CALVERT COUNTY, MD-Officials of Calvert County and the Maryland Economic Development Corp. tap Coldwell Banker Commercial Capitol Realty Services to handle marketing, development and sales efforts at the sprawling 92-acre Patuxent Business Park. The property, which is currently in the development phase, will ultimately house 700,000 sf of office and flex space.
MCLEAN, VA-A merging of hotel companies is in the works. Barcelo Crestline Corp. is proposing to acquire Springfield, MO's John Q. Hammons Hotels Inc. through the purchase of all of the hotel company's class A common stock at $13 per share.
GLEN BURNIE, MD-Quarterfield Center gets leased up and developers get started on two new buildings at the business park. World Gym is taking nearly 10,000 sf of space and National Mutual Insurance is committed to 6,000 sf at the $18 million compound.
ANNANDALE, VA-The 62,500-sf office facility at 7535 Little River Turnpike is snapped up by Atlantic Realty Cos. from 7535 Little River LLC. Atlantic plans to convert the three-story brick facility, which is currently 85% leased, into a professional condominium property.
COLLEGE PARK, MD-M Square, the University of Maryland's planned two-million-sf public/private research facility, moves forward with the Maryland Board of Public Works' approval of three developers to oversee the creation of the project. Manekin LLC, Corporate Office Properties Trust and NAI Michael Cos. will develop, market, and manage the $200-million facility.
WASHINGTON, DC-Financing in the amount of $17.5 million closes for the acquisition of Holiday Inn, Washington, DC, a 212-room hotel property near the Convention Center. Prudential Mortgage Capital Co. is behind the funding, which will go to borrower AEW Capital Management.
WASHINGTON, DC-Five housing and housing-finance industry honchos gather to discuss policy issues as outlined in the Housing Policy for the 21st Century, a joint product of the American Bankers Association, America's Community Bankers, the Mortgage Bankers Association, the National Association of Home Builders, and the National Association of Realtors.
HERNDON, VA-A three-property office portfolio gets refinanced to the tune of $115 million. The structures involved are Dulles Tower in Herndon and Greens II & III in Chantilly, and together, the fully leased class A buildings account for a total of 638,000 sf.
WASHINGTON, DC-A large chunk of space at 1625 Eye St. is taken off the market by the Federal Housing Finance Board. Under a 10-year lease agreement, the organization will set up shop in a 70,000-sf space at the 384,000-sf, class A office building.
FAIRFAX, VA-The 50,000-sf medical office building at 8301 Arlington Blvd. sells to Washington Real Estate Investment Trust in a recent transaction valued at $8 million. The five-story property brings the REIT's total portfolio of medical office facilities up to seven.