PALMER PARK, MD-The senior set is on target to receive an additional housing option as work gets under way on Victory House of Palmer Park, a new multifamily property designated for low-income senior citizens living independently. The units will come online in the latter part of 2005.
FAIRFAX, VA-What is known in local circles as "the old courthouse" will soon become the "new courthouse" as Fairfax County officials prepare to break ground on a $94.5-million judicial facility.
WASHINGTON, DC-An end is in sight for redevelopment of the 12-story Bowen Building, as developers the Kaempfer Co. and Real Estate Capital Partners top out at the 220,000-sf office property. Work on the 1920s-era structure is expected to reach ultimate completion in January.
CHANTILLY, VA-Permanent financing in the amount of $26 million is put in place for the 160,000-sf Liberty Center II at Westfields. Cassidy & Pinkard/iCap orchestrate the deal on behalf of property owner The Mark Winkler Co. The funds come courtesy of Prudential Mortgage Co.
LANDOVER, MD-Metro-Plex I & II, two class A office buildings totaling nearly 300,000 sf, find a new owner in the form of a joint venture involving Meritage Properties LLC and Buchanan Partners. Seller MGP Real Estate LLC lets go of the structures four years after having acquired them for $31 million.
CHARLOTTESVILLE, VA-Two top retailers, Target and Harris Teeter, commit to the tenant roster of the planned 300,000-sf Hollymead Town Center. The two stores expect to open their doors once development of the retail property concludes next summer.
WASHINGTON, DC-Ownership of the office building at 1325 G St. changes hands in a $110-million deal. Tishman Speyer Properties/Lehman Brothers Holdings hands over the 300,000-sf high-rise to Broadway Partners three years after having acquired the property for nearly $60 million.
NEWPORT NEWS, VA-In a recent deal valued at nearly $6 million, ownership of two Oakland Industrial Park warehouse/distribution structures changes hands from Nippon Express USA Inc. to Continental Pickett's Line LLC. Nippon will lease back part of the 170,000-sf property.
ASHBURN, VA-The local school system gets a big boost as the Loudoun County Board of Supervisors signs off on the acquisition of 100 acres for the development of a new school campus. County officials give $13.5 million to the Islamic Saudi Academy in exchange for the land.
HERNDON, VA-Corus Bank closes on a $34 million financing package for the Dulles Station Residences, a 169-unit luxury condominium property. The non-recourse loan will fund construction of the property, which will be the first structure in the Dulles Station planned community.