16A — September 11 - 24, 2020 — M id A tlantic Real Estate Journal
www.marej.com
M id A tlantic R eal E state J ournal Farina and Grover represent seller Divaris Real Estate completes 5,598 s/f sale of mixed-use space
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exactly the business they want to be in right now. Structured sales enable lenders to avoid this potential trap. They in- volve the sale of an individual asset or an entire portfolio on a non-contingent basis, all at once. It’s a process that allows both the estate and the lender to maximize price as well as control the timing and terms of sale. Example of a Structured Accelerated Sale The 2019 structured bank- ruptcy auction of the main campus of the College of New Rochelle in New York’s West- chester County illustrates the benefits of this process to se - cured creditors. Our firm and a joint venture partner sold the 20-building campus—425,000 square feet of buildings along with a historic 19th-century castle—for $32 million. Even then, the market value of the 15.6-acre property was uncertain, due in no small measure to a serious constraint in play—the preferences of city officials and local commu - nity groups regarding how the campus could be reused. From the outset, multiple develop- ers showed intense interest in the assets, but city officials and local community groups ultimately made clear that they wanted to preserve the look and feel of the campus, which meant that putting in huge new office or residential towers was not on the table. This highlights the importance of meeting with municipalities sented the landlord. • HBA Architecture and Interior Design leased 1,371 s/f of office space in Libbie Mill -Midtown at 5001 Libbie Mill East Blvd. in Richmond. Brett McNamee represent- ed the tenant. • State Farm leased 1,200 s/f of retail space in Las Gavi- otas Shopping Center at 1245 Cedar Road in Chesapeake, VA. Caroline Zarpas and George Fox represented the landlord. • YNot Ital ian leased 1,200 s/f of retail space in Independent Plaza at 1115 Independence Blvd. in Vir- ginia Beach. Paasch and Napolitano represented the landlord. • Domoishi leased 1,180 s/f of retail space in Pembroke
to understand their perspective whenever plans for a major property involve adaptive re- use. It’s the kind of fact-finding that is more likely in a profes- sionally marketed, structured process. The joint venture partners ran a stalking-horse process that generated a $22 million bid. Ultimately, the campus sold for $32 million, on an all- cash, non-contingent basis, af- ter a professionally marketed, competitive auction. The College of New Rochelle was a difficult-to-value asset, because its future use was unclear. However, the top three bids all came in within $1 million of each other. It was an absolute demonstration to secured creditors of what the property was worth at that time. An Effective Workout Strategy To describe today’s real es- tate landscape as uncertain is an understatement. While accumulated sale results will eventually give the ABL com- munity a better sense of reca- librated asset values in broad terms, the marketplace contin- ues to change so quickly that lenders need a way to gauge real estate asset values in real time, right now. For precisely this reason, structured sales are worth con- sidering as a workout strategy. When professionally marketed and executed, they can pro- vide lenders with a sense of certainty in a highly uncertain time. MAREJ Place at 300 Constitution Dr. in Virginia Beach. Aeri Jai represented the tenant. • A+ Kids leased 1,050 s/f of retail space in Garfield Park at 925 North Garfield St. in Arlington, VA. Robert Gray, Brandon Howard and Tony Thur represented the tenant. • Celli’s Chocolate Chips leased 1,011 s/f of retail space in Courthouse Commons at 5231 Monticello Ave. in Wil- liamsburg, VA. Kris Fuller and George Fox represented the landlord. • Advanced Technicians leased 400 s/f of first floor retail space in the American Heritage Apartments at 9 South 10th St. in Richmond. Laikyn Severson repre- sented the landlord. MAREJ
IRGINIA BEACH, VA — Divaris Real Estate, Inc. (DRE)
