Mid Atlantic Real Estate Journal — November 9 - 22, 2012 — A
www.marejournal.com
Tenant advisers Saffer and Wadeson Cresa expandsDCoffice with industry veterans
USAA Real Estate Co, awards property management Cassidy Turley represents Greenebaum & Rose Assoc.
Washington, DC — Cre- sa has named industry veterans Mindy Saffer, LEEDAP , and Lucy Wadeson, LEED GA , a managing principal and a vice president, respectively, in its Washington, D.C. office. Prior to coming on board at Cresa, Saffer served as a prin- cipal, andWadeson was a senior associate, both at West, Lane & Schlager. “This is a tremendous op- portunity for Lucy and me, and we are extremely excited to join Cresa’s Washington loca- tion,” Saffer said. “My clients, and tenants in general, are demanding more services from their real estate consultants, and Cresa provides a global platform that will enable me to serve my clients in an even more comprehensive manner.” Her new firm’s team-oriented mentality is “completely in line with the way that I practice real estate,” Saffer adds. Wadeson echoes those com- ments, saying that Cresa’s
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A SH I NGTON , DC — Cas s i dy Tur ley has ar-
more. Goldstar has contracted with The Donaldson Group to manage the property and exe- cute the renovation program. “We have made a concerted effort to focus on distressed residential deals over the last couple of years, successfully identifying and executing a number of deals in the Wash- ington, DCmetropolitan area,” said Michael Brodsky , Gold- star CEO. “As distressed op- portunities in the DC area di- minish, we are looking to other markets where we can leverage our specialized knowledge and experience. Barracks West is a tremendous opportunity for us to reposition an asset and cre- ate significant value.” n The office building, which was converted from an auto- motive use by famedWashing- ton D.C. architect and author Arthur Cotton Moore, had been home to Quinn Evans Architects for the two decades prior to the sale. Quinn Evans has relocated to space in the West End and the purchaser is a local design-builder who plans to occupy the space. n level,” said Bill Grillo , senior managing director with Cassi- dy Turley. “We have developed a robust resource platform that is prepared to support the on-site management team and will facilitate a smooth transi- tion. This is our first oppor- tunity to work with USAA in the DC metro market and we intend to deliver outstanding service to both the client and the tenants of Potomac Yard,” he continued. One Potomac Yard is 100 percent occupied by the U.S. Environmental Protection Agency (EPA), while Two Potomac Yard is 99 percent leased, with the EPA occupy- ing approximately 50 percent of the building. n
stack funded with equity. This acquisition marks the fifth “fractured condo” acquisi- tion that The Goldstar Group has closed in the last three years. To stabilize and enhance the property, Goldstar plans to spend $4.5 million on reno- vations including common area improvements, exterior building and parking lot re- pairs, landscaping, and im- provements to the community clubhouse. Select units, some of which are unoccupied and others that have been rented at below-market rates, will be upgraded with new paint, carpeting, appliances, light- ing, new heating and cooling systems, water heaters, and Arlington, VA — Cas- sidy Turley has been selected by USAA Real Estate Com- pany to provide property management services for two class A office buildings in the Crystal City submarket of Arlington, VA – One Potomac Yard, which has 315,231 s/f and is located at 2777 Crystal Drive; and Two Potomac Yard, which has 306,593 s/f and is located at 2733 Crystal Dr. “We are delighted that USAA has selected Cassidy Turley for this assignment and our team is prepared to work diligently to perform at the highest rey , vice president/regional manager of the firm’s Wash- ington, D.C. office. The asset commanded a sales price of $1,925,000. Josh Feldman , a senior associate in Marcus & Mil- lichap’s Washington, D.C. office, had the listing to mar- ket the property on behalf of the seller, a limited liability company. tenants, including Cable News Network (CNN), Accenture and the U.S. General Services Administration (GSA).
Charlottesville, VA — The Goldstar Group has acquired 265 rental condo- minium flats and townhomes at Barracks West for $13.3 million ($50,000 per unit) in an off-market short sale. Units were placed in receiv- ership by Suntrust Bank in late 2011 after the previous owner defaulted on a $22 mil- lion loan. The new ownership plans to invest an additional $4.5 million in capital improve- ments. Goldstar affiliate Metropo- lis Capital Finance sourced debt capital for the transac- tion. The Goldstar Group’s ac- quisition included $15 million of senior and mezzanine debt with the balance of the capital ranged the sale of 820 First St., NE. Bill Collins, Paul Collins, Drew Flood, Jud Ryan and James Cassidy of Cassidy Turley represented the seller, Greenebaum & Rose Associates. An affiliate of Harbor Group Interna- tional acquired the property for $107 million. 820 First Street, NE, a 100 percent leased class A office building, is located in the Capitol Hill North submarket of Washington, DC. The 11- story, 298,533 s/f property is situated within Union Center Plaza. The building is cur- rently leased to a variety of
fully integrated, in-house com- mercial real estate services that reach tenants on a global scale will prove instrumental in supporting her existing and future clients. Tom Birnbach , managing principal of Cresa’s Bethesda office, which serves as the firm’s Washington region headquar- ters, said of Saffer and Wade- son: “First and foremost, they fit our culture like a glove, and that is extremely important to us, because getting the right people in the right culture truly benefits our clients. Their collaborative approach, experi- ence, expertise and intellectual capital will help take us to an- other level as a company.” n Mindy Saffer Lucy Wadeson
The Goldstar Group acquires 265 units totaling $13.3 million in off-market short sale
Cushman & Wakefield arranges sale of Delaware apt. community
The Apartments at Pike Creek
NEWARK, DE — Cush- man & Wakefield, Inc. has completed the sale of The Apartments at Pike Creek, a 264-unit complex on 19 acres. Karen Iman, Brian Whitmer, Andrew Merin, and Anthony Liberto of the firm’s Capital Markets Group represented the seller, Hen- derson Global, and procured the buyer, a fund managed by Sentinel Real Estate Corporation . “This offering provided a rare opportunity to acquire an institutional-grade apart- ment community in the af- fluent Pike Creek area of Delaware,” said Iman. “Ap- proximately 70 percent of the market’s inventory was built
before 1979. A testament to the scarcity of newer luxury rental product is the fact that Pike Creek was near full oc- cupancy at the time of sale. The buyer recognized the his- torical stability of cash flow with an ability to improve yield through upgrading unit finishes.” “The Greater Philadelphia area has seen an increas- ingly significant number of opportunities come to market, more so than we’ve seen in several years,” said Whitmer. “But we don’t see many pre- mier assets trade in northern Delaware, which explains the strong response and high five capitalization rate pricing we received for this offering.” n
WASHINGTON, DC — Marcus & Millichap Real Estate Investment Servic- es , the nation’s largest real estate investment services firm, has announced the sale of 1214 28th Street NW, a 5,912-square foot converted office property located in Washington, D.C.’s historic Georgetown neighborhood, according to Bryn D. Mer- Feldman of Marcus & Millichap sells A 5,912 s/f office building
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