WASHINGTON, DC-Charlotte, NC-based Summit Properties Inc. makes plans to expand its presence in the Washington area--one of its core markets--with news that it will let go of its Texas properties and redirect resulting profits to deeper penetration here and in Southeast Florida.
BETHESDA, MD-The Shops at Sumner Place--a 195,000-sf office and retail property once known as Little Falls Mall--has secured a $30-million permanent financing package with the assistance of real estate services company Cushman & Wakefield. MetLife issued the loan.
WINCHESTER, VA-EnVirtue Biotechnologies Inc. selects the state of Virginia as its new home, opting against California and South Carolina. The $1.5-million, 2,500-sf workplace in the city's Old Town area at 35 West Piccadilly St. is expected to be up and running sometime next month.
WASHINGTON, DC-In a nearly $43-million transaction, the 160,000-sf office structure at 2021 K St. joins the property portfolio of LaSalle Investment Management. The eight-story building is currently 66% occupied, predominantly with medical industry tenants.
COLUMBIA, MD-Lurgi Lentjes North America Inc. continues to expand in the Columbia Gateway business park taking on an additional 1,800 sf, bringing its total occupancy in the community to about 26,900 sf.
GERMANTOWN, MD-The 380-unit Seneca Club Apartments community gets a new owner with Kay Apartment Communities' recent acquisition of the property through a $29-million first mortgage loan from Berkshire Mortgage Finance.
ROCKVILLE, MD-Commercial Mortgage company Criimi Mae Inc. announces it is in receipt of two big financial offers from Orix Capital Markets. One Orix proposals calls for it to buy as much as 100% of Criimi Mae's CMBS for $520 million in cash.
ALEXANDRIA, VA--Riggs Bank NA takes on a 4,000-sf space in Old Town Alexandria to house its first financial center, Riggs Financial Center at Tavern Square. The bank moves forward with a 10-year lease on the space, as well as two five-year options.
WEST VIRGINIA-Low-income housing projects totaling $3.5 million in Martinsburg, Morgantown and Spring Hill get an added boost with Federal Home Loan Bank of Pittsburgh's approval of about $353,000 in grants.
WASHINGTON, DC-Popular Swedish apparel chain Hennes & Mauritz makes its way to the District with a 27,000-sf store in the former Woodward & Lothrop building. The "Woodies" building location will be one of seven stores that will open in the Washington area.