Thayer Lodging Group has picked up the 316-suite Hyatt Hotel Washington Dulles for $78 million. It acquired the luxury hotel from Dallas-based Ashford Hospitality Trust. Molinaro Koger’s CEO Rob Koger, SVP Mark Morris and VP Dustin Resnick, brokered the transaction. The hotel will keep the Hyatt brand and management company.
A Rockville apartment community that partially converted to condos has sold for $61.2 million. DC’s Bernstein Management purchased the Royalton at King Farm out of foreclosure. Coldwell Banker Commercial Ideal Realty Group brokered the transaction, with Craig London at the helm of the team. Monaco Development was the original owner. After it purchased the 317-unit property in 2006, it managed to convert 42 apartments into condos.
A TIC group has paid $52.5 million in cash for First Potomac Realty Trust’s Alexandria Corporate Park, or approximately $193 SF. The 271,688 SF industrial facility traded at a 7.3% cap rate based on in-place net operating income. First Potomac expects to report a cash gain of approximately $10 million on the sale in Q2. It acquired the asset in 2003, raising its occupancy rate by nearly 30% to its current 96%, over the years.
Andy Stape, Joe Friedman and Mat Adler of Transwestern Asset Investment Sales Group brokered the sale of Germantown’s 20111 Century Blvd. A 21,108 SF building that is fully occupied with a lot of investment grade tenants, it sold to a local investor for $237 SF or $5 million.
Crestline Hotels & Resorts in McLean has acquired a $200 million hotel and service management portfolio from Tidewater Hotels & Resorts. The deal includes a simultaneous sale of eight hotels – which Crestline will manage -- to Apple REIT Eight in Richmond. This off-market deal increases Crestline’s management portfolio by 25 percent.
COPT, Manekin and the University of Maryland continue to attract tenants to M Square Research Park at the university. An unidentified tenant will be the sole occupant of the second building -- a 123,000 property – scheduled to deliver in December 2009. The first building, a four-story, 116,000 SF facility, is expected to deliver this quarter.
Randall Hagner just leased the former Childe Harold to owners of an Italian restaurant called Darlington House. 1610 20th is more than 100 years old and still owned by descendents of the original owner, the Darlington family, which is allowing the restaurant to use its name, according to Bev Williams, who, along with associate Mark Witschorik, repped the landlord in the transaction. Robert Schwartz of JLL represented Darlington House. The transaction value for the 8,559 SF was $2 million for 10 years.
Studley's Rick Rome and Nicole Miller from the DC office, along with Kevin Hodges from its Houston office represented Hogan & Hartson in a 17,519 SF lease in a building in downtown Houston. The law firm signed a 10-year contract to occupy the building’s entire 43rd floor. Bank of America Center is a 56-story, 1.2 million SF, Class A tower owned by an affiliate of the GE Pension Trust.
HFF senior managing directors Bill Asbill and Bob Donhauser and director Cary Abod secured a $75 million loan for the acquisition of the Mortgage Bankers Association’s new headquarters on 1331 L. The industry association made an offer for the building in January 2007 while it was under construction. The Gold LEED pre-certified core and shell building delivered in April. MBA is moving into the building today and will be open for business on Monday. The financing covers both the acquisition and additional capital needed to make TI improvements. It was a complex financing, according to HFF: structured as a variable-rate, 30-year taxable bond sale that was enhanced by an LC facility provided by PNC Bank. Wells Fargo, Chevy Chase Bank and Virginia Commerce Bank also participated.
KeyBank Real Estate Capital has closed a $43.5 million Freddie Mac loan for 3001 Park Center Apartments in Alexandria. Built in 1989, the multifamily property is a 16-story, 326-unit, high-rise on five acres. The loan has a 15-year term and 30-year amortization. KeyBank also floated a $7 million bridge loan to fund the property’s rehab before the Freddie Mac financing was secured. The borrower is Park Center Associates, LP.
GVA Advantis has been acquired by a local private equity group headed by Monument Realty’s Jeff Neal. Richard Pogue, former president of Koll Northern California and chairman of CBRE’s Canadian operations, is GVA’s new CEO. Now recapitalized, GVA Advantis is expected to target a broader range of customers and expand into contiguous markets and new product areas. The company’s headquarters will be moving to DC, from its current Atlanta base.
Newport Beach, CA-based KBS REIT is the new owner of the 487,775 SF Tysons Dulles Plaza, which Vornado sold at the beginning of the month. The transaction expands KBS’s DC area footprint to 817,000 SF. Affiliates of the firm also own 1945 Gallows Rd. in Tysons and Redwood Plaza I and II in Oakton. Bill Collins of Cassidy & Pinkard Colliers repped Vornado.
Greg O’Dell is the new CEO and General Manager of the Washington Convention Center Authority. He was most recently CEO of the Washington Sports and Entertainment Commission; he also oversaw major development projects for the city during a stint in the Office of the Deputy Mayor for Planning and Economic Development.