WASHINGTON, DC-The multifamily market in the District is at the top of the national list, according to Marcus & Millichap Real Estate Investment Brokerage Co. As per the firm's recently released Apartment Research Report, the local economy is partially responsible for the thriving market.
CHESAPEAKE, VA-Ownership of the Alta Bay Apartments community changes hands in a recent deal valued at $31 million. GrayCo Inc. sells the 240-unit class A multifamily property, which was developed two years ago, to Archon Group LP for $128,600 per unit.
ARLINGTON, VA-A refinancing deal valued at $45 million is put in place for Quincy Tower, a nearly 250,000-sf class A office facility built just three years ago. The eight-story property is presently 100% occupied by a strong list of tenants.
HERNDON, VA-Two recent leasing deals involving nearly 100,000 sf of industrial space at Renaissance Park at Dulles, a 170-acre business park near Washington Dulles International Airport, leave the multi-structure flex property with an occupancy level of nearly 90%.
GREENBELT, MD-The University of Phoenix signs on for nearly 20,000 sf of space at Patriot East, an 84,000-sf office building currently under construction at the Patriot Business Park at Golden Triangle. The new office facility is expected to deliver in January.
ROCKVILLE, MD-It's all systems go for the development of Rockville Town Square as developers break ground on the multi-faceted mixed-use endeavor. The project, scheduled for completion in 2006, will sit on 12.5 acres in the middle of the greater 60-acre Rockville Town Center and will cost $350 million to realize.
ROCKVILLE, MD-Criimi Mae checks off some items on its "to do" list by paying off $293 million in recourse debt and securing a $500-million facility for its new lending program, which is expected to originate its first commercial mortgage loan by the end of this year.
LARGO, MD-Apartment buildings galore are sprouting up in suburban Maryland, and Charlotte, NC's Summit Properties is following the trend with the development of three area multifamily properties at a total cost of $122 million. Altogether, Summit will add 800 new units to the market.
WASHINGTON, DC-In an off-market deal, ownership of the 500,000-sf office complex at 2401 E St. changes hands for $118 million. The two-structure property becomes the first acquisition of a new partnership between New Jersey's Normandy Real Estate Partners LLC and the New York office of Westbrook Partners.
COLUMBIA, MD-A financing deal closes for Century Plaza, a two-building office property totaling approximately 170,000 sf. The 10-year permanent mortgage on the near fully occupied structures comes through the real estate investment-banking firm of John B. Levy & Co.
