Mid Atlantic
R EAL E STATE J OURNAL
Mid Atlantic Real Estate Journal — February 10 - 23, 2012 — 11A
www.marejournal.com
Columbia, MD Health Care Property Colliers International brokers $2.075m sale
Mortgage for Courtyard by Marriott in Frederick, MD NorthMarq’s McGlynn & Scanlon arranges $6.8 million F REDERICK, MD — Gary McGlynn, senior vice president andman-
COLUMBIA, MD — Col- liers International l Baltimore acted as the \broker for the Patient First medical building located at 5900 Cedar Ln. The building is located adjacent to Howard County General Hos- pital. The 1-acre site is under a long-term land lease to the Johns Hopkins Health System Corporation, who built and developed the Patient First facility. The $2.075 million trans- action was completed in De- cember 2011 and involved a California purchaser. Gary Applestein, managing director and principal of Col- liers, said, “The process in- volving the sale of the Patient First building in Columbia
provided yet another example of how well-located real estate remains highly valued by the national investment indus- try. With a location not only adjacent to Howard County General Hospital, but also Howard County Community College, 5900 Cedar Lane of- fered demographics second to none in this region, and with a tenant such as Patient First and the Johns Hopkins Health System, the buying public was very aggressive in their pursuit of this asset.” The Colliers International l Baltimore team of Applestein, Stephen Weiss, senior vice president, and Jennifer Vassil, vice president, acted as bro- kers on the transaction. ■
aging director, and Brendan Scanlon, both of NorthMarq’s Washington, DC Regional of- fice, arranged first mortgage refinancing of $6.8 million for a Courtyard by Marriott. This hospitality property con- tains 90 rooms and is located at 5225 Westview Dr. Financing was arranged for the borrower by NorthMarq through its relationship with Wells Fargo, N.A. ■ STERLING, VA— New Bos- ton Fund, Inc. has completed a 178,234 s/f, build-to-suit office and manufacturing fa- cility for Rockwell Collins at TransDulles Centre. Rockwell Collins, a communication and aviation electronics solutions, will consolidate several of its facilities in the region to allow the new building at 22640 Da- vis Dr. to serve as their regional headquarters. The building, with 47 percent office and 53 percent manu- facturing space, was designed by architect Morgan Gick Mc- Beath &Associates. The manu- facturing space will house the assembly and design facilities of its flight simulators. The Rockwell Collins build- ing was recently honored with an Award of Merit and named, “Best Building, Non-Institu-
Courtyard by Marriott
NewBostonFund completes build-to-suit for Rockwell Collins at TransDulles Centre
Sperry Van Ness-Miller completes $1.5 million ind. sale
Rockwell Collins at TransDulles Centre
tional Facility,” at the Best of NAIOP Northern Virginia Awards. Additional teammem- bers honored at the awards dinner included Vantage Con- struction Corporation, Lin- coln Property Company and Morgan Gick McBeath & As- sociates. “New Boston originally pur- chased this property at Trans- Dulles Centre with the inten- tion of utilizing the vacant parcel to develop customized sures economic development organizations against com- monly held standards in the profession. It evaluates the structure, organization, fund- ing, program and staff of the candidate organization. “The Virginia Beach Eco- nomic Development Depart- ment displays the profes- sionalism, commitment and technical expertise that is deserving of this honor,” said IEDC president and CEO Jeff
space for future tenants,” said Patrick Shooltz, senior vice president and regional direc- tor, for New Boston Fund’s Mid-Atlantic region. Rockwell Collins signed a long-term lease with New Boston on the property. The tenant was represented in this transaction by Brian Coakley of Donohoe Real Estate and New Boston was represented by Neil Alt of Lincoln Property Company. ■ Finkle. “We are proud to be ac- knowledged for our organiza- tional excellence and success in business recruitment and retention,” said Warren Har- ris, director of Virginia Beach Economic Development. “This achievement was made pos- sible by the vision and support of the City Council and Eco- nomic Development Authority and the outstanding quality of our staff.” ■
828 Fieldcrest Dr.
CAMBRIDGE, MD—Henry Hanna, CCIM, SIOR, national director of Industrial Property, with Sperry Van Ness-Miller Commercial Real Estate an- nounced the sale of 828 Field- crest Dr. This flex industrial building was formerly home to ABC Supply Company. This sale was a joint effort with the Economic Develop- ment Divisions of the State of Maryland, Dorchester County and Cambridge. The new buyer, Triple Ven- tures, LLC will be bottling, packaging and distributing the fruit beverage, Fruit Wave H20 from this new location. This 30,240 s/f facility sold for $1.5 million. SALISBURY, MD — Senior advisor Bradley Gillis, CCIM of Sperry Van Ness – Miller settled on a 10,600 s/f profes- sional/medical shell space, built in 2006 located on Sweet- bay Dr. “There is a limited pool of
potential users for a 10,000 s/f office building in this market and during most of the listing cycle the price point did not attract investors” said Hanna. “Once the property became in a short sale situation the price made sense for investors.” Wesley Cox and Henry Hanna represented the sellers of the property. Brad Gillis and Joey Gilk- erson of the Gillis Team found the perfect user/investor com- bination for the property. The transaction was a short sale, requiring bank approv- als after the buyer and sellers reached an agreement; it was purchased for $625,000 or $59 psf for what is considered ‘shell space’. The interior of the building had no prior build out completed with a combina- tion of concrete and dirt floors. When the project is finished, the buyer will occupy class ‘A’ office space with one build to suit unit offered for lease. ■
VIRGINIA BEACH, VA — The Virginia Beach Economic Development Department has been recognized by the International Economic Devel- opment Council (IEDC) as an Accredited Economic Develop- ment Organization (AEDO). Virginia Beach is one of only 29 of the 22,000 economic development organizations in NorthAmerica to have earned this distinction. The AEDO program mea- Virginia Beach reaccredited by the IEDC
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