Springhill Lake, a 2,877-unit apartment building in Greenbelt, has traded for $275 million, according to local tax records. AIMCO -- represented by Transwestern’s Institutional Multifamily Group’s managing principals Al Cissel and Scott Melnick -- sold the asset to Empire American Holdings in late June.
Cissel and Melnick have closed on more than 9,000 units in the DC area over the last 60 days or so. All together the duo have closed on $800 million worth of deals in the past eight to nine weeks. And so far this year they have transacted close to $2 billion in multifamily sales.
A RLJ Development affiliate has acquired a six-hotel portfolio from a partnership between Miami-based developer and investment firm Gencom Group and Lehman Brothers Real Estate Partners. The hotels, which are all based in Texas except for one in Colorado Springs, are the first investment for RLJ Real Estate Fund III – a $1.2 billion capital pool that, with leverage, has close to $4 billion in purchasing power. The hotels have just been converted to Global Hyatt’s Hyatt Summerfield Suites flag.
This sale marks the closure of the 2004 partnership between Gencom and Lehman Brothers, which launched with the acquisition of 50 percent of the Summerfield brand and six Summerfield Suites Hotels from Wyndham International. Then they bought nine Bradford Home Suites Hotels in March 2006. Six of the properties, now part of the RLJ acquisition, were re-flagged under the Hyatt Summerfield Suites brand. Aimbridge Hospitality will manage the three hotels in the Dallas area and White Lodging Services will manage the hotels in Austin, Colorado Springs and Houston.
Tetra Tech has renewed its lease for 13,786 SF at 20251 Century Boulevard in Germantown, a five-story, 133,499 SF office building that is 97% occupied. JP Matan and Mike Jezienicki of Matan Realty represented The Matan Companies in the five-year deal.
St. Louis-based architecture firm HOK has renewed its office lease for 34,415 SF at Georgetown’s Canal House at 3223 Grace St. for an additional 10 years. As part of the transaction Western Development is modifying the space so HOK can pursue LEED CI certification. CresaPartners’ Gene Sachs represented HOK.
First Potomac Realty has refinanced a $72 million first mortgage loan secured by 14 Maryland-based properties with a secured term loan from KeyBank and First Potomac’s unsecured revolving credit line. The loan has an initial balance of $35 million and can be increased by another $35 million. The loan’s interest rate is 225 basis points over LIBOR, and will be maturing in September 2010, with a one-year extension option.
Michael McShea and Peter Larkin have joined CBRE’s Government and Public Sector Solutions group as executive vice presidents. They both come from Staubach. At CB they will focus on local, municipal, state and federal government entities as well as higher education institutions.
It is clearly the season of mergers among real estate service firms: the latest deal of course is the roll up of Colliers Turley Martin Tucker, Colliers ABR, Colliers Pinkard and Cassidy & Pinkard Colliers into one holding company, thus creating a property management portfolio of 288 million SF, a leasing portfolio of approximately 210 million SF and in 2007, a combined capital markets transaction volume of $5 billion. Word is each firm will continue to operate independently.
Brookfield Properties and ING Clarion have delivered 326,000 SF 77 K St.
Tower Companies has completed 2000 Tower Oaks Boulevard in Rockville. It’s been designed to LEED Platinum standards.
Interstate Hotels & Resorts has added four Hyatt Place hotels in Texas to its management portfolio. The former AmeriSuites hotels were converted to Hyatt Place hotels in December 2007. They are the first Hyatt Place hotels Interstate will manage.
CoStar has added the Capitol Riverfront submarket to its Washington database, a reflection of the "heightened interest and increasing recognition of the area as a distinct submarket," the Capitol Riverfront BID says.
Dominion Generation has completed its $135 million 360MW expansion at the Ladysmith Peaking Power Station in Woodford.