Real Estate Journal — September 11 - 24, 2015 — 5A
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Savills Studley advises The Wharf developer on newhotel
B Valstone Partners acquires office/retail building DTZ arranges $7.36m sale in Baltimore’s business district ALTIMORE, MD — DTZ , one of the global leaders in commercial
real estate services, announced that it has arranged the sale of 300 West Pratt St., a 61,655 s/f office/retail building in Baltimore’s Central Business District. The building is 55% leased and was purchased by Baltimore-based Valstone Partners for $7.36 million ($121.24 psf). Jonathan Carpenter , Ni- cole Keelty and Graham Savage of DTZ’s Baltimore Capital Markets team repre- sented the seller, Guggen- heim Real Estate, LLC . “300 West Pratt Street rep- resents an extraordinarily rare opportunity on Pratt Street as it is one of the few historic rehabilitations on the primary business boulevard of down- town Baltimore,” said Graham ROANOKE, VA — Marcus & Millichap , a commercial real estate investment servic- es firmwith offices throughout the United States and Canada, announced the sale of Berkley Self Storage, a 54,350 net rent- able s/f self-storage located in Roanoke, according to Bryn Merrey , regional manager of the firm’s Washington, DC office. The asset sold for $2.55 million which represented 98% of the list price. Robert Bloch and Michael Mele , investment specialists inMarcus &Millichap’sWash- ington, DC office, had the list- ing to market the property on behalf of the seller, a private investor. The buyer, a local investor who plans to hold the property long term, was also secured and represented by Bloch and Mele. Berkley Self Storage is locat- ed at 201 Berkley Rd. North- east in Roanoke. This prop- erty, built in 2001, includes 364 storage units, a three suite office, and a storage manage- ment office. The facility, which has been well maintained and recently expanded, went un- der contract within 30 days. The 2014 expansion included
Canopy by Hilton and Hyatt House rendering
WASHINGTON, DC — Savills Studley ’s U.S. Capital Markets Hospitality Group advised Hoffman-Madison Waterfront , the master de- veloper of the mixed-use water- front community The Wharf, in choosing HiltonWorldwide and Hyatt Hotels Corporation for its 413-key dual-branded hotel. Following an extensive, year- long RFP process in which more than 20 hotel brands from around the globe respond- ed, Savills Studley secured the Canopy by Hilton and Hyatt House brands for the 300,000 s/f hotel. Both locations will be managed and operated by NORFOLK, VA — Down- town Norfolk Council ’s Vi- brant Spaces program received 97 submissions, more than triple the anticipated number of proposals. The initiative was designed to accelerate neighborhood-defining busi- nesses in Downtown Norfolk. Vibrant Spaces launched May 20, 2015. Interested par- ties were asked to submit on- line proposals outlining ideas to create vibrant and exciting new businesses in Downtown. More than 100 people came out to view the available spac- es during an open house on June 13, and applications were accepted through July 12. Phase one of Vibrant Spaces offered six available spaces in Downtown Norfolk. Property owners agreed to lease the spaces at 50% market rent for two years to selected business- es. These new business owners will also receive a $20,000 kick-start grant. There are 85 new businesses vying for this incentive and opportunity. Existing Downtown busi- nesses also submitted ideas for funding to make their busi-
Concord Hospitality En- terprises Company and de- signed by SmithGroup JRR . Canopy by Hilton will open its first location in the District of Columbia with a 120,000 s/f lifestyle brand hotel with 175 rooms, while the Hyatt House be a 145,000 s/f extended-stay hotel with 238 rooms. The combined hotels will include dining options, a 1,100 s/f fit- ness center, 2,500 s/f of meet- ing space, outdoor terraces, an outdoor pool and a rooftop bar. The property will be located be- tween Maine Ave. and Wharf St. The hotels are expected to open in Fall 2017. n nesses more vibrant. There is $60,000 in matching grants available for this portion of the project, and 12 businesses submitted ideas. The program will match the level of grants to the ideas. Selected ideas will receive up to 50% of the project costs or up to $10,000 per business. A selection committee, made up of a variety of people with vested interests in Downtown, is reviewing the submissions and will determine the busi- ness ideas that most effec- tively align with the goals of the program. The committee’s breadth provides an objective review process. Mary Miller , president and CEO of Downtown Nor- folk Council said, “Since this program has never been done before, we had no idea of what to expect for a response. This level of interest in Downtown has assured us of the success of this initiative and under- scores that we will have even more opportunities down the road. The level of inquiries from prospects and landlords has been phenomenal.” n
300 West Pratt St
Savage. “Combined with its proximity to Oriole Park at Camden Yards, the property
is an essential Baltimore asset, and one that will compete for new tenants immediately.” n
Marcus & Millichap arranges the $2.55m sale of a 54,450 s/f self-storage in Roanoke, VA
Vibrant Spaces program in Norfolk receives 97 responses
Berkley Self Storage
19,800 s/f that has not yet been leased. The property is also prime for future expansion in both space and functionality. Cur- rently, three of the seven total acres remain for additional storage development.
“We were able to achieve a very low cap rate for this property which for the Roa- noke market is very exciting,” Robert Bloch said of the deal. “The buyer was willing to un- derwrite based on a forward looking projection.” n
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