Carr Properties joint venture buys Centerpointe
buildings
FAIRFAX - A joint venture led by Carr Properties
completed its purchase of Centerpointe I and II, a 418,652-square-foot office
complex in Fairfax.
California State Teachers Retirement and Thomas Properties Group sold the buildings for $128.7 million, or $307 a square foot. They acquired the twin 11-story towers for $115 million in January 2007.
The Centerpointe buildings are at 4000 and 4050 Legato Road. The buildings are around 92 percent leased, and have an average asking of nearly $34 per square foot per year, according to CoStar Group information. ASM Research, the Fairfax County Board of Supervisors, InfoReliance Corp. and Edelman Financial Services are some of the occupants.
Forestville retail building sold for $10.88M
FORESTVILLE - H. Lipsitz Cos. purchased the retail building at 7000-7008 Marlboro Pike in Forestville from Morgan Property Group for $10.88 million, or $555 a square foot in an exchange under Section 1031 of the Internal Revenue Code.
The 19,620-square-foot property is occupied by Walgreens and Sherwin-Williams. Walgreens currently has a 25-year lease while Sherwin Williams is committed for 10 years.
Partnership buys 1100 First St. Ne for $180M
WASHINGTON - Tishman Speyer sold 1100 First St. NE to a partnership between the Rockefeller Group and Mitsubishi Estate New York for $180 million, or $518 a square foot.
The 12-story, 347,608-square-foot office building at 1100 First St. NE is located in the NoMa neighborhood. Completed in 2009, it is certified LEED Gold and approximately 95 percent leased.
Notable tenants include the Energy Regulatory Commission; the U.S. Department of Veterans Affairs, which has a lease through October 2021; and Mathematica Policy Research, which has a 15-year lease.
The property is the joint venture's second acquisition in the District this year following its $199 million purchase of 1101 K St. NW in March.
Zuckerman Gravely buys 1400 Eye St. NW for $58.45M
WASHINGTON - A joint venture of GE Capital Corp. and Joss Realty Partners sold 1400 Eye St. NW, a 175,127-square-foot office building.
Zuckerman Gravely Management purchased the 12-story structure for $58.45 million, or about $333 a square foot.
The building is on the corner of Franklin Square and located above one of the entrances to the McPherson Square Metro station in the East End neighborhood. The building was completed in 1983 and was renovated in 2009. The building was 80 percent leased at time of sale, but there are letters of intent out to fill the vacancy.
Apartment complex sold
ARLINGTON - Housing nonprofit AHC said it has closed on Magnolia Commons, a 198-unit apartment complex in Arlington.
Located on Columbia Pike and built in 1947, the complex includes eight colonial-style three- and four-story garden apartment buildings. AHC said it is to begin updating the apartments in the spring with new kitchens, fixtures, finishes and upgraded baths.
AHC said it plans to rename the complex to Arbor Heights.
Arlington County is providing a $13.26 million Affordable Housing Investment Fund loan, which will be repaid from cash flow from the rentals. The remainder of the funding will come from low-income housing tax credits, industrial development bonds, and a $1 million cash contribution from AHC.
Denver REIT buys 1301 M St. NW apartments for $154M
WASHINGTON - Denver-based real estate investment trust UDR said that its joint venture with Kuwait Finance House has acquired 1301 M St. NW for $154 million.
The 10-story, 292-unit luxury apartment building is in the Logan Circle neighborhood and was built in 2006. The building has a rooftop pool, fitness center and 256-space parking garage.
With this acquisition, UDR will own or have a stake in 21 apartment properties in the Washington area.
The acquisition is being funded through a five-year, 2.99 percent, $90 million interest-only loan from Fannie Mae, a 70 percent equity contribution by KFH of $44.8 million, and a 30 percent equity contribution by UDR of $19.2 million.
Restaurant signs lease for 700 Sixth St. NW
WASHINGTON - Glenview, Ill-based Restaurants-America has signed a 10-year lease for 6,710 square feet at 700 Sixth St. NW for a Townhouse Restaurant & Wine Bar. The contemporary restaurant is expected to open in the spring.
