M id A tlantic Real Estate Journal — September 17 - October 21, 2021 — 11A


Lowry completes $7.75 million refinance of Main2323 in Richmond, Virginia NorthMarq’s Wells &Abboud arrange acquisition financing of $29M for Rockefeller & Loraine in VA

R ICHMOND & NOR- FOLK, VA — North- Marq’s Richmond of- fice completes the following deals: Keith Wells , senior vice president/managing director and Reina Abboud , vice president of NorthMarq’s Richmond office, secured ac - quisition financing of $29 million for Rockefeller & Lo- raine. The financing consisted of two separate locations in Norfolk (Rockefeller I & II: 86-units; and The Loraine: 56 units). NorthMarq arrange the permanent-fixed loan for the borrower through its in-house Fannie Mae team. “Fannie Mae was more ag - gressive on proceeds with a

great rate which were key for our borrower, who is a repeat FannieMae client,” saidWells. Mike Lowry , senior vice president of NorthMarq’s Richmond office, arranged the $7.75 million refinance of Main2323. The 71-unit multifamily property is in Richmond. The transaction was structured with a 10-year term on a 30-year amortization Keith Wells

Mike Lowry schedule. NorthMarq secured the permanent-fixed loan for the borrower through its Optigo status as a FreddieMac lender. “Freddie Mac provided a $7.75 million fixed-rate loan which provided the borrow- ers a cash-out refinance of Main2323, a 71 unit, mixed- use, apartment complex lo- cated in the historic Shockoe Bottom in downtown Rich-

Reina Abboud

Rockefeller I & II in Norfolk, VA mond, Virginia,” said Lowry. “Renovated in 2016 using historic tax credits, this two- building property was origi- nally built in 1917 and the units were 98 percent leased at closing.” MAREJ

Loraine in Norfolk, VA

Main2323 in Richmond, VA

Duke Realty Corporation secures leases at Chesapeake Commerce Center and TransDulles Centre in Virginia

ARLINGTONAND STER- LING, VA — The Baltimore/ Washington, DC office of

Duke Re - alty Corpo- ration , the nation’s lead- ing domes- tic-focused, indus t r i a l - on l y pr op - e r t y REI T (Real Estate

Battista Orcino

Investment Trust) has com- pleted the following lease transactions in Virginia: Mid Atlantic Port Service, a global moving and storage provider for the federal gov- ernment and military secured a lease with Duke Realty for 62,000 s/f of space within Chesapeake Commerce Center at 1500 Broening Highway in Arlington, VA. “Mid Atlantic Port Service requires space that is conve- nient for transporting and storing large shipments in order to support our nation’s military families’ national and international moves and we’re very happy they chose Chesa- peake Commerce Center,” said Battista Orcino , vice presi- dent, leasing and development

1500 Broening Highway

22626 Sally Ride Dr.

for Duke Realty’s properties in Baltimore. “Chesapeake Commerce Center offers first- class warehouse space and has proven to be a desirable location for companies needing to streamline their logistics in close proximity to the port.” Chesapeake Commerce Cen- ter is a 177-acre industrial campus with more than two million s/f of space off of I-95 in the Baltimore City submar- ket, which has a vacancy rate of 2.5 percent compared to an overall Baltimore market va- cancy of 5.8 percent. Over the past 15 years, Duke Realty has redeveloped and transformed

Chesapeake Commerce Center into a modern industrial hub with state-of-the art ware- house space. It has superior highway access and proximity to the Seagirt and Dundalk Marine terminals at the Port of Baltimore. Nearly all of the space at Chesapeake Com- merce Center is leased. Only 41,903 s/f is currently vacant. In Sterling, Duke Realty has extended its lease agreement with V. Alexander &Company Inc., a global freight transpor- tation and warehousing pro- vider, for 49,218 s/f at 22815 Glenn Dr. Additionally, Duke extended another 10,172 s/f

lease at 22626 Sally Ride Dr. “We’re delighted to continue to provide our valued tenants with class-A warehouse space. As demand for industrial space tightens, we work with our clients to make sure we are continuing to serve their needs,” said Orcino. “Our TransDulles Centre proper- ties remain attractive to our existing clients and their need for high-quality, class-A ware- house space with convenient access to major highways, including the Dulles Toll Road, Rte. 28 and Washington Dull- es International Airport.” Duke Realty’s TransDulles

Centre is a first-class 850,000 s/f, 13-building industrial park in Loudoun County. TransDulles Centre provides tenants with a state-of-the-art, conveniently located ware- house and distribution space minutes from Washington, D.C. and close to abundant amenities, including lodging, restaurants and service pro- viders. Dale Hoxie with Barrett Industries and Caroline Bour with CBRE served as the tenants’ representatives and Battista Orcino repre- sented Duke Realty in lease negotiations. MAREJ

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