Real Estate Journal — DelMarVa — November 11 - 24, 2016 — 25A Marcus & Millichap inks $2.25m sale of Canal Inn


M id A tlantic

180,000 s/f Phase I fully leased in Frederick, MD Matan goes spec on 323,000 s/f Phase II at Wedgewood West

REDER I CK , MD — With the success- ful Phase I, totaling 180,000 s/f, delivering this month 100% leased, Matan Companies is underway with Phase II of the project at Wedgewood West, located at the corner of New Design Rd. and English Muffin Way in Frederick. Grading and site prepara- tion work for the next two 30’ clear warehouse buildings be- gan in early September, which puts Phase II on schedule for an early Summer 2017 comple- tion. At delivery the next two buildings will total 323,000 s/f of the 675,000 s/f project. “We continue to witness and benefit from steady demand for class-A industrial product in Frederick,” said Brad Benna , who handles the leasing for Matan’s Frederick portfolio. “We are pleased to see a nice mix of existing businesses as well as newcomers, along with a diversity of industries such as life science. All of which F NEWARK, DE — Rock- ford Capital Partners an- nounced the acquisition of 242 & 248 Chapman Rd., two institutional quality office buildings located in Newark, DE. Rockford Capital acquired the property on behalf of its affiliated value-add invest- ment vehicle, Rockford Real Estate Fund III . The seller, Chapman Road Investors, LLC , an affiliate of Equus Capital Partners , was repre- sented by Michael Margolis and David Dolan of NGKF in the transaction. 242 Chapman Rd. is a three- story, 65,967 s/f building and 248 Chapman Rd. is a two- story, 77,974 s/f building. Together the two buildings are 100% leased to KBR and HP Enterprise Services and have served as the Delaware headquarters for KBR, an in- ternational engineering firm, for over 20 years. HP Enter- prise Services, the global busi- ness and technology services

1061 31st St. NW

listing to market the property on behalf of the seller, an indi- vidual trust. Canal Inn is located at 1061 31st St. NW on Georgetown’s C&O Canal, where it has stood since 1831 and through renova- tions in 2012. After completion of the renovations, the inn cur- rently has 10 rooms, a third story loft, and 11 and a half bathrooms. According to Bar- reiro, the property will be kept as an inn or bed and breakfast in the immediate future. After twenty-five tours and five offers on the property, the deal closed at its full list price. n

WASHINGTON, DC — Trammell Crow Company and joint venture partners, Cottonwood Partners and a subsidiary of a private real estate fund advised by Crow Holdings Capital – Real Estate , have signed a long- term lease for nearly 100,000 s/f with the Federal Elec- tion Commission at Sentinel Square II, located at 1050 First St., NE in Washington, DC. The Federal Election Commission will occupy the top four floors of the building in November 2017. “After having survived a historically anomalous low level of federal leasing in re- cent years, we are thrilled to have worked with GSA, JLL and FEC to provide a modern and efficient work space from which FEC can execute its critical mission,” said Thomas Finan , a managing director in Trammell Crow Company’s MidAtlantic office, “all while saving the federal govern- ment and American taxpayer significant dollars over the life of the lease.” Marty Zupancic , vice pres- ident investments, Peggy Brooks Smith , associate vice president investments, and Christian Barreiro , invest- ment specialist, all in Marcus &Millichap’s DC office, had the WASHINGTON, DC — Mar- cus &Millichap , a commercial real estate investment services firm, announced the sale of Ca- nal Inn, a boutique inn located in Washington, DC, according to BrynMerrey , division man- ager of the firm’s Mid-Atlantic and Southeast offices. The 3,350 s/f asset sold for $2.25 million, which represents $672 psf.

Wedgewood West Phase II

spells great news for long term and sustainable employment growth for our area.” The third and fourth build- ings will join the first two as the only 30’ clear warehouses in the market, again featur- ing modern, state-of-the-art tilt-up concrete with attractive stone accented façades. The project will cater to a wide range of users from logistics and light manufacturing to the bio-manufacturing/research

industry. As the company moves for- ward with Phase II, they will carefully track demand and market trends to align with the planning of the final stages of the project. Matan remains bullish on the market and will be looking throughout 2017 at scheduling construction for the final two buildings, to bring WedgewoodWest to its capacity of six buildings and approxi- mately 675,000 s/f of space. n

Trammell Crow Company inks 100,000 s/f with Federal Election Commission

Rockford Capital Partners acquires two office buildings in MD totaling 143,941 s/f

Sentinel Square II

Sentinel Square II, part of the partnership’s 1.3 mil- lion s/f, multi-phase, class A office development located in the heart of Washington, DC’s popular NoMa submar- ket, features 280,000 s/f. The building is designed to meet Level IV security protocols and is LEED Silver, under US Green Building Council ’s LEED for Building Design and Construction: Core and Shell Development. John Mowery and Eric Roberts of GSA and Jae Lee and Will Ruppe of Jones Lang LaSalle represented the tenant in the transaction. n

242 & 248 Chapman Rd.

subsidiary of Hewlett Packard Enterprise, occupies a portion of 248 Chapman Rd. and has been a tenant at the property for over 10 years. “We are thrilled to add these institutional quality buildings to our growing portfolio in the eastern U.S.,” said Doug Motley , of Wilmington-based Rockford Capital. “This trans- action provided an attractive investment opportunity in

that it has the combination of strong and stable in-place income and a great location.” The property is located less than sevenmiles from the Uni- versity of Delaware, less than one mile from the Interstate 95 intersection with Dela- ware Route 273 and is within walking distance of two large shopping centers that provide multiple retail and dining choices. n

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