DEAL TRACKER
ARLINGTON, VA–Monday Properties has refinanced its trophy office tower at 1812 North Moore St., for $250 million. It was finalized ahead of the scheduled maturity date in December 2017. This transaction comes on the heels of Nestlé's corporate relocation earlier this year to 1812 North Moore St. The refinancing includes up to $70 million in the form of a future funding facility that Monday can use for future leasing and capital investment activity at the building. The firm will shortly begin construction to expand the existing fitness center, as well as a 12,000 square foot conference facility on the 24th floor of the tower.
GERMANTOWN, MD–A local private family office has acquired a 43,256-square-foot ground leased Harris Teeter here for $9 million, representing a 5.59% cap rate. Josh Ein and Dean Zang of TZD Retail Group of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, a private local investor, and procured the buyer. The buyer assumed an 11-year CMBS non-recourse loan. Previous ownership held the property for 10 years, acquiring it in 2007 for $6.4 million. Originally built in 1997 by Food Lion, the property was repositioned in 2015 to match the Harris Teeter target customer demographic, in-line with the highest household income levels in the state of Maryland. The transaction drew interest from both local and out-of-market investors and the TZD Retail team fielded multiple offers. The asset ultimately sold at list price.
NEWPORT NEWS, VA–Keith Wells, senior vice president/managing director of NorthMarq Capital's Richmond regional office, arranged permanent financing of $10 million for Waverton Impressions, a 132-unit multifamily property.
SILVER SPRING, MD–Washington Property Co. has leased commercial kitchen space in the former home of Progress Place in downtown Silver Spring, MD to a nonprofit culinary training program offered by STEP (Service workers Training & Education Partnership). WPC has leased another portion of the building to 411 Art Associates, a group of professional artists formerly located in Washington, DC. The remainder of the building is occupied by LendLease. The building, located at 8210 Colonial Lane, is a five-minute walk from the Silver Spring Metrorail and multi-modal transit station.
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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.
