DEAL TRACKER

NORFOLK, VA–The City Council has unanimously approved plans for Ikea to open a 331,000-square-foot Hampton Roads store — the second store in the state. Pending remaining approvals and permits, construction could begin in Summer 2017, with an opening in Summer 2018. The store will built on nearly 19 acres at the northwestern corner of Interstate 64 and Northampton Boulevard.

BALTIMORE–Strategic Office Fund I, an affiliate of American Real Estate Partners, has acquired The Candler Building, a 589,380-square foot, 12-story office tower with ground-floor retail. Equity Commonwealth was the seller. AREP is planning a $8 million renovation, including converting the entire first floor to retail with new patio seating on both Market Place and Pratt Street.

RICHMOND–BRIDGE Investment Group and equity partner Mandalay-CRE Venture II have purchased WestMark Office Park, a 416,311-square-foot, two-building office complex here. RER/New Boston West Broad LLC was the seller. The property, which consists of the 211,689-square-foot WestMark One and 204,622-square-foot WestMark Two, will be renamed SunTrust Center when the bank takes occupancy of the entire WestMark One building later this year. The complex was previously home to Capital One.
Cushman & Wakefield/Thalhimer and Cushman & Wakefield's Washington DC Capital Markets Group represented the seller in the transaction.

CROFTON, MD–Horizon Land Co. has made an off-market acquisition of Boone's Estates, a 456-site manufactured home community in Anne Arundel County.. The acquisition, completed through its first commingled discretionary fund, brings Horizon's portfolio in Maryland to seven communities with 1,500 manufactured home sites. M&T Bank provided financing for the acquisition.

NEWS & NOTABLES

CHEVY CHASE, MD–Stephen W. Theriot has been tapped as CFO of JBG SMITH Properties. Theriot has been Vornado Realty Trust's CFO since 2013. Prior to joining Vornado, Theriot had been a partner with Deloitte & Touche LLP, most recently as the managing partner of Deloitte's Northeast real estate practice. JBG SMITH will be the tax-free, publicly-traded REIT spin off resulting from the $8.4 billion sale of Vornado's Washington DC portfolio to JBG Cos. JBG Cos. and Vornado have been steadily building up the new company's management ranks.

WASHINGTON, DC–Heather Nevin has joined Transwestern as managing senior vice president of Asset Services. She will lead property management for the entire Mid-Atlantic region. Before joining Transwestern, she served as the regional leader for technology clients at architecture and design firm Gensler and also previously worked as a management consultant and tax attorney.

WASHINGTON, DC–Jasper Howard has joined Hogan Lovells's Washington DC office as a partner in the Tax practice. Prior to this, Howard was a partner at Linklaters.

DEAL TRACKER

NORFOLK, VA–The City Council has unanimously approved plans for Ikea to open a 331,000-square-foot Hampton Roads store — the second store in the state. Pending remaining approvals and permits, construction could begin in Summer 2017, with an opening in Summer 2018. The store will built on nearly 19 acres at the northwestern corner of Interstate 64 and Northampton Boulevard.

BALTIMORE–Strategic Office Fund I, an affiliate of American Real Estate Partners, has acquired The Candler Building, a 589,380-square foot, 12-story office tower with ground-floor retail. Equity Commonwealth was the seller. AREP is planning a $8 million renovation, including converting the entire first floor to retail with new patio seating on both Market Place and Pratt Street.

RICHMOND–BRIDGE Investment Group and equity partner Mandalay-CRE Venture II have purchased WestMark Office Park, a 416,311-square-foot, two-building office complex here. RER/New Boston West Broad LLC was the seller. The property, which consists of the 211,689-square-foot WestMark One and 204,622-square-foot WestMark Two, will be renamed SunTrust Center when the bank takes occupancy of the entire WestMark One building later this year. The complex was previously home to Capital One.
Cushman & Wakefield/Thalhimer and Cushman & Wakefield's Washington DC Capital Markets Group represented the seller in the transaction.

CROFTON, MD–Horizon Land Co. has made an off-market acquisition of Boone's Estates, a 456-site manufactured home community in Anne Arundel County.. The acquisition, completed through its first commingled discretionary fund, brings Horizon's portfolio in Maryland to seven communities with 1,500 manufactured home sites. M&T Bank provided financing for the acquisition.