PRINCE GEORGE'S COUNTY, MD-PS Business Parks walks away with net proceeds of $35 million after the sale of two flex compounds totaling more than 400,000 sf among five buildings. The properties--CenterPointe in Landover and Largo 95 in Largo--have an average occupancy level of 86%.
WASHINGTON, DC-October was a good month for the housing market, with multifamily housing starts increasing by 9.5% over September's numbers. While there were increases across the board, the Northeast states saw the largest boost, recording a 20% rise in multifamily property starts.
WASHINGTON, DC-Congress passes a spending bill that, essentially, leaves low-income housing market in the lurch. The bill not only decreases funding, but it also institutes restrictive language with regard to the US Housing and Urban Development's distribution of Section 8 vouchers.
ROCKVILLE, MD-Gold's Gym paves the way for its debut in Rockville with the signing of a lease for 30,000 sf at the 145,000-sf Montrose Shopping Center. The exercise facility will open in the former Sears HomeLife showroom in January of next year.
ROCKVILLE, MD-The doors to Westchester at Rockville Town Center open to residents following a $19.5-million construction process overseen by Clark Realty Builders on behalf of developer Archstone/Smith Communities. The 221-unit luxury apartment complex consists of six buildings surrounding a central parking structure.
RESTON, VA-Leaving Arlington County for Fairfax County, AgustaWestland Inc. and AgustaWestlandBell set up shop in 30,000 sf at Plaza America I. The helicopter manufacturing concerns will relocate in January and will create as many as 300 new jobs.
ARLINGTON, VA-The road is paved for the renovation of the Gates of Ballston with the Arlington County Board's recent approval of a long-term financing package for the 464-unit historic apartment complex. The funding includes an $8.5 million Affordable Housing Investment Fund loan.
FAIRFAX, VA-With the purchase of a nearly six-acre parcel in the Fairfax Center submarket, Archon Group LP plans a class A, 200,000-sf office building. Construction of Bridgewater Corporate Center is on schedule to begin early next year.
CHESAPEAKE-Wal-Mart's acquisition of 31 acres of land at Dominion Commons, a new 75-acre shopping center that is currently in the works, paves the way for the development of a new 200,000-sf Supercenter store. Construction is expected to begin early next year.
SUFFOLK, VA-Taking on a 20,000-sf space at the 67,500-sf Bridgeway Technology Center II property in the Bridgeway Commerce Park, Science Applications International Corp. debuts its Joint System-of-Systems Collaborative Environment Laboratory.