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October 14, 2020

Falls Church Office Building Sells For Double 2017 Price In Pandemic-Era Upset

An office property in Falls Church has sold for more than double the price it traded for in 2017, following a major renovation and lease-up effort, a deal that shows there is still strong investor appetite for stable office assets. 

Falls Church Office Building Sells For Double 2017 Price In Pandemic-Era Upset

Boston-based Marcus Partners has sold the office property at 3170 and 3180 Fairview Park Drive for $87.5M to a joint venture of Vanderbilt Office Properties and Estein USA.Marcus Partners acquired the asset in 2017 for $33.1M, property records show. It invested another $15M in the renovation…

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WeWork Closing 3 Of Its Oldest D.C. Coworking Spaces

WeWork Closing 3 Of Its Oldest D.C. Coworking Spaces

WeWork is downsizing its D.C. footprint with the closure of three of its oldest coworking spaces in the District. A WeWork spokesperson confirmed to Bisnow the company is closing its Manhattan Laundry, Wonder…

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U.S. Navy Plans To Build New $450M Museum In D.C.

U.S. Navy Plans To Build New $450M Museum In D.C.  

The nation's capital could soon welcome another major new museum in the area around the Washington Navy Yard.  The Navy announced Tuesday it plans to build a new National Museum of the U.S. Navy, and it aims to break ground in 2023. The project is expected to cost $450M, >

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Avanath, MacFarlane Plan $100M IPO For First OZ Affordable Housing REIT

Two major commercial real estate players are creating a public multifamily real estate investment trust via a $100M IPO, the industry's first to focus on affordable and workforce housing, its founders say. 

Dubbed Aspire Real Estate Investors, the REIT is controlled by Irvine, California-based Avanath Capital and San Francisco-based MacFarlane Partners, both among the largest Black-owned real estate companies in the country. 

Representatives for both Avanath Capital and MacFarlane Partners declined to comment, citing the “quiet period” that began after filing an IPO on Oct. 2. But documents submitted to the Securities and Exchange Commission offer a look at plans for the first wave of investments Aspire would make, including spending $582.4M on nine initial multifamily properties across the country, six of which are located in opportunity zones.

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Is This Oakland Group CRE's Answer To Gentrification?

OAKLAND, CALIFORNIA — A newly formed community development corporation is looking to help stem the tide of displacement in East Oakland, five or so blocks at a time.

Across a 50-by-50-block area in East Oakland, Black Cultural Zone, a development entity started in the last year, looks to develop about 10 cultural and commercial hubs meant to create ownership and a secure place for the city's dwindling Black population, Black Cultural Zone CEO Carolyn Johnson said. 

Black Cultural Zone is an outgrowth of the longer-standing East Oakland Black Cultural Zone Collaborative, a partnership of over 20 nonprofits. Johnson said last year it decided it needed to form a new entity to carry out community and commercial development, to help move residents from "a consumer class to an owner class."

“We have to own the real estate to have real power," she said. "Otherwise, we’re at the whims of the marketplace."

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Origin Stories: Brian Crowell Began His CRE Career At The Tender Age Of 10

 

This series delves into the myriad ways people enter the commercial real estate industry and what contributes to their success.

Brian Crowell, partner and director of multifamily development at The Hudgins Cos., has been around the world of commercial real estate since he was only 10 years old.

The executive remembers his father exposing him to the industry in his formative years, assigning him various commercial real estate-related tasks in Crowell's childhood backyard. Now, a father himself, Crowell, 36, is grateful he received top-quality preparation and mentorship before even entering high school. 

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