DEAL TRACKER
TYSONS, VA–Phillips Realty Capital secured a $200 million permanent loan for Lerner Enterprises' 1775 Tysons Blvd, a 17-story office tower. The loan was provided by TH Real Estate, the real estate investment management arm of TIAA and the financing was structured by John Sieber, Jr., a principal at Phillips Realty Capital, which has a correspondent lender relationship with TIAA-CREF.
RICHMOND, VA–Phillips also secured $36.5 million on behalf of Reynolds Development for the Altria Building at Reynolds Crossing, which is located at 6603 W. Broad St. Phillips Realty Capital Managing Director Charles DuBose arranged the financing. The 222,057-square foot, Class B building was built in 1968 and renovated in 2007. It is fully leased to a single credit tenant, Philip Morris USA, a wholly-owned subsidiary of Altria. The building serves as the headquarters for Phillip Morris USA.
RICHMOND, VA–The Dori Foods Building, located at 3410 Norfolk St., has traded for $7.7 million, or $89 per square feet. Eric Robison of Cushman & Wakefield | Thalhimer's Capital Markets Group represented the seller. The buyer was Spy Rock Real Estate Group. The 86,607 square foot industrial property is fully leased, long term, to Dori Foods, a leading food distribution company in the Mid-Atlantic.
BALTIMORE–Memphis, TN-based Jernigan Capital, which provides debt and equity capital in the self-storage space, has provided a $10.8 million investment commitment for a proposed 83,450-square foot, 993-unit multi-story climate controlled facility here. The building will be a conversion of a former textiles office and warehouse located on Washington Boulevard. Construction is expected to begin Q3 2017 and be completed in Q2 2018. 1835 Washington Self-Storage, headquartered in Annapolis, MD, is the developer of the proposed project.
WOODBRIDGE, VA–Following its acquisition of a grocery-anchored shopping center for $20 million, Finmarc Management has announced it has also acquired 14999 Farm Creek Dr., a 37,000 square foot industrial building from a private seller for $2.7 million. The asset is contained within the same business community — Featherstone Industrial Park — in which Finmarc acquired a fifteen-building, 750,000 square foot industrial and warehouse portfolio earlier this year. Tony Russo of CBRE represented the seller in this transaction.
TIMONIUM, MD–Mouth Party has signed a lease for approximately 8,000 square feet at 1946 Greenspring Dr. MacKenzie Commercial Real Estate's Chris Bennett and Allison Perry represented Mouth Party in the transaction. Lauren Lindsay and Vince Bagli of Merritt Properties represented the landlord.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
