Adrian Maties
Transwestern Team Sells Three Maryland Apartment Communities for Almost $100M
Transwestern’s Bethesda, Md.-based Mid-Atlantic Multifamily Group, the only fully-integrated, collaborative multifamily brokerage team serving the entire Mid-Atlantic region, finished 2012 strong. In December, the group headed by Co-Directors Dean Sigmon and Robin Williams closed three deals in Maryland, totaling almost $100 million.Transwestern represented the sellers in all three transactions. Two of them are located in the Washington, D.C. metro area, in Wheaton and Rockville, while the third is in Owings Mills.
Heritage Trust Proposes $13.7M Makeover for Oklahoma City’s Journal Record Building
Downtown Oklahoma City’s Journal Record Building may get a $13.7 million makeover, The Oklahoman reports. The makeover is part of a bid submitted on January 7 by Bond Payne, co-chairman of Heritage Trust Co., to the Oklahoma City Cultural and Industrial Facilities Trust. The building was constructed in 1923, designed by the prominent local architectural firm of Layton, Hicks and Forsyth. It was originally home to the Masonic Temple and later became a movie theater. The Journal Record called it home until 1995 when it was significantly damadged in the Oklahoma City bombing (April 19, 1995) which destroyed the nearby Alfred P. Murrah Federal Building.
Landmark Virginia Beach Hotel Hits the Market in Family Feud
The Cavalier Hotel, a Virginia Beach landmark, is for sale. CBRE | Hotels has been retained to market the historic hotel that was once visited by presidents and movie stars. According to Virginia Beach city records, the property is assessed at $34.25 million. However, court records show it is worth around $41 million.
The Cavalier complex sits on 21.2 acres of land and includes two hotels, the Cavalier on the Hill and the Cavalier Oceanfront, and a conference center. It provides more than 50,000 square feet of meeting and function space and features such facilities as indoor and outdoor pools, outdoor tennis courts, a fitness center, and a below-ground parking garage. An owner/manager residence, employee housing and automobile repair garage are also located on the property.
Picerne Military Housing to Build $72M Housing Complex at Fort Meade
Picerne Military Housing, a division of the Corvias Group, a privately-owned real estate firm, has announced on December 18 it has closed on a $72 million public-private partnership deal with the U.S. Army to build more than 1,400 garden-style apartments for junior enlisted single service members at Fort Meade, in Maryland. According to Picerne, this is the U.S. Army’s first-ever privately-developed, on-post apartment community for unaccompanied junior enlisted soldiers, sailors, airmen, marines and coast guardsmen.
Kent State Board of Trustees Approves $150M in Campus Construction Projects
Kent State University’s Board of Trustees hired the Ruhlin Company to manage the $150 million, four-year construction and renovation project known as the “Foundations of Excellence, Building the Future.” The Sharon Center, Ohio-based company was selected after a competitive bidding and interview process. During the next four years, Ruhlin will manage these four primary projects:
Two Downtown Cincinnati Office Buildings Auctioned Off for $3.5M
Two downtown Cincinnati Class A office properties were sold at auction on December 11 according to the Hamilton County Auditor’s website. The Cincinnati Enquirer reports that Neyer Properties was the buyer.
The two properties are part of the three-building Centennial Plaza office complex, on Central Avenue. Dan Neyer, president of Neyer Properties, told the Cincinnati Enquirer he acquired the two properties via the online auction house Auction.com. He paid $3.5 million for them. The seller was an affiliate of New Boston Citimark, New Boston Centennial LLC. In 1999, New Boston Centennial paid $13 million for the properties.
PRI Profits from 1718 Connecticut Ave. Sale; Social & Scientific Systems Renews
An entity operated by Dave Schaeffer, CEO of the Cogent Communications Group Inc., has paid $14.4 million for a landmark office building located at 1718 Connecticut Avenue, NW in Washington, DC. Richard McBride and Roy Ayers of Washington, DC’s McBride Real Estate Services, Inc. represented both the buyer and the seller, PRI Inc.The building was constructed in 1982. It has 47,569 gross square feet and is fully leased to such office tenants as include the law firm of Katz, Marshall & Banks, Policy Study Associates, Electronic Privacy, and Martell & Associates. The building’s street level retail space is occupied by a Bethesda Bagels restaurant and A Brighter Image.
Fairfield Medical Center Plans $35M Expansion in Lancaster
The Fairfield Medical Center has announced last week it will invest $35 million in renovations and expansions at its main campus on 401 N. Ewing Street in Lancaster, Ohio. The Fairfield Medical Center Board of Directors has already approved the plan at its regular board meeting on December 12. Plans call for the construction of a new surgery space between the main hospital and its surgery pavilion, connecting them. The addition will allow for the creation of centralized surgery operations for most services.
Cleveland Metropolitan School District to Auction Off Headquarters in March
The Cleveland Metropolitan School District’s headquarters building will go up for auction next year.
Two Dayton Hospitals Start Expansion Projects
The health care industry continues to be an important economic player in the Dayton area. Two hospitals in the region have recently announced plans to expand