R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news

Ellisdale Construction & Development will be the general contractor MAC places construction financing for $25 million Arlington Project

ISSUE HIGHLIGHTS Volume 28 Issue 12 July 29 - August 11, 2016

A RLINGTON, VA — MAC Realty Advisors, LLC (MAC), on behalf of Pillars Development Group (Pillars) , success- fully placed a $17.5 million construction loan for the de- velopment of 4707 Columbia Pike, a 78-unit luxury con- dominium development that also includes 8,000 s/f of first floor, street level retail. The construction loan closed with a regional bank on Friday, July 8th. Ellisdale Construction & Development will be the general contractor. The project is expected to deliver in 2018. Pi l lars Development Group designed a residen- tial product that will appeal to urban focused buyers who appreciate Columbia Pike’s convenience, services and rec- reational amenities literally at our doorstep. “Capital, both senior debt and equity, continues to seek out these boutique sized, ur- ban in-fill sites,” indicated



4707 Columbia Pike

Bruce Levin, Executive Direc- tor with MAC. “The developer was ultimately very pleased with the lender and its seam- less approval and execution process.” New class A apartment

buildings plus a recently de- livered Giant Grocer, and the retail opportunities at nearby Bailey’s Crossroads and the Fashion Center at Pentagon City, together with numerous restaurants and the W&OD

trail right outside the door underscore the desirability of this location. Bruce Levin, Andrew McAllister and Nicholas Rubenstein led the place- ment effort for MAC. n


For speaking and sponsorship information, please contact: Linda at 781-871-3456 or lchristman@marejournal.com UPCOMING CONFERENCES September 8, 2016 Pittsburgh Commercial Real Estate Forecast Summit September 15, 2016 3rdAnnual NJ Apartment/ Multifamily Summit

JLLrepresentsBridgeDevelopment in144,000 s/f lease to Boxed in Union, New Jersey

and I-78. The site offers ex- cellent visibility from both I-78 and the Garden State Parkway, as it sits directly in the northwest quadrant of the interchange. Bridge acquired the site in 2014, demolished the vacant buildings, and received si- gnoff from the township for completion of the shell build- ing in May 2016. Designed to accommodate up to two ten- ants, the speculative building was developed with concrete precast construction, 36-foot clear ceiling height, 55-foot column spacing and a 66-foot staging bay at the loading dock. Features include ESFR sprinkler systems, T-5 light- ing, 50 docks and 111 trailer positions. This is the first major project for Bridge since opening a new office in Parsippany, in Sep- tember 2014. Principals Mila- naik and John Porcek oversee operations of the office. n

UNION, NJ — Bridge Development Partners, LLC announced a lease for 144,000 s/f to Boxed at a class A, institutional-quality indus- trial building totaling 263,415 s/f in Union. Christopher Hile and Adam Citron of JLL represented Bridge in


Shopping Centers.............................................3-10A Owners, Developers & Managers............... Section B Brokerage Directory................................... Section C

Metro Plaza I and II

the transaction. “This is our first completed development since we opened a New Jersey office, and as the lease to Boxed.com shows, the building is proving to be highly desirable to warehouse and distribution tenants,” said Bridge principal Jeff Milanaik . “There is a lot

of interest in the remaining space, which can accommo- date a tenant up to about 120,000 s/f .” The building is located within six miles of the Port of New Jersey, with direct access via Route 22 and Route 287, and easy access from the Garden State Parkway

Upcoming Spotlight August 12 th MULTIFAMILY FINANCING www.marejournal.com

Made with FlippingBook HTML5