Real Estate Journal — November 13 - 26, 2015 — 5A
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M id A tlantic
Marcus &Millichap arranges the $1.2m sale of 8,173 s/f
H Cushman & Wakefield serves as leasing agent Federal Capital Partners acquires office bldg. for $84m ERNDON, VA — Federal Capi tal Partners (FCP) an-
nounced the $84 million ac- quisition of One Dulles Tower, a 400,000 s/f class A office building prominently located at 13200 Woodland Park Dr. on the Dulles Toll Rd. in Hern- don, VA, just two miles east of Dulles Airport. FCP vice president, Erik Weinberg , said, “One Dulles Tower, which has been 100% leased to Booz Allen Hamilton, will be vacated at the end of the year, providing FCP with the perfect opportunity to renovate and reposition the building. With the largest contiguous block of space on the Toll Road and upgraded amenities, lobby and common areas, One Dulles Tower will be highly competi- tive in the headquarters office building offerings in the Dulles Corridor.” “We are thrilled to be work- ing with the team at FCP and are excited to reintroduce One Dulles Tower to the mar- ketplace,” said Cushman & Wakefield executive director, Matt Bundy , who has been selected, along with colleague Josh Masi , to provide leas- BALTIMORE, MD — The Mullan Contracting Com- pany has initiated construc- tion activities for a new 7,800 s/f free-standing retail build- ing, situated on the parking lot of TimoniumSquare Shop- ping Center in Baltimore County. Upon completion of this structure next sum- mer, the project will house Starbucks Coffee and Zoe’s Kitchen. Both the shopping center and this new retail addition are owned by Kimco Realty Corporation and located at 2161 York Rd. in Lutherville. Several years ago, The Mul- lan Contracting Company completed a comprehensive make-over of the 200,000 s/f Timonium Square, which entailed the renovation of the exterior facade, the ad- dition of large canopies, the
1301 Good Hope Rd. SE
ever, due to the Anacostia submarket andMarcus &Mil- lichap’s marketing platform, we were able to get a response that satisfied our client.” 1301 Good Hope Rd. SE is located one block from the intersection of Good Hope Rd. and Martin Luther King Jr. Ave., a hub of develop- ment in Historical Anacostia neighborhood and less than one mile from the Anacostia metro station. Neighboring properties include the DC Department of Housing and Community Development (DHCD) as well as the future Busboys and Poets, planned for 2016. ‘This transaction serves as evidence of the strength of the market today, especially east of the river,” Feldman concluded. “With Busboys and Poets coming in 2016 and additional proposed devel- opments, the area is seeing an unprecedented influx of capital.” n of new Riverfront homes in this last phase at Justison Landing. We would love to have another 100 riverfront condominiums that we could market because demand for these units is only growing.” With an average of 6,000 employees working on the riverfront daily, the need for permanent luxury housing is expected to increase. BPG is addressing that demand in part with the recent grand opening of The Harlan Flats luxury apartments. The next phase of Riverfront residen- tial development is slated to break ground in 2016 on parcels between Harlan Flats and Penn Cinema Riverfront & IMAX. n
WASHINGTON, DC — Marcus & Millichap an- nounced the sale of 1301 Good Hope Rd. SE, a 8,173 s/f mixed-use property located in the Historical Anacostia neighborhood of Washing- ton, DC, according to Bryn Merrey , regional manager of the firm’s local. office. The property sold for $1.2 million, or approximately $146.82 psf. Ian Ruel , investment spe- cialist, and Josh Feldman , associate vice president in- vestments in Marcus & Mil- lichap’s Washington, DC of- fice, had the listing to market the property on behalf of the seller, a local family who has owned the property for 32 years. Ruel and Feldman also secured the buyer, a promi- nent developer with an ex- panding footprint in the area. “This was a very difficult transaction in which we had to overcome major environ- mental concerns and a lack of cash flow,” Ruel said. “How- WILMINGTON, DE – Wilmington-based developer Buccini/Pollin Group, Inc. (BPG) announced a pivotal moment for Riverfront Wilm- ington -- the sale of the final condominium at Justison Landing. The revitalization of the Riverfront Wilmington has reached new heights now that 126 families call Justi- son Landing Condominiums home. “I’m excited about what is happening at the Riverfront and the rapid absorption of residential units in the past few years has been a major enabler,” said Boris Kaplan , vice president of development at BPG. “We sold over $15 million worth
One Dulles Tower
scale Woodland Park master planned development, with ex- traordinary 360-degree views, convenient access to more than 140,000 s/f of retail, a hotel and 5-acre park and is one half mile from both the future Herndon and Innovation Center Silver Line Metro Stations. FCP extends its appreciation to Bill Collins , Paul Collins , James Cassidy , Jud Ryan and Drew Flood of Cushman &Wakefield for their represen- tation of the seller, Corporate Office Properties Trust. n The brick and glass re- tail building features a con- temporary architecture with enlarged areas for tenant signage. The structure fronts on York Rd. and faces the Timonium Race Track. In ad- dition to Giant Food, tenants at Timonium Square include Staples, Dress Barn, Sher- manWilliams, Bromwell Jew- elry Center and Jason’s Deli. “The York Road corridor is a heavily-retailed environment and contained within among the most sought-after retail sub-markets in the State, based on the surrounding demographics,” said Joseph Rode , president of The Mul- lan Contracting Company. “The shopping center owner recognized the opportunity to create additional retail capac- ity on this site to capitalize on continuing demand.” n
ing services for One Dulles. “The prominence of this asset is simply unmatched. The highly efficient floor plan and amenities that today’s tenants demand are already in place, including conference facilities, fitness center, 4/1,000 covered parking ratio, convenient food service and outdoor collabora- tion space with water views.” One Dulles Tower directly faces the Dulles Toll Rd. to the north and overlooks a lake to the south. The build- ing is located within the up-
The Mullan Contracting Co. begins construction on a 7,800 s/f free-standing retail building
Buccini/Pollin’s The Condominiums at Justison Landing sell out in DE
Timonium Square Shopping Center
incorporation of clock tow- ers throughout the center and the installation of new tenant signage. Mullan Con- tracting also simultaneously performed a ground-up con- struction of a new 55,000 s/f Giant Food grocery store on the site.
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