Real Estate Journal — May 13 - 26, 2016 — 11A
www.marejournal.com
M id A tlantic
Smith-Roberts National is aquired by EMG
20,028 s/f medical office sells for $270 per square foot Marcus & Millichap trades Tower Medical for $5.4m R
hundreds of applications af- fecting the built environment and greater community in Virginia’s largest city. Redmond also previously served on the city’s Review and Allocation Committee for Community Organization Grants and is a past member of the Hampton Roads Asso- ciation for Commercial Real Estate, where he co-chaired the Legislative Committee. He is active in the Central Business District Association (CBDA) of Virginia Beach, in which Divaris Real Estate is a founding member. A commercial real estate agent inDRE’s Virginia Beach, VA corporate office, Redmond specializes in retail sales and leasing, tenant representa- tion, and land sales. He is a licensed real estate agent in Virginia and North Carolina and is a member of the Inter- national Council of Shop- ping Centers (ICSC) . n Said Warren Johnson , EMG principal and execu- tive vice president of engi- neering, “The corporate fit couldn’t be better. Both EMG and Smith-Roberts focus on building long-term client relationships and have a commitment to best-in-class processes and technologies. By combining talents and ex- pertise, EMG will be able to offer even more streamlined and effective service to exist- ing and new clients as they move through the real estate life cycle. We anticipate so many new opportunities, and we heartily welcome the Smith-Roberts team and its clients to the EMG family.” Cliff Stout Jr., PLS , prin- cipal at Smith-Roberts Na- tional, added, “Everyone at Smith-Roberts National is excited about joining forces with EMG. We share EMG’s dedication to exceptional client service, and we look forward to working together and delivering our premier land title survey services to an even wider range of clients.” n Roberts National, a division of EMG.”
OWINGS MILLS, MD — EMG , one of the largest tech- nical assessment and project management company in the United States, announced that it has finalized the ac- quisition of Oklahoma-based Smith-Roberts National . Smith-Roberts National co- ordinates, reviews, and de- livers land title surveys for owners and buyers of real estate, banks and other fi- nancial institutions repre- senting real estate owners and buyers, and other gen- eral buyers of these surveys. In operation since 1981, it serves clients across all 50 states, Canada, and the U.S. Territories. Both EMG and Smith-Roberts National focus on multi-site, multi- state real estate transactions and the provision of related services, and EMG had previ- ously engaged Smith-Roberts National as a land title sur- vey subcontractor during environmental and property condition assessments re- lated to these transactions. Smith-Roberts National will maintain its existing offices and personnel, and it will be known as “Smith-
ICHMOND, VA — Marcus &Millichap , a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Tower Medical, a 20,028 s/f medical office located in the suburbs of Richmond, accord- ing to Bryn Merrey , first vice president and district man- ager of the firm’s Mid-Atlantic offices. The stabilized asset sold for $5.4 million, which represents $270 psf. Chandler Pace , invest- ment specialist in Marcus & Millichap’s Washington, DC office, had the listing to mar- ket the asset on behalf of the seller, the original developer who built the property in 2005. Robert Filley , senior direc- tor, Christopher Chadwick , associate vice president invest- ments, and Dawson Rinder , investment specialist, also assisted with the listing of the property. Pace also secured the buyer, a Washington, DC based 1031 investor. Filley, Chadwick, Rinder, along with SALISBURY, MD — Brent Miller, CCIM, CPM , man- aging director and senior advisor with SVN | Miller Commercial Real Estate announced the sale of a shop- ping center on South Division St. in Salisbury. The property was originally purchased in 2004 by a group of local in- vestors and at the time SVN acted as the selling & buying agent. For the last 12 years SVN | Miller managed and leased the property; success- fully growing the income, managing the expenses and adding value to the property. SVN | Miller property man- agers Bart Miller and Rick Tilghman worked directly with the owners and tenants to manage the property. No- table tenants at the property include Mitchell’s Martial Arts, Classic Cakes, Kim’s Oriental Grocery, Park’s Custom Tailoring and more. Brent Miller and Tonney Insley , both advisors with
Tower Medical
thian suburb of Richmond. Hull St., a major retail corridor including national tenants such as Chick-fil-A, Target, Gold’s Gym, andWalmart, sees high-traffic volume of approxi- mately 80,000 cars per day. “The high level of interest as evidenced by multiple offers on the property is a strong example of the health of the overall medical office mar- ket,” Pace said. “The growing Richmond healthcare industry is a perfect outlet for inves- tors looking for long-term opportunities in high-growth suburban markets.” n
Josh Feldman , associate vice president investments, and Ian Ruel , all in the firm’s DC office, also assisted in closing this transaction. “This transaction is a testa- ment to the interconnectivity of Marcus & Millichap as a firm,” Pace said. “We were only able to achieve this price by leveraging the platform and connecting a local deal with a regional buyer.” Tower Medical, which is ten- anted by Bon Secours Health Systems and Sheltering Arms Hospital, is located at 13520- 13540 Hull St. in the Midlo-
Miller sells MD investment property
Virginia Beach City Council returns Redmond to Planning Commission
VIRGINIA BEACH, VA — David Redmond , assistant vice president for Divaris
Real Estate, Inc. (DRE) , was re - ap - po int ed by the Virginia Beach City Counc i l t o serve on the City’s Plan- n i ng Com-
David Redmond
mission representing the City’s Bayside District. An eleven- member body, the Planning Commission is responsible for the review of land use and zon- ing matters for the City. Redmond originally served on the Planning Commission from January, 2007 through December, 2014, including stints as chairman and vice chairman, and was instru- mental in drafting the City’s Comprehensive Plan, multiple Strategic Growth Area Imple- mentation Plans, and hearing
South Division St.
SVN | Miller represented the seller and Bret Davis of Keller Williams Realty represented the buyer. “This deal is a great success story for our firm,” said Brent. “We have worked with an exceptional group of tenants at the South Division St. property over the last twelve
years and have been pleased to see them succeed. It is always our goal to increase the wealth of our investment clients, and having a full- service firm that offers not only brokerage but also leas- ing, property management and maintenance allows us to do so.” n
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