DEAL TRACKER

BALTIMORE CITY, MD–Locally-based Continental Realty Corp. has acquired Brown's Wharf, a historic mixed-use project along Fells Point for $21 million.

Hunt Investment Management is the seller of the iconic development, which is located at 1615-1637 Thames St., and consists of approximately 104,000 square feet of office, retail and restaurant space. Jhpiego, an affiliate of Johns Hopkins, is the primary tenant. Jay Wellschlager and Andrew Finkelstein of JLL represented the seller in the deal.

Continental Realty sees this as a value add play, says VP of Acquisitions Ari Abramson in a prepared statement. There is an operational upside that the company plans to unlock with some $2 million in upgrades.

Continental Realty and Baltimore-based WorkShop Development have formed a JV for this project. Doug Schmidt, Richard Manekin and Neil Tucker will oversee the day-to-day operations and execute the redevelopment plans. Birchwood Capital, led by David Strouse, secured acquisition financing through PNC Bank. Robert Manekin, Tony Gross and Peter Jackson from JLL will provide office leasing brokerage services.

LAUREL, MD–Johns Hopkins University has acquired a flex/R&D complex located at 7701-7707 Montpelier Rd., from Exeter. The four-building complex traded for $22.4 million or $142 per square foot. It last traded in 2012 for $18.9 million.

DUMFRIES, VA–The 56-unit Sleep Inn located at 17470 Jefferson Davis Hwy has sold for $3 million, or $53,571 per key.

WASHINGTON, DC–1901 Fairview Ave NE, a 35,280-square foot warehouse, has traded for $6.4 million, or $181 per square foot.

WASHINGTON, DC–Greysteel's Mark Bittenbender secured refinancing for Greenway Gardens, a 111-unit multifamily property located at 306-336 37th St., SE. The 7-year loan was provided by a regional bank and has a LTV of 78% with a 30-year amortization schedule.

NEWS & NOTABLES

WASHINGTON, DC–High performance and sustainable homes in the Washington, DC market command sales premiums of 3.46%. So says the American Institute of Architects, which released a statement urging the government to protect policies designed to conserve energy and reduce carbon in the built environment. “We need the federal government to keep and even expand incentives that are already producing major advances in energy efficient design and cutting the carbon footprint of buildings,” AIA President Thomas Vonier said in a prepared statement.

In making the business case for sustainable building, AIA noted that energy efficient buildings enhance the value of real estate assets — such as in the Washington, DC market with its 3.46% sales premium.

In general, sustainable buildings command rent premiums of 2% to 8%, occupancy increases of 3% to 10% and sales premiums of 3% to 12%, the AIA says.

DEAL TRACKER

BALTIMORE CITY, MD–Locally-based Continental Realty Corp. has acquired Brown's Wharf, a historic mixed-use project along Fells Point for $21 million.

Hunt Investment Management is the seller of the iconic development, which is located at 1615-1637 Thames St., and consists of approximately 104,000 square feet of office, retail and restaurant space. Jhpiego, an affiliate of Johns Hopkins, is the primary tenant. Jay Wellschlager and Andrew Finkelstein of JLL represented the seller in the deal.

Continental Realty sees this as a value add play, says VP of Acquisitions Ari Abramson in a prepared statement. There is an operational upside that the company plans to unlock with some $2 million in upgrades.

Continental Realty and Baltimore-based WorkShop Development have formed a JV for this project. Doug Schmidt, Richard Manekin and Neil Tucker will oversee the day-to-day operations and execute the redevelopment plans. Birchwood Capital, led by David Strouse, secured acquisition financing through PNC Bank. Robert Manekin, Tony Gross and Peter Jackson from JLL will provide office leasing brokerage services.

LAUREL, MD–Johns Hopkins University has acquired a flex/R&D complex located at 7701-7707 Montpelier Rd., from Exeter. The four-building complex traded for $22.4 million or $142 per square foot. It last traded in 2012 for $18.9 million.

DUMFRIES, VA–The 56-unit Sleep Inn located at 17470 Jefferson Davis Hwy has sold for $3 million, or $53,571 per key.

WASHINGTON, DC–1901 Fairview Ave NE, a 35,280-square foot warehouse, has traded for $6.4 million, or $181 per square foot.

WASHINGTON, DC–Greysteel's Mark Bittenbender secured refinancing for Greenway Gardens, a 111-unit multifamily property located at 306-336 37th St., SE. The 7-year loan was provided by a regional bank and has a LTV of 78% with a 30-year amortization schedule.