Washington D.C.
District Reaches Deal with DC United for $300M Stadium
Washington, D.C., is getting a new soccer stadium. Mayor Vincent Gray announced on Friday, May 23, that the District has reached a business agreement with Major League Soccer’s D.C. United for a 20-25,000-seat stadium. The project will cost $300 million.
Federal Capital Partners Buys, Sells Apartment Communities Around D.C.
What do the cities of Frederick, in Maryland, and Fredericksburg, in Virginia, have in common? The two are named almost the same and they are both located at the same distance from Washington, D.C., about 50 miles. And Federal Capital Partners has recently been involved in large multi-family transactions in both markets.
Preliminary Designs for Renovated Martin Luther King Jr. Memorial Library Unveiled
Martin Luther King Jr. Memorial Library opened its doors to the public in 1972. As many of its systems need to be updated or replaced, the facility will now be renovated to accommodate 21st century library services and meet the needs of the city’s residents. The DC Public Library has presented preliminary design images of the renovated Martin Luther King Jr. Memorial Library at a community meeting, on Monday, May 19.
George Washington University Selects Skanska USA to Develop Square 75A
Square 75A, the 2100 block of Pennsylvania Avenue, will be the new home of a trophy office building. The George Washington University has selected Skanska USA Commercial Development Inc. to develop the project.
The Cost of Buying a Home in D.C.
The National Association of Realtors (NAR) says in its Metropolitan Median Area Prices and Affordability report for the first quarter of 2014 that the Washington-Arlington-Alexandria area is one of the most expensive markets in the country. The median sales price of existing single-family homes in the metro is $358,900. So how much would you need to earn in order to be able to buy a home here? HSH.com, a mortgage resource website, has the answer.
Montgomery County’s Silo Inn Shopping Center Sells for $17M
The Silo Inn Shopping Center, a neighborhood retail center in the Olney section of Montgomery County, now has a new owner. Bethesda-based Finmarc Management, Inc. sold the property to Taylor Georgia, L.L.C., a real estate investment company headquartered in Ellicott City. The price of the transaction was $17.42 million. Over the last 22 months, Finmarc has disposed of more than $367 million worth of properties.
Terreno Buys Industrial Building in Capitol Heights for $18.1M
Terreno Realty Corporation continues to add new properties to its Suburban Maryland portfolio. In a transaction which closed on May 13, the San Francisco-based company has acquired another industrial building. The purchase price was approximately $18.1 million.
JV Acquires Fair Oaks Plaza in Fairfax
A Class-A office building in Fairfax has changed hands recently. Parkway Properties sold the Fair Oaks Plaza to a newly-formed joint venture for an undisclosed price. The joint venture consists of Los Angeles-based Coretrust Capital Partners and Normandy Real Estate Partners, of Morristown, New Jersey.
Fenwick Apartments to Open in Silver Spring This Summer
Insight Property Group L.L.C. broke ground in 2013, on February 5, on the Fenwick apartments in Silver Spring. Now, more than a year later, the project is nearing completion. Fenwick started pre-leasing apartments on May 10 and it will be ready for its first tenants to move in this July.
Calvin Cafritz Lands $61M in Financing for 263-Unit Apartment Project in DC
With the assistance of commercial real estate services firm Cassidy Turley, Calvin Cafritz Enterprises has secured $61 million in financing for the development of 5333 Connecticut Ave., a 263-unit luxury apartment community in the Chevy Chase neighborhood of Washington, D.C.