Real Estate Journal — August 14 - 27, 2015 — 5A
M id A tlantic
UIP acquires Rhode Island Gardens in for $7.6 million
G Transactions totaling nearly $650m in first half 2015 Equus announces $29.4m sale of three-office portfolio A I THERSBURG , MD — Equus Capi- tal Partners, Ltd.
(“Equus”) , one of the na- tion’s leading private equity real estate fund managers, announced the sale by one of its affiliates of 25, 35, and 45 West Watkins Mill Rd., a three-building office/lab portfolio totaling 139,938 s/f in Gaithersburg, a submar- ket of Washington, DC. The properties were acquired by Tritower Financial Group for $29.4 million and were 95% leased at the time of sale. “Equus’ ability to attract and retain triple net leases with high quality tenants, including AstraZeneca sub- sidiaries MedImmune and Amplimmune at the time of sale speaks volumes about the strength of this portfolio,” said Brian Fitzgerald , se- nior vice president of Equus who is responsible for the development, leasing and management of Equus’ Wash- ington, DC portfolio and for overseeing the firm’s regional office in the market. Equus was represented by Holliday Fenoglio Fowler, L.P. (“HFF”) in the sale. The HFF investment sales team representing Equus included senior managing directors Jim Meisel and Dek Potts , and associate director Matt WILMINGTON, DE — CBRE, Inc. has brokered two new leases to Courthouse Square in Wilmington, a sign that the ongoing renovations are attracting new tenants. K&L Gates LLP, one of the largest law firms in the world, has signed a lease for the ninth floor. Old Republic Title has leased space on the ground floor. CBRE’s John Kaczow- ka represented Courthouse Square in both transactions. “The renovations undertaken in Courthouse Square are cre- ating an elegant and modern space that has immediately be- gun attracting major clients,” said Kaczowka, senior vice
25, 35, and 45 West Watkins Mill Rd.
distance of the new Watkins Mill Town Center and offer easy access to area roadways including Routes 117 and 124, Rockville Pike, and the Intercounty Connector. Equus Capital Partners, Ltd. (“Equus”) is one of the nation’s leading private eq- uity fund managers. Equus’ portfolio consists of over 24 million s/f of office, retail, and industrial properties and more than 16,000 apartment units in over 60 communities located throughout the United States. The firm is headquar- tered in the Philadelphia area with regional offices in Los Angeles, Chicago, Washing- ton DC, Boston, Atlanta, and Raleigh-Durham. n will continue to attract clients across all fields of business.” AIG, Courthouse Square’s owner, has invested $10 mil- lion in renovations, which are expected to be completed in the fall. Included in the renova- tions are: a new lobby, which includes a two-story glass atrium that will be added to the front of the building; all new elevators and elevator components; complete HVAC overhaul; exterior façade up- grades; new landscaping and additional outdoor seating; a new conference center on the top floor of the building; and a new fitness center on the ground floor. n
Nicholson . “Gaithersburg is a dynamic submarket known for its high concentration of innovative technology and bio-tech com- panies, making it an incred- ibly attractive location for life sciences companies,” added Chris Locatell , senior vice president of dispositions, who also oversaw the disposition for Equus. Located just 17 miles north- west of Washington, DC, 25, 35, and 45 West Watkins Mill Rd. are located within Mont- gomery County’s highly-desir- able I-270 corridor, a leading life sciences center widely known as “DNA Alley.” Ide- ally situated on 12.7 acres, the properties are within walking
Rhode Island Gardens
and upgrades, and upgrading all common areas and apart- ment interiors (with a par- ticular focus on kitchens and baths), while maintaining the structure’s historic character. “As with many of our other apartment building renova- tions, Rhode Island Gardens residents who stay through the renovation will enjoy a modernized apartment build- ing with no increase in rent,” added Schwat. Rhode Island Gardens is lo- cated in the Edgewood neigh- borhood, a flourishing, urban infill setting just north of NoMa, one of the top employ- ment centers in the Nation’s capital. The structure has a prominent presence on the corner of 3rd St. and Rhode Island Ave. NE, a major commuter route connecting Prince George's County to the District of Columbia. The nearby Rhode Island Avenue Metro station on Metro’s Red Line provides direct connections to NoMa (just one stop away), Union Station, and the rest of the metropolitan area. Within ten minutes’ walking dis- tance, residents have access to Rhode Island Row, a large mixed-use project completed in 2012, with 150 s/f of retail space including CVS, Caro- lina Kitchen, Jersey Mike’s, and more. n
WASHINGTON, DC — Ur- ban Investment Partners (UIP) has acquired Rhode Is- land Gardens, with 81 apart- ment homes, for $7.6 million. Originally built in 1931, the property is located at 230 Rhode Island Ave. NE just a half mile from the Rhode Island Avenue Metro station. The seller, Roydun Corpora- tion, is an affiliate of Washing- ton, DC-based DARORealty , a longtime local apartment owner and manager. CBRE represented the seller. UIP coordinated the acqui- sition with the Rhode Island Gardens Tenants Association. “This is our fourth acquisition for the year and our third development agreement with a tenant association in 2015, highlighting UIP’s unique level of experience and strong desire to participate fully with tenants in the properties we buy,” said Steve Schwat , principal at UIP. UIP and the tenants’ associ- ation worked together to plan a $7 million renovation of the building to be performed by UIP subsidiary UIP General Contracting Inc. The project will include adding five apart- ments on the building’s lower level, upgrading electric ser- vice, installing individually controlled heating and air conditioning in each apart- ment, plumbing replacements
CBRE brokers two new major leases at Courthouse Square in Wilmington, Delaware
president with CBRE’s Wilm- ington, DE office. “The location proximate to the Courthouse and the U.S. Bankruptcy Court is ideal for a law firm like K&L Gates, and with the Double Tree Hotel next door this space
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