LEXINGTON PARK, MD-Three separate loans accounting for $14.5 million in mortgage financing are secured for three buildings in the St. Mary's County subdivision of Lexington Park. The buildings--Expedition I, Expedition II and Exploration VI--comprise 151,000 sf of office space. All three are new class A properties, built within the last two years.
CAPITOL HEIGHTS, MD-Hampton Overlook office/flex space complex and Hampton South Business Centre warehouse sell for a combined $12.4 million to AFL-CIO Building Investment Trust.
CHANTILLY, VA-Prime Hospitality Corp. debuts its 140th AmeriSuites property with the opening of the Dulles Airport South/Chantilly AmeriSuites hotel. The location is one of 27 properties on which Prime acquired the leasehold interest just over 18 months ago.
COLUMBIA, MD- The Rouse Company hands over eight of its village center retail centers and three other local properties--much of its Columbia interests--to create the joint venture K-R Columbia Properties. The partnership involves Rouse and Kimco Realty Corp. affiliates.
ARLINGTON, VA-Park Place--the 167,00 sf building on Fort Myer Drive in the Rosslyn area--is snapped up by a joint venture between LMH Realty Group an affiliate of Chicago's Walton Street Capital. The 19-year-old building has an assessed value of $25.1 million
WASHINGTON, DC-The Coalition to Insure Against Terrorism is formed as real estate groups and other industry players come together to battle the lack of terrorism insurance availability for commercial property owners.
BALTIMORE, MD-Multifamily property asset manager MuniMae raises $74.1 million in equity with the public offering of 3 million common shares. The gross proceeds could increase to $85.2 million if the underwriters exercise their option to purchase an additional 450,000 shares.
WINCHESTER, VA-Kraft Foods, Inc. is spending $29 million to expand two buildings at its fruit drinks and lunch product plant in Frederick County. The expansion specifically accommodates increased production of the food company's fruit juice product, Capri Sun.
WASHINGTON, DC-The 415,000, Class A office building project gets a loan from three banks--one Boston-based and the others located in Europe. The loan comes with an extra incentive. If developer Tishman Speyer can get the building nearly fully leased before its 2003 due date, the credit will expand to as much as $103.5 million