California State Teachers Retirement and Thomas Properties Group sold the buildings for $128.7 million, or $307 a square foot. They acquired the twin 11-story towers for $115 million in January 2007.
The Centerpointe buildings are at 4000 and 4050 Legato Road. The buildings are around 92 percent leased, and have an average asking of nearly $34 per square foot per year, according to CoStar Group information. ASM Research, the Fairfax County Board of Supervisors, InfoReliance Corp. and Edelman Financial Services are some of the occupants.
Forestville retail building sold for $10.88M
FORESTVILLE - H. Lipsitz Cos. purchased the retail building at 7000-7008 Marlboro Pike in Forestville from Morgan Property Group for $10.88 million, or $555 a square foot in an exchange under Section 1031 of the Internal Revenue Code.
The 19,620-square-foot property is occupied by Walgreens and Sherwin-Williams. Walgreens currently has a 25-year lease while Sherwin Williams is committed for 10 years.
Partnership buys 1100 First St. Ne for $180M
WASHINGTON - Tishman Speyer sold 1100 First St. NE to a partnership between the Rockefeller Group and Mitsubishi Estate New York for $180 million, or $518 a square foot.
The 12-story, 347,608-square-foot office building at 1100 First St. NE is located in the NoMa neighborhood. Completed in 2009, it is certified LEED Gold and approximately 95 percent leased.
Notable tenants include the Energy Regulatory Commission; the U.S. Department of Veterans Affairs, which has a lease through October 2021; and Mathematica Policy Research, which has a 15-year lease.
The property is the joint venture's second acquisition in the District this year following its $199 million purchase of 1101 K St. NW in March.
Zuckerman Gravely buys 1400 Eye St. NW for $58.45M
WASHINGTON - A joint venture of GE Capital Corp. and Joss Realty Partners sold 1400 Eye St. NW, a 175,127-square-foot office building.
Zuckerman Gravely Management purchased the 12-story structure for $58.45 million, or about $333 a square foot.
The building is on the corner of Franklin Square and located above one of the entrances to the McPherson Square Metro station in the East End neighborhood. The building was completed in 1983 and was renovated in 2009. The building was 80 percent leased at time of sale, but there are letters of intent out to fill the vacancy.
Apartment complex sold
ARLINGTON - Housing nonprofit AHC said it has closed on Magnolia Commons, a 198-unit apartment complex in Arlington.
Located on Columbia Pike and built in 1947, the complex includes eight colonial-style three- and four-story garden apartment buildings. AHC said it is to begin updating the apartments in the spring with new kitchens, fixtures, finishes and upgraded baths.
AHC said it plans to rename the complex to Arbor Heights.
Arlington County is providing a $13.26 million Affordable Housing Investment Fund loan, which will be repaid from cash flow from the rentals. The remainder of the funding will come from low-income housing tax credits, industrial development bonds, and a $1 million cash contribution from AHC.
Denver REIT buys 1301 M St. NW apartments for $154M
WASHINGTON - Denver-based real estate investment trust UDR said that its joint venture with Kuwait Finance House has acquired 1301 M St. NW for $154 million.
The 10-story, 292-unit luxury apartment building is in the Logan Circle neighborhood and was built in 2006. The building has a rooftop pool, fitness center and 256-space parking garage.
With this acquisition, UDR will own or have a stake in 21 apartment properties in the Washington area.
The acquisition is being funded through a five-year, 2.99 percent, $90 million interest-only loan from Fannie Mae, a 70 percent equity contribution by KFH of $44.8 million, and a 30 percent equity contribution by UDR of $19.2 million.
Restaurant signs lease for 700 Sixth St. NW
WASHINGTON - Glenview, Ill-based Restaurants-America has signed a 10-year lease for 6,710 square feet at 700 Sixth St. NW for a Townhouse Restaurant & Wine Bar. The contemporary restaurant is expected to open in the spring.
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