Real Estate Journal — DelMarVa — May 12 - 25, 2017 — 3A
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The Purchaser acquired the trophy asset on April 28, 2017 for $57 million Cushman & Wakefield | Thalhimer completes sale of The ADP Building in Downtown Norfolk N ORFOLK, VA — Cushman & Wake- field | Thalhimer ’s
Capital Markets Group has represented City Walk Two, LLC in the sale of The ADP Building located at Two Com- mercial Place in Downtown Norfolk’s waterfront district. The 288,662 s/f class A office building is 100% leased to AA- credit tenant ADP. The Hampton Roads Eco- nomic Development Au- thority calculated that ADP will generate $1 billion in economic activity each year for Hampton Roads. “To be able to deliver ADP to the region is one of my proudest accom- plishments,” Buddy Gadams , president and owner of Mara- thon Development Group said. Proceeds from the sale to the REIT will be reinvested in Hampton Roads. “I am going to put this money right back to work doing what I love doing, giving new life to beautiful old buildings,” Gadams said. The Purchaser, a Real Es- tate Investment Trust based Arlington, VA — Jef- ferson Apartment Group announced the acquisition of 4000 Fairfax Dr., formerly the home of the popular sports bar CarPool, a 0.61-acre site located in the heart of the Rosslyn-Ballston Corridor of Arlington. The site is approved for up to 330 units in a 22-story luxury high-rise at the cor- ner of Fairfax Dr. and North Quincy St. The urban infill apartment community will have 264 below-grade park- ing spaces and 8,260 s/f of ground-floor retail. The completed project will provide market-leading ame- nities, including a rooftop re- sortstyle swimming pool with sundeck and dramatic views of Arlington andWashington, DC, a state-of the-art fitness center, a clubroom, a rooftop outdoor lounge with fire pits and multiple grill stations,
The ADP Building
out of Boston, MA, acquired the trophy asset on April 28, 2017 for $57 million. The sale was completed by Eric Ro- bison , senior vice president
of Cushman & Wakefield | Thalhimer’s Capital Markets Group, along with Eric Berk- man of Cushman &Wakefield in Washington, D.C. Robison
stated, “A year ago this was an empty 288,662 s/f building, but with a tremendous vision and leveraging the positive mo- mentum in Norfolk, the seller
was able to turn this asset into a fully leased, best-in-class asset, that received a remark- able amount of interest from the investment community.” n
Jefferson Apartment Group develops Arlington, VA luxury residential building in the heart of the Rosslyn-Ballston Corridor of Arlington
The property is located less than a quarter mile from the Ballston Metro Station (Or- ange & Silver Lines) and has a Walk Score of 96 (Walker’s Paradise). The site provides a prime corner location on one of the main arteries of the R-B Corridor and is one of the most visible intersections of the Ballston neighborhood, which offers multiple premier dining, shopping and entertainment options in the surrounding blocks and within walking distance of the site. The loca- tion also offers easy access to the major office employment nodes of Ballston and Virginia Square, as well as the District of Columbia, Tysons Corner, and Reston submarkets, via the Silver Line and I-66. The project is being built in partnership with Mitsui Fudosan America, Inc., who is providing both debt and equity to the project. n
4000 Fairfax Dr. rendering
Roof top rendering
recreation and entertainment in the Rosslyn-Ballston mar- ket,” said Jefferson Apart- ment Group president Jim Butz . “We think residents will be thrilled with the mod- ern design aesthetic of the apartments and the lifestyle and numerous amenities they offer.”
and 24/7 concierge service. The residential units will feature top-of-the-market finishes and best-in-class design, including custom- designed cabinetry, quartz countertops, wood flooring, and upgraded fixtures. The street-level retail will include a landscaped plaza with 2,000
s/f of outdoor seating area. The property will be built and maintained to LEED Gold standards and is expected to break ground in late 2017. “The new community will be an exciting development proj- ect that will meet the strong demand for housing with close proximity to local jobs,
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