Real Estate Journal —December 8 - 21, 2017 — 13A
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M id A tlantic
Sale of SunTrust Tower in Baltimore’s Central Business District Cushman & Wakefield closes sale of 327,000 s/f office building
For cider facility in Virginia Beach Farmhouse Brewing plans additional $750k investment
Virginia Beach, VA — Farmhouse Brewing, LLC, is a partnership with Back Bay Brewing Co., Eddie Hewitt, a local developer whose wife, Sara, is a descendant of the William E. Wood family and Ross Vierra, the president and CEO of Axis Global Enter- prises , the general contractor. The company is renovating the historic Wood Family farm- house at 1805 Kempsville Road for Back Bay’s second brewery location in Virginia Beach. The farmhouse was built in 1910, and plans include tasting rooms, lounges and ADA-ac- cessible facilities. The 8.6-acre site will also include a metal building where small-batch beer will be brewed, a pergola, fruit orchard, horseshoe area, picnic tables, open-air market, tented outdoor wedding and special-event space and an area for crops that will sup- port the brewing operation. The brewery is currently under construction with plans to open on March 24. The brewery has recently announced plans to build an additional 2,500 s/f building that will become the first Vir- ginia FarmWinery in Virginia Beach. The new facility will fo- cus on producing hard cider us- ing Virginia apples. In addition to bringing a new amenity and destination to Virginia Beach, Farmhouse Cidery will create a new stream of tax revenue. Five jobs with average annual salaries of $45,000 will also be added. The tasting room for Farm- house Cidery will be located in the renovated historic farm house. Cider production will take place in the new 50’ x 50’ metal building on the site with an attached 20’ x 30’ walk-in cooler. A separate building will house the cider packaging area, which will be shared with the brewery. On-site apple trees will complement apples that the company plans to source from other Virginia pro- ducers, including Silver Creek Orchards in Nelson County. “Today’s announcement of Farmhouse Cidery’s new in- vestment and jobs in Virginia Beach, and their commitment to purchase 100% of their apples from Virginia farm-
ers demonstrates the impact agriculture can have in urban areas of the Commonwealth,” said Governor Terence McAu- liffe. “Investments like this create jobs, tourism activity, and grows the tax base, while creating new markets for Vir- ginia’s farmers as craft bever- age producers look to source apples, hops, fruit, honey, and other agricultural products. The announcement is a great win for Virginia’s craft bever- age industry and our ongoing efforts to build a new Virginia economy.” “This innovative land use preserves our history and cre- ates a new destination for the Kempsville area,” said Virgin- ia Beach Mayor Will Sessoms. “We are also pleased to be the first cidery in the region that will focus on Virginia-made products and promote our rich agricultural heritage.” The Virginia Department of Agriculture and Consumer Services worked with the City of Virginia Beach and Farm- house Cidery to secure this project for Virginia. Governor McAuliffe approved a $20,000 grant from the Governor’s Agriculture and Forestry In- dustries Development (AFID) Fund. Additionally, the Vir- ginia Beach Development Authority will review an Eco- nomic Development Invest- ment Program grant proposal in the amount of $20,000 based on the new $750,000 capital investment at its November 21 meeting. “Through its commitment to sourcing ingredients from Virginia’s agricultural pro- ducers, Farmhouse Cidery is further supporting Virginia’s robust apple industry,” said Secretary of Agriculture and Forestry Basil Gooden. “I am pleased the Commonwealth could partner with the City of Virginia Beach through the AFID Program to support this innovative local business in a quickly growing industry.” The Virginia Beach Devel- opment Authority previously granted an Economic Devel- opment Investment Program grant in the amount of $35,000 in June 2016 based on the com- pany’s initial projected capital investment of $1,420,000. n
ALTIMORE, MD — Cushman & Wake- field announced that it closed the $32.8 million sale of 120 E. Baltimore St. on Friday, October 20, 2017. The 25-story, Class A office tower was 75% leased at the time of sale with high-profile anchor tenants such as SunTrust Bank, State of Maryland Pen- sion System and Baltimore City State Attorney’s Office. Grander Capital Partners, a Boston-based commercial real estate investment manage- ment services company, was the buyer of the building. “The sale is indicative of the increased confidence that investors are showing in the Downtown Baltimore office market,” said Jonathan Car- penter , executive director at Cushman & Wakefield. “This is the fourth major office tower investment sale in 2017, with several more transactions in process.” Graham Savage , director and Nicole Keelty , senior director also represented the client in the transaction. Jona- than, Graham and Nicole all reside in Cushman & Wake- field’s Baltimore office. n B nego t i a t ed two l eases i n Su s s e x County, rep- resenting the landlords in both transac- tions. HMDGear, a company that sells tactical clothing and Ann Bailey RICHMOND, VA — Mar- cus & Millichap announced that Mike Early has rejoined the firm as first vice president investments and a director of the National Retail Group (NRG). Early will be based in the firm’s Richmond and Nor- folk offices. “Marcus & Millichap has a true entrepreneurial spirit
120 E. Baltimore St.
Lewes, DE — NAI Emo- ry Hill’s Lewes office broker Ann Bailey, CCIM , recently NAI EmoryHill negotiates leases in Sussex County, DE items for police, firemen, first responders and EMTs, leased 1,565 s/f of retail space at 18389 Olde Coach Dr. (Storage Solutions Building known as Colonial Square) in Rehoboth Beach. The landlord was Co- lonial East LP. There is cur- rently one space still available at this location. Blvd. in Lewes. Bailey rep- resented the landlord, Vine- yards Rental Holdings, LLC. Dr. Tananis’ office will be a general dentistry practice. The Vineyards at Nassau is a mixed-use office and retail complex on 82 acres with two buildings and pad sites in historic Lewes close to the Delaware beaches and coastal towns with prime visibility on Rte. 9. Two remaining spaces are available. n “We are pleased to welcome Mike Early back to the firm,” said Bryn Merrey , senior vice president and southeast division manager. “Over the past 18 years he has completed investment asset sales across 13 states and the District of Columbia. n Michael Early rejoinsMarcus &Millichap as a director Dr. Richard Tananis, DDS, LLC, leased 3,514 s/f of of- fice space at the Vineyards at Nassau at 12000 Old Vine that is paramount to marketing properties, building relation- ships, and representing a cli- ents’ best interests,” said Early. “Central, Southeastern and the Commonwealth of Virginia as a whole is an exceptional market where outside capital is eager to seek entrance. Marcus &Mil- lichap has an unparalleled abil- ity to import and export capital across markets and truly drive pricing.”
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