O wners , D evelopers & M anagers
Real Estate Journal — Section B
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M id A tlantic
Critical mass developable parcel sold in Tysons, Virginia NKF's Ryan, Cassidy, Anstine and Lockard broker sale of the East Bay of Dominion Square for $60.2M T ing company.
HI-LIGHTS D ecember 27 - J an . 16, 2020 NKF transacted the sale on behalf of Capital Automotive Real Estate Services Inc., a McLean based financial hold- YSONS, VA — New- mark Knight Frank (NKF) announces the sale of Dominion Square’s 12-acre eastern parcel for $60.2 million, which has full Conceptual Development Plan (CDP) approvals for 2M s/f of office, residential, hotel and retail development. Dominion Square represents one of the last premier development sites at a Silver Line Metro station in Tysons. SPOTLIGHTS INDUSTRY LEADERS March Construction attends Siena Luxury Residences grand opening 5-11B
“Located at the doorstep of the Spring Hill Metro, Dominion Square represents a generational development opportunity with market- making potential in Tysons, a premier submarket of Wash- ington, DC” said Jud Ryan, executive managing direc- tor, NKF. “The sellers have already secured full CDP approval and as a result, the new owner knows exactly what parameters they are fully approved to work within as they design their unique vision for the future Dominion Square development.” Newmark Knight Frank’s executive managing directors Jud Ryan, James Cassidy and Mark Anstine and se- nior managing director Dan Lockard represented Capital Automotive.
Klein Enterprises closes sale of The Townes At Mill Run Apartments in Maryland
OWINGS MILLS, MD — Baltimore-based developer Klein Enterprises is pleased to announce the sale of the Townes at Mill Run Apart- ments for approximately $28 million, representing a five percent cap rate on in place income. Located at 629 Wilbur Square in Owings Mills, the apartment community was de- veloped by Klein Enterprises in 2014 and consists of 108 class A two- and three-bed- room mainly two-story apart- ment units offering residents a full suite of amenities in a strategic location. The disposition was complet- ed as part of Klein’s ongoing strategy towards portfolio op- timization, which includes op- portunistically selling assets in order to redeploy proceeds into higher growth markets through tax deferred 1031 exchanges. The company is actively underwriting several replacement candidates, with a focus on both asset class and geographic diversifica- tion. Klein has successfully completed seven exchanges in the past 24 months, consistent
2B
Marcus & Millichap completes sale of two apartment buildings in Hudson County, NJ
10B
Townes at Mill Run Apartments current yield and longer-term equity appreciation for its partners.
ALSO INSIDE
with the company’s strategy to further strengthen its asset base and generate a blend of
JLL brokered the sale of The Townes at Mill Run Apart- ments.
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