Real Estate Journal — December 12 - 18, 2014 — 5A
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M id A tlantic
184-room Radisson in MD sells for $56,800 per room Marcus & Millichap sells Radisson hotel for $10.45m
Laurel Commerce Center is 100% leased Finmarc Mgmt. acquires 58,609 s/f bldg. for $6m
L ARGO, MD — Mar- cus & Millichap an- nounced the sale of the Radisson Largo-Washington, DC, a 184-room hotel in Largo. The $10.45 million sales price equates to $56,800 per room. David Greenberg , vice president investments in Marcus & Millichap’s Fort Lauderdale office, along with Jonathan Ruprai , senior as- sociate, and Dennis Hopper , associate, both in the firm’s Tampa office, represented the seller, Philadelphia-based AMC Delancey. Gordon Allred , first vice president in- vestments in Marcus &Millic- hap’s Ontario, Calif. office, and Karianne Cibello , associate in the firm’s Washington, DC office, represented the locally based buyer. “Our strategic marketing campaign produced numer- ous offers, and ultimately VIRGINIA BEACH, VA — Michael Divaris , presi- dent of Divaris Real Es- tate, Inc. , announced that Armada Hoffler Properties has sold the Virginia Natural Gas Building to an undisclosed purchaser for $8.9 million ($287 p/s/f. The 31,000 s/f office building is fully occupied by Virginia Natural Gas, Inc. The prop- erty, which was constructed by Armada Hoffler as a build-to- suit for Virginia Natural Gas in 2010 for their headquarters operations, was under a long- term lease to the firm at the time of sale. The building is located at 544 South Indepen- dence Blvd. within Lakeview Corporate Park in Virginia Beach. Alex Divaris, CCIM , vice president, and Jason Oliver, CCIM , senior associate, of Di- varis Real Estate's investment sales group, together with Michael Divaris, represented the seller, Armada Hoffler Properties. The sale reflects a capitalization rate of 6.25% on
11 Dupont Circle
Laurel Commerce Center
mixed-use Towne Centre at Laurel project featuring Prince George’s County’s first Har- ris Teeter. Laurel Commerce Center is within close proxim- ity to MD Routes 198 and 295 (Baltimore-Washington Park- way) and Cherry Lane. “Our team is extremely im- pressed with the retail and business momentum derived from the Prince George’s Coun- ty marketplace over the past several years,” said Marc Sol- omon , principal of Finmarc. “The MD Route 1 corridor re- mains a dense and highly-trav- eled region. Projects such as the recently-improved Towne Centre at Laurel encourages new businesses and residents to enter the market and, sub- sequently increases consumer and business traffic in our trade area. We are constantly searching for new acquisition opportunities to expand our portfolio.” n Maple Lawn is a 600-acre mixed-use business commu- nity that, upon completion, will consist of more than 1.8 million s/f of commercial of- fice space in the commercial district, a residential compo- nent containing more than 1,300 housing units and a full- service hotel with conference center. Approximately 700,000 s/f of commercial office space, research and development/flex space, medical buildings and retail uses in a “Main Street- style” environment currently exists in the community. In addition, more than 1,000 residential units ranging from condominiums to estate homes have been constructed. n
LAUREL, MD — Fin- marc Management, Inc. , a Bethesda, Maryland-based commercial real estate firm, has announced the purchase of Laurel Commerce Center, a 58,609 s/f industrial building located in the Laurel section of Prince George’s County, Mary- land for $6 million. The project is located at 14709 Baltimore Ave. and is currently 100% leased to thirteen tenants. Nathan Pealer of Marcus & Millichap represented the seller, Laurel Commerce Cen- ter, LP, an entity controlled by the Fernebok family and Finmarc Management, Inc. was self-represented in this transaction. Built in 1986, Laurel Com- merce Center features a mix of predominantly automobile-re- lated retailers and repair ser- vices companies. The building is situated directly across Rte. 1 from the newly-remodeled, HOWARD COUNTY , MD — Cisco Systems, Inc. has signed a lease with St. John Properties, Inc. and Greenebaum Enterprises, Inc. for 97,128 s/f of space at 8135 Maple Lawn Blvd., a recently-completed four-story, 131,257 s/f class “A” office building located in the Maple Lawn business community in Howard County. Sourcefire employees are expected to move into the building in phases as inte- rior construction is completed, starting in summer 2015. With this Cisco lease the building is now 90% leased. In response to strong demand for Maple Lawn office space, St. John Properties has initiated con- struction on 8115 Maple Lawn
Radisson Largo-Washington, DC
an attractive sales price for the seller,” said Ruprai. “The seller capitalized on healthy market conditions and the opportunity to reposition to a superior brand.” “Acquired at a discount to replacement cost, the property gives the new owner several
options, including continuing to operate the hotel as a Radis- son, rebranding to a different flag, or converting the hotel to an alternative use,” said Allred. The property is located at 9100 Basil Court off the Capi- tol Beltway at Exit 17A. n
Divaris brokers sale of Virginia Natural Gas Building for $8.9m
St. John Properties leases 97,128 s/f at 8135 Maple Lawn Blvd. to Cisco Systems Blvd., a four-story, 138,990 s/f class “A” office building.
544 South Independence Blvd.
in-place income. Armada Hoffler Properties is a full-service real estate in- vestment trust with extensive experience developing, build- ing, owning and managing high-quality, institutional- grade office, retail and multi- family properties in attractive markets throughout the Mid- Atlantic states.
Virginia Natural Gas serves more than 275,000 residential, commercial and industrial cus- tomers in southeastern Virgin- ia. Virginia Natural Gas is one of the fastest growing natural gas distribution companies in the country. Its parent com- pany, AGL Resources, is one of the nation's preeminent distributors of natural gas. n
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