that make products for the built environment who have achieved C2C Certification. A designer can recommend these products to their clients to cre- ate a greener project. BIFMA – the Business and Institutional Furniture Manu- facturers Association – has been in existence since 1973. This is the organization that produces standards for the sustainability, comfort, and safety of commercial furniture. They are most likely the main influence for the furniture comfort and stability, like the 5th caster on a desk chair so that a user can lean back with- out falling over. In 2006, the Joint Committee on Furniture Sustainability developed (fol- lowing the ANSI model) the ANSI/BIFMA e3-2010 Furni- ture Sustainability Standard. From there, a third-party certification system, called LEVEL, was established. Hav- ing a LEVEL rating ensures the public that a particular product has been evaluated on its material selection, energy usage during manufacture, and human and ecosystem health impacts. The manufac- turer’s social actions are also evaluated. A designer can help specifying the right materials announced the completion of transactions throughout Hampton Roads, Richmond, and Washington, DC in July 2020. • PNC Bank sold 5,598 s/f of mixed-use space at 260 East Jefferson St. in Rock- ville, Maryland to Jefferson Realty, LLC . for $800,000. Joe Farina and Amit Gro - ver represented the seller. • Shaffer Enterprises, LLC sold a 5,150 s/f office build - ing at 500 Baylor Court in Chesapeake, VA to GEO II, LLC for $789,000. Krista Costa and Nicole Campbell represented the seller. • Foot Locker leased 4,505 s/f of retail space in themixed- use conversion of Regency Square Mall at 1420 Parham Rd. in Richmond. Erica Ror- rer and Ali McCrickard represented the tenant. • VirginiaCarolina Civil, Inc. leased 3,213 s/f of of-
PNC Bank
and products by recommend- ing LEVEL certified products. On a larger scale, designers, architects, building owners, and tenants can commit to the rating systems addressed by the LEED (Leadership in Energy and Environmental Design, established in 1990, and the Green Globes that began in 2004. Many things can be done by all stakehold- ers at all stages of a building’s development to benefit the environment as well as the building owner’s bottom line. While these programs work best when all stakeholders work together, interior design- ers can focus on: 1. Energy use and efficiency - Locate open work areas and private work areas in such a way that takes advantage of available natural light. Employ motion and daylight sensors, window shades, HVAC zones and individual controls. Specify Energy Star appliances. 2. Water usage - Research and use efficient plumbing fix - tures designed for the particu- lar activities of the occupants. 3. Materials - Include a space for recyclables. Specify prod- ucts that are FSC, C2C or LEVEL certified. Pay attention to the Banned Chemicals List. Research the “green” stories of fice space in Harbour Breeze Professional Center at 1520 Breezeport Way in Suffolk, VA. Costa and Campbell rep- resented the landlord. • Acton Academy of Hamp - ton Roads leased 3,120 s/f of office space in Village Com - mons at 620 Village Dr. in Virginia Beach. Campbell and Costa represented the landlord. • Tidewater Physicians Multispecialty Group sub- leased 2,984 s/f of medical office space in the Corporate Landing Medical Center at 1232 Perimeter Parkway in Virginia Beach. Costa and
4. Transportation – Specify products and materials from lo- cal sources to reduce transpor- tation costs. Survey employees on interest of non-motorized methods of transportation. 5. Indoor environmental quality – Use finishes with low VOC and SVOC emissions. Em- ploy sound absorbing elements. Design the furniture layout for enhanced air flow. Place living plants throughout the space to improve air quality. Many of these efforts contrib- ute to the health and wellbeing of the building’s occupants as well as the environment! If your company is consider- ing a move to new space, or a remodel of your existing space, and you are interested in doing all that you can to further the health of our planet and your employees, choose a design firm that has the expertise to guide you in that direction. Being green can be easy with the right project managers, designers and planners to show you how! Contact HF Planners, LLC today to see how your space can work for you, your employees and the environment. Melissa Nortz is an Inte- rior Designer withHF Plan- ners, LLC. MAREJ Campbell represented the landlord. • Provide, LLC leased 2,864 s/f of retail space at 3007 Columbia Pike in Arlington VA. Chris Saa and Farina represented the landlord. • Cole Academy leased 2,125 s/f of retail space in Foxfire Center at 2401 Sea - board Rd. in Virginia Beach. Elizabeth Paasch repre- sented the landlord. • Full Circle Financial Group leased 1,450 s/f of of- fice space at 582 Lynnhaven Parkway in Virginia Beach. Elizabeth Napolitano and Elizabeth Paasch repre-
continued from page 4A Certainty in an uncertain . . .
continued from page 2A It’s Not Easy Being Green, or Is it? all vendors.
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