Washington D.C.
Rock Creek Property Group Buys Properties Gospel Rescue Ministries-Owned Buildings, Plans Redevelopment
Rock Creek Property Group, a commercial real estate investment company founded in 2002, has announced on February 12 the acquisition of two adjacent buildings in the heart of Washington, DC’s Gallery Place/Chinatown neighborhood.
Norwegian Pension Fund Charges into U.S. Market via TIAA-CREF
Norges Bank Investment Management, manager of the Norwegian Government Pension Fund Global, has entered into a $1.2 billion JV with TIAA-CREF and has at one stroke gained substantial interests in five Class A or boutique buildings on the East Coast.
Developers Break Ground on 310-Unit Apartment Project in Silver Spring
Insight Property Group LLC of Arlington, VA, and Chevy Chase-based Nova-Habitat LLC held a ceremony on February 5 to celebrate the groundbreaking of Fenwick Station, a six-story, 310-unit apartment development in downtown Silver Spring. Neighborhood leaders and Montgomery County officials were also present at the event. The new development is located two blocks from the Silver Spring Metro Station, on the site of the former U.S. Post Office distribution facility at 8616 Second Avenue. Fenwick Station will deliver a mix of studios, one and two-bedroom apartments. Thirty-nine apartments will be affordable units.
Brookfield Refinances 355 KSF DC Office Building
Brookfield Real Estate Opportunity Fund I has received a $95.5 million first mortgage loan for 64 New York Avenue NE, a 355,000 square-foot office building in Washington D.C.
901 New York Avenue Awarded LEED Gold Certification
The 901 New York Avenue office building, a skyscraper located at 901 New York Avenue, NW, in Washington, DC, has earned LEED-EB Gold Certification. The property is co-owned by Boston Properties and an institutional client advised by J.P. Morgan Asset Management.
Boston Properties developed the 11-story Class A office building in an effort to help revitalize the Mount Vernon Square neighborhood. It was completed in 2005, at a cost of $54 million. The 530,000-square-foot office building features four levels of below-grade parking, as well as 25,000 square feet of retail space on the ground floor. It was designed by Davis Carter Scott of McLean, Va. N.W. Clark Construction Group, LLC served as general contractor.
Mill Creek Starts Construction on 360-Unit Alexandria Apartment Community
Mill Creek Residential Trust LLC has started construction on a 360-unit apartment community in Alexandria, Virginia. It is developing the project as part of a joint venture with AEW Capital Management and the original land owners represented by Green City Development.
The transit-friendly, mixed-use multifamily community is called Landmark Gateway. It is located in Virginia’s west end, with excellent access to I-395 and I-495 and the greater Washington, D.C. metropolitan area. Cameron Station, an established master-planned community of more than 2,000 single-family homes and condominiums, is adjacent to the site and the Van Dorn Metrorail station and Landmark Mall Shopping Center, Alexandria’s largest shopping center, are less than half a mile away. Green City rezoned the site from industrial to residential mixed-use on behalf of Gateway Holding I, a venture between Green City and O’Connor Capital Partners.
Berkadia Funds $1.5B M-F Portfolio in Baltimore-D.C. Area
Berkadia Commercial Mortgage has closed a $1.5 billion loan portfolio through Freddie Mac for Southern Management Corp.
COPT Announces Two New Virginia Data Centers
Corporate Office Properties Trust (NYSE: OFC), a Columbia, Md.-based office real estate investment trust, announced on Monday, January 14, it plans to build two shell buildings in Ashburn, Va. (Ashburn Crossing). The company’s total investment in Ashburn Crossing is projected to be $42 million. It includes the remaining land on which the company can build one additional building.
This is the latest addition to Loudon County’s growing data center market. The project will include two buildings with a total of 315,000 square feet. Construction on COPT DC-8, the first building, will start in early 2013. COPT DC-8 will total 200,000 square feet. The second building, COPT DC-9, will total 115,000 square feet. COPT plans to start work on in no later than mid-2014.
Meridian Closes New Real Estate Fund with $160M in DC Real Estate
The Meridian Group has proven that even in an uncertain economy, a lot of money can still be made in commercial real estate.
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.