WRIT has signed a contract to buy 2445 M for $182 million, or $628 SF, from private equity firm Broadway Partners. The deal is expected to close in Q4. WRIT will be assuming a 5.6% mortgage encumbering $102 million on the nine-story, 290k SF building.
WRIT has also sold a Chantilly flex portfolio for $41 million to RREEF, which acquired the three-asset, 336k SF package on behalf of an institutional client. WRIT realized proceeds of $15 million on the sale and a combined 13% unlevered IRR over the time it owned the properties, acquired in 1996 and 2001. Its gain from the sale will be reinvested in a 1031 exchange.
MGP Real Estate has acquired Braddock Place in Alexandria for $106.5 million. Paul Collins, Bill Collins, Drew Flood, and James Cassidy of Cassidy & Pinkard Colliers represented ING Clarion, which sold the four-building, class A 348,218 SF office complex.
Varsity Capital, a student housing developer and investor in McLean, has acquired an off-campus portfolio in West Virginia for $12 million. The 249-unit portfolio is based Marshall University in Huntington.
Scheer Partners and JBG have formed a $100 million fund through which they plan to make $300M of investments in the DC area biotech and life science space. Called the Greater Washington Life Sciences Fund, it will disperse its capital over the next three years. Scheer, which has been focusing on the biotech community almost since its own inception more than a decade ago, will be providing the industry expertise to the operation. JBG, for its part, contributed most of the equity, some 95%. Robert Scheer will be the manager member of the fund. The market can expect to see acquisitions along the 1-270 Corridor in the near future.
MRP just signed a contract for a large mixed-use project inside the Beltway in Northern Virginia. No other details are available other than it is more than 1 million SF.
Monday Properties plans to redevelop four other buildings in its Rosslyn portfolio besides 1812 N. Moore, which will be Virginia’s first Platinum office. Altogether 2.6 million SF of office space will be rehabbed in the coming years, at a cost of about $500 SF, according to Monday Properties president Anthony Westreich.
COPT has inked another huge lease this month, at the 131k SF building it is developing at 6721 Columbia Gateway in Columbia. Integral is taking the entire space to use as its headquarters. It will be moving into its new offices in February 2009, around the time the building is expected to deliver.
Earlier this month COPT signed a 123k SF lease with an unidentified tenant at M Square Research Park at the University of Maryland. That tenant, it has since been revealed in a Baird research note, is the Defense Department’s Intelligence Advanced Research Projects Activity.
Procter & Gamble is taking 538k SF in a distribution warehouse in Belcamp that is owned by Preston Waters and Urdang. CB Richard Ellis’ Bill Pellington repped the owners in the deal.
MRP has delivered – and sold – its first venture, the 250k SF, 14-story Carlyle Overlook in Old Town. American Society of Clinical Oncology had signed a contract to acquire five stories in the building more than a year ago. More recently Mass Mutual acquired the top floors. Both deals closed recently. The architect for Carlyle Overlook was Davis Carter Scott, and the general contractor, Harvey-Cleary Builders.
Arlington-based Interstate Hotels & Resorts will be opening its first aloft – a Starwood brand-- in the US, in Rancho Cucamonga, CA. Interstate owns the 136-room, newly built hotel together with John Buck Co. of Chicago in a JV. It’s the first in a series of Aloft hotels slated for development by the partnership over the next several years. The second is scheduled to open in suburban Nashville this September.
At its second annual meeting, the NoMa BID elected five members for three-year terms on its Board: Bob Elliott of JBG; Jim Evans of Tishman Speyer; John Gordon of Polinger, Shannon & Luchs; Dennis Paul of Paul’s Wholesale Florist Co.; and Fred Rothmeijer of MRP.