Mid Atlantic Real Estate Journal — May 11 - 24, 2012 — 15A
www.marejournal.com
yattsville, MD — ING Real Estate Finance closed on a $20 Deal secured by 160,623 s/f mixed-use property in Washington, D.C. suburbs ING Real Estate Finance closes on $20m first mortgage financing for Westbrook RE Fund VIII H
term, with a one-year exten- sion option. The borrower also purchased an interest rate cap for three years from ING Capital Markets. “We are pleased to expand our relationship with Westbrook here in the United States,” said Michael Shields, manag- ing director of ING Real Estate Finance (USA). “Westbrook is an international client that established an ING REF-UK relationship when completing the Shell Mex House financ- ing in 2011. This is a perfect example of a transaction that showcases our client-led strat- egy and how we can readily serve clients on the national and international level.” n
million first mortgage financ- ing secured by The Metropoli- tan Shops at Prince George’s Street Station, a 160,623 s/f re- tail and office property located at 2950 Belcrest Center Dr. The property is 100% owned by Westbrook Real Estate Fund VIII, which is owned and managed by Westbrook Partners. Located in a Washington D.C. suburb, The Metropolitan Shops is a new construction complex completed in 2009 and is anchored by L.A. Fitness, Bob’s Furniture, Staples and Citibank. The loan has a four-year
2950 Belcrest Center Dr.
Sperry Van Ness – Miller announce 800 acres sale totaling $3.2 million
Cassidy Turley reps Brookfield Property Group in 110,000 s/f Rockville acquisition
1375 Piccard Drive
WASHINGTON, DC—Cas- sidy Turley arranged the sale of 1375 Piccard Dr. and has been selected to provide leasing and property man- agement services for the new owner, Brookfield Property Group. The 110,000 s/f, 3-sto- ry building, located in Rock- ville sold for an undisclosed amount. Cassidy Turley’s Bill Collins, Paul Collins, Drew Flood, Jud Ryan and James Cassidy represented the seller. Paul “Rocky” Kern, senior vice president, will lead the leasing efforts, and Deborah Marshall, vice presi- dent, will oversee the property management. The new owner
has rebranded the build- ing as “Monarch” and has several planned renovations including a complete lobby renovation and a mechanical systems upgrade. “This transaction and as- signment demonstrates Cas- sidy Turley’s ability to provide a full spectrum of integrated commercial real estate ser- vices to our clients,” said Joe Stettinius, president of Cassidy Turley. “We look forward to helping Brookfield maximize their return on this investment with our best-in- class leasing and property management services,” he continued. n
Long Farm Creek view
SOMERSET COUNTY, MD — Ben Alder, advisor with Sperry Van Ness – Miller Commercial Real Estate an- nounced that 800 acres has sold in Somerset County for $3.2 million. The farm was purchased for agricultural pro- duction by a local family farm. Consisting of approximately 600 acres of tillable agricul- tural land and 200 acres of woodland in multiple parcels, the land is situated near the
town of Westover, MD. This sale indicates the strength and importance of the agricultural sector and the overall strength of the economy on the Eastern Shore of Maryland. Agriculture is still the largest commercial industry on the Eastern Shore, generating jobs and sales for farm products; with poultry and nursery businesses and farms growing corn, soybeans, and other crops. Farming is
critical to the economy and the way of life of its residents. Alder stated “This represents the sale of a $3M business in my view and this small business produces jobs and economic benefits to our com- munity and other small busi- nesses throughout the region. I am pleased to see the farm remain as farmland knowing the economic impact agricul- ture provides on the Eastern Shore.” n
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