampton Overlook in the Capitol Heights section of Prince George’s County, Maryland. Alan Coppola , Josh Halbedel , and Mike Miller of NAI KLNB repre- sented the landlord and Greg Ferraro of JLL represented the tenant in this transaction. Hampton Overlook is a two- building portfolio contained within the Hampton Center East industrial park. “We are thrilled to be a new member of the Capitol Heights business community,” said Mary Niemeyer, general manager DC Division. “The owner recently re- placed the roof on two build- ings in the portfolio, and up- graded the entire landscaping package, which significantly improved our leasing efforts,” said Alan Coppola of NAI KLNB. n
Village of Windhover Apartments
Christiana Reserve is built over an infill area near nu- merous retail and office des- tinations. Evergreen Apar tment Group plans to initiate an extensive renovation project that will include a lifestyle and fitness center, commu- nity clubhouse, and a variety
of exterior building and site improvements. The renova- tions will also include interior unit remodeling including replacements of kitchens and bathrooms. Del-Star Con- struction , a subsidiary of Evergreen Apartment Group, will execute a majority of renovations. n
Construction completed on Tysons Galleria Center Court renovations in McLean, VA
Tysons Galleria elevator enclosure
our partners, were able to integrate an LED display into the enclosure, instead of sim- ply hanging it,” said ci design
principal, Chris Bauer . ci partnered with Daktron- ics and AdVice to complete the project fabrication. n
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