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

Plans $7 million renovation in Washington, DC Uip & Ire Partnership acquires apartment building for $26m

ISSUE HIGHLIGHTS Volume 24 Issue 8 April 27 - May 10, 2012 Motley’s Auction & Realty to conduct foreclosure auction

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ashington, DC — Urban Inve s t - ment Partners (UIP)

members. “Timing was of the essence in this particular deal, and we’re delighted with the outcome,” Saffer said. “When SSO hired us in the fall of 2009, our direc- tion was clear: ‘Save us money now, not in early 2014 when our lease expires.’ We immedi- ately went to work to analyze SSO’s real estate needs and evaluated all viable alterna- tives. Ultimately, we were able to restructure its current and projected occupancies and expenses such that we reduced costs immediately and, more importantly, positioned SSO well over the long term.” Mebar Realty Holding Trust owns the 550,000 s/f property at 400-444 N. Capi- tol St. NW, which is a few blocks from the U.S. Capitol and Union Station. Besides SSO, these two interconnect- ed buildings feature tenants like C-SPAN, CNBC and Fox News Corporation. n retail storefront replacement, a new environmentally friendly water-sourced heating and cool- ing system, redesigned common areas, and a rooftop terrace certain to be one of the larg- est and most exciting resident amenities in the District. UIP General Contracting, Inc., a subsidiary of UIP, is performing the renovation work, which is expected to be completed by December 2012. UIP subsidiary UIP Property Management, Inc. will assume the property management of the building immediately. “As with many of our oth- er multifamily properties in Washington, D.C., we have reached a win/win agreement with the tenants’ association, allowing UIP to make much- needed improvements to the property to extend its useful life for another century,” said UIP principal Steve Schwat. n

in partnership with Infinity Real Estate (IRE) of NYC has acquired a 114-unit apartment building at 1841 Columbia Rd., NW in Washington, DC, formerly known as TheAlcazar, for $26 million. The seller was Fairfield Residential Company. Arbor Commercial Mortgage of NewYork provided the acquisi- tion and project debt financing for the venture. 1841 Columbia Rd. is a pre-war mixed-use building conveniently located in the heart of Adams Morgan. The property features 20,000 s/f of prime neighborhood retail space. Current retail tenants include Napoleon Bistro, Bed- rock Billiards, Gary Taylor Framing, Bank of America, World Cleaners, and Fleet Feet, which specializes in running,

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Crystal Windows supplies high-rise

1841 Columbia Road in Washington, D.C.

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The partners plan to invest more than $7 million on a com- prehensive building renovation and modernization program to include a complete window and

bicycling, and swimming gear and is owned by local resident Shawn Fenty, brother of former Washington, DC Mayor Adrian Fenty.

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Bohler Engineering celebrates 30 years

Saffer, Lane, West and Siegel represented the State Services Organization West, Lane & Schlager Realty Advisors negotiates 237,848 s/f lease in Washington, DC

Washington,DC—West, Lane & Schlager Realty Advi- sors, LLC (“WLS”) has negoti- ated the largest private-sector lease transaction in Washing- ton, DC this year. WLS negotiated on behalf of the State Services Organiza-

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Owners, Developers & Managers..... 33-45A Green Buildings.................................. 7-15A Spring Preview Spotlight.................. 17-32A Shopping Centers.......................... Section B Featuring the Las Vegas RECon ICSC Convention

tion, Inc. (“SSO”) a 237,848 s/f, 15-year lease at 400-444 N. Capitol St. NW, also known as the Hall of the States Build- ing. Mindy Saffer, LEED AP, Richard Lane, Eric West, LEED AP, and Richard Siegel, all WLS principals represented SSO. SSO manages the office

space that comprises the Hall of the States, offering a range of services to its 92 subtenants, which include the Washington offices of U.S. states, U.S. territories, and associations of state officials. The signing of this new lease will further advance SSO’s mission to pro- vide cost-effective leasing and operational alternatives to its

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