NEWS & NOTABLES
WASHINGTON, DC–By 2022, the Washington area's network of Toll Roads and Express Lanes will reach every submarket in Northern Virginia, according to a study by JLL. Some examples of new construction: Last week the I-66 Inside the Beltway rush-hour Express Lanes opened. Construction began on November 20th on the I-66 Outside the Beltway project, which will add two Express Lanes in each direction for 22.5 miles. Work is also underway on adding Express Lanes along I-395 up to the DC line by 2019. Once these projects are complete, they will have an impact on nearby office vacancies, if history is any guide.
According to JLL:
…submarket clusters with the lowest vacancy rates are both located along the oldest Toll or Express lanes in the region…Meanwhile some individual submarkets along the under construction routes have some of the highest vacancy rates in the market…
DEAL TRACKER
WASHINGTON, DC–Martin's View Apartments, located at 205 Elmira St. SW, has traded for $15.5 million. Sanford Capital is the seller and Stoladi Properties is the new owner of the 156-unit property.
WASHINGTON, DC–G Street Apartments, located at 4951 G St. SE, has sold for $4.5 million, or $100,000 per apartment. Sanford Capital also sold this property.
BETHESDA, MD–RLJ Lodging Trust has expanded its relationship with Interstate Hotels and Resorts regarding White Lodging's sale of management contracts to Interstate. Once the transaction is completed, at the end of January, the REIT will have 73 hotel management contracts with Interstate, including 62 hotel contracts acquired from White Lodging, which represent less than 20% of the company's hotel EBITDA. White Lodging will continue to manage 9 of the company's hotels.
LINTHICUM HEIGHTS, MD–MacKenzie Commercial Real Estate Services recently completed a lease for the Anne Arundel Workforce Development Corp. that comprised two locations: 3,000 square feet at I-97 Business Park, 1131 Benfield Blvd in Millersville and 23,360 square feet at BWI Tech Park, 613 Global Way in Linthicum Heights. David McClatchy and Trish Farrell represented the AAWDC.
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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.
