DEAL TRACKER
PRINCE GEORGE'S COUNTY, MD–Katten represented an affiliate of the Peter N.G. Schwartz Management Co. to help it secure $245 million in construction financing for the development of the new national headquarters for the US Citizenship and Immigration Services. Federal Funding Group LLC is the lender, which was represented by Thomson Hine, but after the closing the loan will be transferred to USCIS Lease Finance Trust, a trust of investors. Prince George's County is providing $29 million in incentives to the project. The Katten team consisted of Ken G. Lore, Julia E. Schmidt, Harold A. Levy, Gregory P. L. Pierce, Patrick M. Filice, Adam L. Stoddard and Jeff J. Friedman.
WASHINGTON, DC–HFF has secured $96 million in joint venture equity for EastBanc's Adams Morgan apartment project at 2800 16th St., NW. HFF arrange a joint venture partnership with Mitsui Fudosan America for the project, whose costs will total approximately $110 million. Groundbreaking is expected in early 2019. The HFF team included Walter Coker, Brian Crivella and Stephen Conley.
WASHINGTON, DC–Marcus & Millichap brokered the sale of 2461 P St., t NW, a 4-unit apartment property that was part of a two-asset portfolio. The building traded for $1.2 million, or $320,745 per unit. The buyer is a current tenant in the building and purchased the property through the Tenant Opportunity to Purchase Act (TOPA). Last December the first building, 3003 P St., NW, a 6-unit multifamily with ground-floor retail, traded for $1.5 million to a private investor. Christian Barreiro, Dennis Cravedi and Marty Zupancic of The Zupancic Group listed the property on behalf of a private investor.
WASHINGTON, DC–MRP Realty has retained Transwestern's Mid-Atlantic Capital Markets Group as the exclusive agent to sell a portfolio of 19 urban industrial buildings totaling nearly 1.1 million square feet in Northern Virginia. The portfolio consists of 15 buildings totaling 813,955 square feet in Northern Virginia Industrial Park at Lockport Place and Telegraph Road in Newington, and four buildings totaling 241,994 square feet in Fullerton Industrial Park in Springfield. The buildings are in a coveted last mile zone. MRP and its institutional partners purchased the portfolio in 2015, and then repositioned the properties with capital improvements and a better tenant base credit. They completed more than 485,000 square feet of leases in the past two years, including the replacement of over 140,000 square feet of tenants with weak credit. The portfolio has an occupancy rate of 79% and Transwestern says a new buyer could increase net operating income by over 56% by taking occupancy to a 95% and rolling below-market in-place leases to market.
WASHINGTON, DC–The Feldman Group of Marcus & Millichap has sold 1787 Columbia Rd., NW for $1.4 million. The unrenovated Adams Morgan 2,474-square foot, mixed-use property traded at $597.21 per square foot. The seller is partnership between Sivan Properties and Zusin Development, and the buyer, SPMC Urban. Feldman says the buyer has signed a lease with Nicecream for the building's lower level.
BETHESDA, MD–Washington Property Co. has leased half of its retail building at 4507 Stanford St. in downtown Bethesda to Righttime Medical Care, which plans to open in this summer. Righttime will occupy 5,550 square feet on the first floor of the two-story building.
RICHMOND–Commonwealth Commercial Partners has launched Commonwealth Facility Solutions, a new division providing facility management consultation and services. It will be spearheaded by Jim Reilly, past president of the state Building Owners and Managers Association (BOMA). CFS' services will also include facility related financial planning for maintenance and other third-party vendors, occupancy services, space management and facility planning solutions, as well as sustainability measures.
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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.
