Mid Atlantic Real Estate Journal — July 13 - 26, 2012 — A
www.marejournal.com
anover , MD — Cushman & Wake- field has arranged the 125,000 s/f industrial property on 14.05 acres Cushman & Wakefield arranges $8.25 million sale of industrial building in Hanover, MD H
sale of 7495 Race Road, a 125,000 s/f industrial property on 14.05 acres in Hanover, Maryland. The property was acquired by Exeter Property Group of Plymouth Meeting, Pennsylvania for $8.25 mil- lion. The Cushman & Wakefield team was led by Cristopher Abramson, Brian Kruger and Nicholas Signor of the Capi- tal Markets Group, along with the Industrial Services team of Michael Elardo, SIOR and Jared Ross. Cushman & Wakefield arranged the sale on behalf of the undisclosed seller. At the time of sale, the Rockville, MD — The DonaldsonGroup, LLC (TDG) has completed $6 million in renovations at Heather Hill, a 459-unit rental apartment community that it acquired in December of 2010 with eq- uity partner Angelo, Gordon & Company. Further renova- tions are underway. All Heather Hill residents now benefit from brand-new amenities including a fit- ness center, business center, and youth education/activ- ity room. Refurbished apart- ments have modern kitchens with stylish countertops, updated bathrooms with wa- ter-conserving features, new carpeting, individual washer- dryer units, new windows and sliding doors, and new balcony railings. All of the second-story apartments fea- ture dual wood-burning fire- places and oversized walk-in closets. TDG upgraded the community’s mechanical, electrical, and plumbing sys- tems as well as the buildings’ facades. Heather Hill’s apartment homes comprise a mix of one-, two-, and three-bed- room units ranging from 610 to 1,236 s/f, each one
7495 Race Road
building was 100% vacant. 7495 Race Road was built
in 2008. Located immediately off of 295 in Hanover, the
Mall and the BWI Marshall Airport. n
property offers easy access to Route 100, I-95, Arundel Mills
The Donaldson Group finalizes $6 million in renovations
DRV acquires 120,000 s/f fully occupied office building
7700 Hubble Drive in Greenbelt, MD
Bethesda, MD—Diversi- fied Realty Ventures (DRV) has acquired a 120,000 s/f secure office building in Greenbeltad- jacent to NASAGoddard Space Flight Center. The seller, rep- resented by Transwestern’s Robert Filley, was C-III Asset Management, LLC, as special servicer for the former mort- gage lender. The acquisition is subject to a ground lease that runs through 2075 with pos- sible extensions. Greentec IV, located at 7700 Hubble Dr., is fully occupied by government employees and contractors working on the Joint Polar Satellite System (JPSS). JPSS is the next-generation multi-functional satellite sys- tem intended to replace today’s long-range weather satellites. In addition to weather moni- toring and forecasting, JPSS will have advanced research
and defense capabilities. The first JPSS satellite is expected to be launched in 2017. JPSS is a joint mission of NASA, NOAA, and the Department of Defense. Government contrac- tor TRAX International has leased Greentec IV on behalf of the JPSS program. “We seeGreentec IVas a long- termhold,” said Elliot Liffman, principal, DRV. “JPSS, like any mission-oriented user, is a finite tenant. But even when the JPSS mission is complete, the building is well-positioned to attract new tenants. While the Greenbelt office market as a whole still has a long way to go toward full economic recov- ery, this building’s specialized infrastructure and close prox- imity to Goddard -- which is space-constrained by its mas- ter plan-- provide significant competitive advantages.” n
Heather Hill
featuring a private balcony or patio. Heather Hill is the only property in the area that offers three-bedroom, two- bath apartments, and also is the only one in which all two-bedroom units have two bathrooms. TDG executive vice presi- dent Carlton Einsel said: “We are pleased to offer spa- cious and beautifully reno- vated apartment homes to residents of Prince George’s County, where they can enjoy convenience and amenities at affordable rental rates.” Heather Hill comprises 18 low-rise buildings situated on
21 park-like wooded acres. In addition to the newly reno- vated community building with its fitness, business, and youth activity centers, the property offers an Olympic- size swimming pool and wad- ing pool, basketball court, and an onsite Metrobus stop. Heather Hill is easily acces- sible to I-495 and is located just a short distance from shopping, entertainment, and major employment cen- ters including National Har- bor, Suitland Federal Center, Joint Base Andrews, Joint Base Anacostia-Bolling, the Washington Navy Yard, and many more. n
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