BALTIMORE-Newer is better for the multifamily property REIT as the company sticks with that notion in its recent sale of two 30-year-old apartment properties--accounting for a total of 900 units--in exchange for $53.4 million.
SPRINGFIELD, VA-A $15.8 million parking facility has risen up at the Franconia-Springfield Metrorail station to accommodate users of the Washington Metropolitan Area Transit Authority's system.
ROCKVILLE, MD-A financing package totaling nearly $40 million falls in the lap of the JBG Cos. for the development of the 230,000-sf Market Square at Shady Grove office property.
SILVER SPRING, MD-Accommodating growing demand by increasing the supply, property developer Grosvenor begins work on a new 35,000-sf flex/office building in the 250-acre WesTech Business Park.
MARTINSVILLE, VA-Clearview Business Park's first building gets its first tenant with MZM Inc.'s planned purchase of the 50,000-sf shell structure. The firm will spend $4.4 million to open a new database operation in the facility.
NORFOLK, VA-Leasing and management activities at the 185,000-sf Main Street Tower become the responsibility of Advantis Real Estate Services Co. with the property owner's selection of the company to take over from Divaris Real Estate.
BALTIMORE, MD-Refinancing to the tune of $91 million gets put in place for eight local apartment communities, courtesy of Uniondale, NY-based Arbor Commercial Mortgage LLC.
HENRY COUNTY, VA-Mexico's loss becomes the US's gain as yarn manufacturer Globaltex Inc. decides to relocate its manufacturing facility, and more than 150 jobs, to Virginia. Globaltex will buy a 77,000-sf building.
RICHMOND, VA-Coughing up $175 million, the Lightstone Group acquires a 52-property apartment portfolio in Richmond and Roanoke, as well as a single property that sits in North Carolina. The apartments account for 6,5000 residential units.
ARLINGTON, VA-Interstate Hotels & Resorts continues to watch its employees climb the ladder, as former president of hotel operations Robert J. Morse takes on the position of COO.