M id A tlantic Real Estate Journal — February 19 - March 12, 2021 — 5A
www.marej.com
CORFAC welcomes Latina as president of the organization
Akelius acquires 351-unit community in Maryland Espenshade & Garrish of Newmark broker $103M sale
H
YATTSVILLE, MD — Newmark announced the $103M sale of The
Edition, a 351-unit multifam - ily asset located at 3401 East- West Highway in Hyattsville. The property was marketed by Newmark on behalf of a ven- ture between Fore Property Company and PCCP, LLC and sold to Akelius . New - mark’s vice chairmen Chris- tine Espenshade and Robert Garrish were the sole brokers on the transaction. The property’s location in Hyattsville offers an upwardly mobile population of residents who have quick access to mass transit. The shifting demo - graphics of COVID-19 have made walkable suburban-like areas more in-demand as the workforce continues to stay local and require more living space. “During COVID-19, we’ve witnessed many people moving out of dense urban cores into the first suburban ring that of - fers more living space, a lower cost of living and a walkable community,” said Espenshade. “The Edition is a class A rental property in an up-and-coming location that garnered a lot of interest from potential inves- tors due to its high-quality offerings and desirable loca- tion in the heart of the stable Mid-Atlantic market.” According to Newmark Re- search, in a post-pandemic era, it is likely that more people will work remotely from their homes than was occurring pre-pandemic. Indicators sug - gest the remote workforce will remain at least somewhat el- evated as a legacy of COVID-19. Regardless, underlying growth trends in remote working al- ready present pre-pandemic will likely cause a greater per- centage of renters to consider layout, design, amenities and location carefully concerning remote work needs. This transaction marks the buyer’s first purchase in Mary - land. The Edition is a luxury, tran- sit-oriented, mid-rise rental community located on the bor- der of Washington, DC in Hy -
Joe Latina
Mason Capitani
Hayim Mizrachi
David Boydtani
an unsung hero in the network. CORFAC extends its appre - ciation to outgoing president Alan Joel, CCIM , principal of Joel and Granot Commer- cial Real Estate/CORFAC International in Atlanta, Georgia, and the entire leader- ship team for their dedication throughout the past year. “The 2020 Board of Directors and executive officers are top notch, and it has been an honor to work with all of them,” Joel said. “As my term comes to a close, I’d like to remind you that it’s not what you say or think that makes a difference, it’s what you do.” The 2021 Executive Commit- tee also includes: • At-Large Member Jeff Crane, SIOR, The Andover Company, Inc./CORFAC Inter - national (Seattle, Washington) • At-Large Member Sandy Shindleman, CCIM, CIPS, FRICS, SIOR, Shindico/COR - FAC International (Winnipeg, Manitoba, Canada) • At-Large Member Mark Bingman, MPR, RPM Group/ CORFAC International (Little Rock, Arkansas) • At-Large Member Frank Schulz III, SIOR, The Klabin Co./CORFAC International (Los Angeles, California) About CORFAC International CORFAC International is a global network comprising pri- vate held entrepreneurial com- mercial real estate firms with expertise in office, industrial and retail brokerage, tenant and landlord representation, investment sales, multifamily, self-storage, acquisitions and dispositions, property manage- ment and corporate services. Founded in 1989, CORFAC has 50 offices in the U.S., 3 in Canada and 16 in inter- national markets, including Australia, France, Germany, Ireland, Italy, Japan, Malaysia, Netherlands, Romania, Rus- sia, Singapore, South Korea, Switzerland, Thailand and the United Kingdom. MAREJ
DES PLAINES, IL — COR- FAC International is pleased to announce that Joe Latina, principal of Patterson-Woods Commercial Properties/ CORFAC International in Wilmington, Delaware , is the 2021 president of the orga- nization. Joining Latina are VP Ma- son Capitani, SIOR , principal of L. Mason Capitani/COR- FAC International in Detroit, Michigan; treasurer Hayim Mizrachi, CCIM , principal of MDL Group/CORFAC International in Las Vegas, Nevada and secretary David Boyd, CCIM, SIOR , of Boyd Commercial/CORFAC Inter- national in Houston, Texas. Latina brings over 30 years of commercial real estate ex- pertise to the organization and is a recognized industry expert, thought leader, resource, and friend to his local clients, col- leagues and fellow CORFAC members. “It is with great humility that I accept the role of 2021 CORFAC International Presi - dent. It is truly an honor to be given the opportunity to lead this great organization that has provided my firm and me with a multitude of resources, busi- ness partnerships, and lifelong friendships,” Latina said. “I look forward to continuing the work of my predecessors, while bringing new initiatives to the organization as we progress through one of the most chal- lenging times of our lives.” Latina has served as VP, treasurer, an executive com- mittee member and chair of the Affiliation Development Com - mittee. He has been instru - mental in CORFAC’s expanded presence at the International Council of Shopping Centers’ (ICSC) RECon event. He is also the distinguished recipient of the 2020 Charlie King MVP Award, which recognizes the organization’s most valuable player, and the 2018 OlenMon - sees Award, which recognizes
The Edition
attsville, MD, built on the for - mer Kiplinger’s new site. The LEED Silver-certified property was delivered in 2019 and con - sists of 351 apartment homes ROCKV I LLE , MD — Newmark announced the $32,680,000 sale of the Twin - brook Office Center at 1700 Rockville Pike in Rockville. The 163,936 s/f asset sale was the first value-add deal to close in Montgomery County since the onset of the pandemic. The asset was sold from Ivy Re- alty to buyer Morning Calm Management . Newmark’s executive managing directors Jud Ryan and James Cas- sidy , along with vice president Cliff Cummings , were the sole brokers on the transaction. “Commercial real estate lo- cated in bioscience clusters around the country continues to outperform the broader mar- ketplace,” said Ryan. “Nearly 50% of 1700 Rockville Pike’s tenancy consists of top global players in the bioscience in- dustry who are currently at the forefront in the development of new treatments and vaccines for the novel COVID-19 pan - demic. The property is ideally located as it is just a short walk from both the headquarters for U.S. Pharmacopeia and the NIH’s National Institute for Allergy and Infectious Diseases (NIAID) division, lead by Dr. Anthony Fauci. The Twinbrook Office Center encompasses six floors of space spanning over 2.36 acres of land. The asset is 80% leased
with nearly 50% of its tenancy leased to biotech and life sci- ence industry participants, fur- ther supporting the significance of these drivers in the area and Twinbrook Office Center’s role in the marketplace. The property recently under- went a $3.4M capital improve - ments plan that included a renovated main lobby, exterior façade, entry, surface parking areas, landscaping, a full el- evator modernization, common area renovations and bathroom upgrades. Twinbrook Office Center is adjacent to the Twin- brook Metro Station on Wash - ington, DC Metro’s Red Line and Twinbrook Quarter, one of the region’s largest mixed-use development projects, anchored by a Wegmans. The property is also within an Opportunity Zone and has additional devel- opment potential. The combina - tion of this zoning designation and the property’s positioning at a metro station presents an opportunity for the buyer to cre- ate significant additional value via multiple strategies. The Twinbrook Office Center benefits from visibility off Rock - ville Pike, and multi-modal ac - cess to the entire Washington, DC metro region via the Wash - ington, DC Metro, heavy rail access on the MARC train just one metro stop away, and im- mediate vehicular access to all of Montgomery County, Wash - ington, DC, and Northern VA via I-270, I-495, and Rockville Pike, the primary commuting arteries for the region. MAREJ
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