Adrian Maties
JV Plans Mixed-Use Apartment Community for Tysons Corner
By Adrian Maties, Associate Editor The apartment construction boom that that hit the Washington, D.C., metropolitan area is showing no signs of slowing down. If anything, it looks like it’s getting stronger, as developers announce more and more projects with almost every passing week. On Feb. 14, a joint venture between Kettler and PS Business […]
USM Unveils $200M Arena Plan for Virginia Beach
By the end of 2016, Virginia Beach could be home to a new, 18,000-seat multi-purpose entertainment and sports arena, able to host major concerts, sports tournaments, circuses, ice shows, monster truck rallies and many other events. But that’s only if the city accepts a conceptual proposal submitted on Monday, February 17, by a consortium of companies.
Cleveland Metro Area Apartment Construction Achieves Five-Year High
In recent years, the soft job market and the uncertainty about the local economy kept many people in the Cleveland area from buying new homes. Instead, they opted to rent. That’s why, during 2012, apartment vacancy in the metro area reached one of the lowest levels of the last decade. Marcus & Millichap reports that apartment construction in the Cleveland area has reached a five-year high, as many developers looked to take advantage of the low vacancy levels. 550 units were completed in 2013 and builders are expected to deliver 750 units this year. Apartment construction projects seem to be springing up like mushrooms after the rain.
Procter & Gamble Selling Sycamore Building Downtown
Another high-rise building in Cincinnati’s CBD is on the market. Last week, I wrote about the Garfield Tower, an apartment building listed for sale by CBRE. Now, Procter & Gamble is selling its office property at 299 E. Sixth Street.
Arundel Village Plaza Shopping Center Sold for $6.5M
An Anne Arundel county shopping center changed hands last week. BTR Capital Group sold the Arundel Village Plaza Shopping Center to Oak Tree Management for $6.5 million. The Greysteel Company, a real estate investment services firm based in Washington D.C., served as exclusive advisor and agent.
Montgomery County Council Approves Zoning for Clarksburg Premium Outlets at Cabin Branch
A large retail development in Clarksburg, Md., has taken another important step towards it becoming a reality. On Tuesday, February 4th, the Montgomery County Council voted almost unanimously to support the development of Clarksburg Premium Outlets at Cabin Branch. It will be the county’s first fashion outlet center. Eight council members were for the project, while one abstained.
Frontier Financial Buys Chesapeake M-F Complex from Property Capital
A Chesapeake apartment complex now has a new owner. Property Capital Group has sold the Marina Point Apartments to an affiliate of Frontier Financial. The price of the transaction was not disclosed. CBRE Hampton Roads, an affiliate office of CBRE Inc., marketed the property.
W.P. Carey Buys, Leases Back Air Enterprises Warehouse Facility
A Northeast Ohio industrial property recently changed hands. The Air Enterprises Manufacturing/Warehouse Facility in Streetsboro, Ohio, has been acquired by W. P. Carey Inc., a publicly-traded REIT, for a total price of approximately $7 million.
Garfield Tower in CBD Goes Up for Sale
A Cincinnati apartment tower located in the heart of the city’s Central Business District is now for sale. CBRE has listed the property but did not disclose a sale price.
Resmark to Bring Luxury Condos to Washington Area
The Resmark Companies is working hard to bring luxury condos to the Washington D.C. area. The Los Angeles- based full-service real estate investment advisor has partnered with two local developers to develop two different projects in downtown Bethesda and the desirable Dupont Circle neighborhood.