6A — July 17 - 30, 2015 — M id A tlantic
Real Estate Journal
www.marejournal.com
D el M ar V a
Patterson-Woods Commercial Properties/CORFAC Int’l facilitates $1.275 million sale
Harkins holds contracts for $63m in reno work in VA Renovation work leads Harkins expansion in VA V
WILMINGTON, DE — Pat- terson-Woods Commercial Properties/CORFAC In- ternational announced the completion of the sale of a res- taurant business located at 110 South West St. in Wilmington. Progressive Growth, LLC, a local, family investment group with many diversified businesses, purchased the business, Firestone Roasting House Restaurant, for $1.275 million. The Seller, RFGHospi- tality, LLC & RFG Restaurant Holdings LLC, also known as Rastelli Food Groups, is an industry leading food product supplier to hotels, restaurants and institutions. Joe Latina , principal, and Mary Ann Heesters of Pat- terson-Woods represented the seller in this transaction, se- cured the lease assignment, and worked with the buyer in securing their liquor license. Latina specializes in retail and investment commercial real estate with a strong emphasis in the food and beverage sector. Heesters has a background in food and beverage, and special- izes in obtaining and transfer- ring liquor licenses in real estate transactions. Firestone Roasting House, open since 2005, occupies the Juniper Building on the Riv- erfront in Wilmington, DE. It
IRGINIA — Harkins Builders is expand- ing its market reach into Virginia, and renovation work is playing a significant role. The Mid-Atlantic com- mercial contractor has cur- rent contracts for $63 million in renovation work at five locations in Virginia, includ- ing 1,200 units of multifamily housing and a 110-unit senior living facility. “We’ve had a significant increase in the volume of our multifamily work in Virginia over the last five years,” said John Kim , preconstruction manager at Harkins’ Tysons Corner office. “In 2010 just about 8% of our total volume was accounted for by our Virginia housing efforts. Last year the number was about 25%, and we’re projected to maintain that level this year.” At the same time, renova- tion work is taking up a larger percentage of that volume. “In 2015 we are projecting that over 70% of our Virginia income will be from projects that are undergoing renova- tions,” said Kim. One indicator of these trends is Harkins’ current work for longtime client Os- prey Property Companies . Much of Osprey’s develop- ment work has been onMary- ELKTON, MD — NAI Emory Hill has listed a 74,210 s/f, 30 acre light manu- facturing and lab site for sale in Elkton and is working with the Cecil County Economic Development Office to market the property. NAI Emory Hill’s commer- cial real estate team and members of the Cecil County Economic Development Office recently toured the former production facility to col- laborate on marketing it to potential buyers. The property is located at 100 Chesapeake Blvd. across from the Motor Vehicle Administration in the Upper Chesapeake Corporate Center on the Maryland/Dela- ware border off Rte. 40. The facility sits on 30 acres, 21 of which are zoned Busi- ness Industrial in Maryland and nine of which are zoned Suburban in Delaware. The fully conditioned building is comprised of 23,025 s/f of of-
110 South West St.
features an indoor dining area, large bar, and outdoor patio that sits right on the Christina River. “It was a pleasure to com- plete this sale on behalf of Ray Rastelli, Rastelli Foods Group and Progressive Growth, LLC.,” said Latina, “We would like to thank all parties for the cooperation and professional- ism. We wish Mr. Rastelli the best of luck and the continued growth of his company into one of the premier food distribution companies in the world and we look forward to the continued success and growth of Fires- tone Roasting House on the Wilmington Riverfront.” n
Victoria Park at Woodbridge
land’s Eastern Shore, and they are also expanding into Virginia. Harkins completed Osprey’s Riverwoods at Lake Ridge apartment community in Woodbridge, VA late last year, a new 96-unit market rate apartment project, and Harkins is currently helping Osprey renovate the 110- unit Victoria Park at Wood- bridge apartments for seniors aged 55 and up. Harkins is performing preconstruc- tion services for Wicklow Apartments, another Osprey renovation further south in Fredericksburg, VA. A July start is expected for the 96- unit community. Harkins director of project
development Steve Rubin is encouraged by the growth of opportunity in Virginia. “Virginia has spent several billion dollars on transporta- tion infrastructure in the past five years, and continues to see the payoff, both in the private and public sectors,” Rubin said. “WithMetro’s Sil- ver Line expansion to Dulles Airport through the Tysons corridor, and rapid growth along I-95 heading south to Richmond, the affordable and market-rate multifamily housing, senior living, and renovation sectors should provide a healthy pipeline of work for the foreseeable future.” n “The Cecil County Office of Economic Development is pleased to support NAI Emory Hill to market this quality asset located in the Upper Chesapeake Corporate Center,” said Economic Devel- opment Director Lisa Webb . “We are thrilled to work with Lisa and the County Economic Development Office to find a buyer and hopefully bring jobs to Cecil County,” said NAI Emory Hill agent Becky Harrington . “This is a prime location for a manu- facturer or life sciences re- search and development facil- ity. Its close proximity to the I-95 corridor, University of Delaware, Cecil College, and the cities of Baltimore and Philadelphia combined with Cecil County’s welcoming business environment make this property attractive to the industrial sector.” n There are also 11 acres allow- ing room for expansion.
DTZ represents Rolfe 67 in the sale of The Avery Row Apartments
NAI Emory Hill lists 74,210 s/f manufac- turing site for sale in Elkton, Maryland
The Avery Row Apartments
fice and 44,000 s/f of produc- tion area containing 17,800 s/f of clean room space. The building is also equipped with four mezzanine wet lab spaces, loading docks, drive-in doors and 158 parking spaces. Cecil County Economic Develop- ment Office members Jason Zang, Susan O’Neill and Lisa Webb, Director, met with NAI Emory Hill commercial real estate teammem- bers Becky Harrington and David Morrison, CCIM, to tour the Gore Upper Chesapeake facility, which NAI Emory Hill has listed for sale.
nection to downtown Wash- ington, DC. With an average unit size of 1,121 s/f, Avery Row features floor plans ranging from one bedroom to two bedrooms with den layouts. Nearly 90% of the units have private outdoor space including large patios, balconies and individual roof- top terraces. “This sale demonstrates the strength of the Arlington apartment market and its at- tractiveness to institutional investors from around the world,” said Doerr. n
ARLINGTON, VA — DTZ , a global leader in commer- cial real estate services, an- nounced that senior manag- ing director Chris Doerr represented the seller, Rolfe 67, LLC, in the disposition of The Avery Row Apartments— a newly-constructed, 67-unit, class A apartment building located in Arlington’s Rosslyn- Ballston Corridor. Avery Row has easy access to the Court House Metro Station, I-66 and the George Washington Memorial Park- way, serving as a direct con-
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