Washington Home Co. has sold for $64M an apartment creating it designed in 2014 in the vicinity of the Westfield Wheaton Mall.
Courtesy of Haven Residential
The condominium building at 10941 Georgia Ave., being rebranded as Maven at Wheaton.
The 232-unit Solaire condominium neighborhood offered to 29th Road Funds, the consumer introduced Thursday. It stated it plans to renovate the models and amenity places and rebrand the home to Maven at Wheaton.
The buyer did not disclose the rate, and it hasn’t nonetheless posted in deed data, but WPC’s Quinn Rounsaville instructed Bisnow it was $64M. Berkadia’s Brian Crivella, Walter Coker, Monthly bill Gribbin and Yalda Ghamarian represented WPC in the offer.
The six-story making, developed in 2014, is one of quite a few Solaire-branded condominium projects WPC has developed in the place. Its features incorporate a fitness middle, a neighborhood area, a courtyard with grills and an outside pool.
“The sale of Solaire 10914 Ga signifies the end result of WPC’s business enterprise strategy in Wheaton,” Rounsaville said in a statement. “We are incredibly happy of the value we produced in our improvement and the good effects it carries on to have on the Wheaton local community.”
Chicago-primarily based 29th Street Money, founded in 2009, made its first D.C.-region acquisition in 2021 with the $82M acquire of a 240-device condominium residence in Alexandria. The firm’s in-property property administration organization, Haven Residential, is running the two properties.
“We glimpse ahead to executing on our small business prepare and continuing to increase in the Washington DC area,” 29th Street Capital Senior Vice President Brian Berry stated in a assertion.
LEASES
Comstock Companions landed two new 10-calendar year place of work leases at Reston Station. The developer announced this week it signed CACI Intercontinental to a 41K SF lease and Penn State’s Used Analysis Laboratory to a 35K SF deal. The tenants signed on at 11400 and 11440 Commerce Park Travel, a pair of buildings Comstock acquired in 2019 as element of its initiatives to broaden Reston Station. Both equally are relocating their offices from structures close by.
Courtesy of Avison Youthful
The entrance to the freshly renovated Franklin Square business office constructing at 1300 Eye St. NW in Downtown D.C.
The proprietors of the newly renovated Franklin Square business creating in Downtown D.C. landed a 19.5K SF lease with the Disabled Veterans of The usa, Avison Younger announced this week. The offer is one of seven leases totaling 140K SF the proprietors — a partnership of Nuveen True Estate and Norges Lender — have signed above the very last 18 months to bring the 485K SF building to 95% leased.
The other promotions at Franklin Square involve new leases with the Meeting of State Bank Supervisors, the Bank Coverage Institute, Greenpeace, Nuveen mother or father company TIAA-CREF, and lease renewals with the American Community Transportation Affiliation and the American H2o Is effective Affiliation. Avison Young’s Will Stern, Eli Barnes, Lauryn Harris and Alston Offutt regulate leasing for the making. Its recent renovation, built by Hickok Cole Architects, included a new a few-tale glass entrance, a conference facility, exercise middle and bicycle space.
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Governing administration contractor Amentum is shifting its headquarters from Germantown, Maryland, to Chantilly, Virginia, Gov. Glenn Youngkin declared Monday. The transfer comes soon after Amentum past yr acquired government contractor PAE Inc. It is shifting its headquarters to an business office it now leased, a 45.6K SF room at 4800 Westfields Blvd., an Amentum spokesperson told Bisnow. The company isn’t increasing its place, but Youngkin’s announcement stated it is investing $495K and generating 157 new work opportunities with the move.
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A new veteran-owned brewery signed an 8K SF lease at 650 Corporate Drive, an industrial building owned by Merritt Properties at the Merritt Business enterprise Park at Quantico Company Center in Stafford County, the Washington Organization Journal described. Whole Distance Brewing, slated to open up this spring, is around the Maritime Corps’ Quantico coaching base and is geared toward beer drinkers who enjoy athletic stamina pursuits.
Revenue
Chuck Kuhn paid out $57M for a 31-acre industrial residence in Gainesville, Virginia. Kuhn, the CEO of JK Moving Services, programs to create extra warehouse space on the internet sites he obtained at 14201 and 14251 John Marshall Freeway and 7350 and 7411 Gallerher Highway, the Washington Business enterprise Journal described. The seller, affiliates of Chalmers Assets Co., had been represented by CBRE’s Bo Cashman and Jonathan Beard.
Funding
Amazon delivered $20M in financing to Banneker Ventures for the construction of a 193-device cost-effective housing undertaking at the Addison Street Metro station in Prince George’s County. The bank loan, coming from the tech giant’s $2B Housing Fairness Fund, is the most current in a series of affordable housing deals Amazon has closed in the area.
The cost-effective units in Banneker’s task are established apart for those people creating among 40% and 60% of the place median profits. The challenge, branded Park Area, will also have 11K SF of retail. Torti Gallas + Associates developed the project, and a partnership of development firms Blue Skye and Coakley Williams is building it.
Staff
Todd Hartman resigned from his situation as govt vice president and main operating officer of Company Place of work Qualities Have faith in, the enterprise discovered in a Securities and Trade Fee submitting. The Columbia, Maryland-centered firm said it subsequently entered into an arrangement with Hartman under which he will give consulting services for the subsequent 12 months for $585K. It did not disclose a cause for the transfer. Hartman joined COPT in November 2020 from Ivanhoé Cambridge.
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Jamie Weinbaum was named CEO of D.C.-location multifamily developer Horning. Weinbaum formerly served as govt vice president at MidCity and has also labored at Ditto Residential, JBG Cos. and the D.C. federal government. He informed Bisnow Monday he sees options to redevelop some of Horning’s multifamily attributes across the D.C. region.
MILESTONES
Developer PRP finished the conversion of an business office creating into 212 apartments at 4900 Seminary Highway in Alexandria, it introduced Monday. The making, branded The Sinclaire on Seminary, has an out of doors lounge with firepits, bocce courts and a doggy park, furthermore ground-ground retail.
The residence is one of two buildings in the Mark Centre advanced that PRP obtained for $40M in 2018 just after they went through foreclosure. It is one particular of several Alexandria business office buildings that have been converted to apartments in modern a long time, a pattern that has distribute to the District.
“The Sinclaire on Seminary represents a properly executed adaptive reuse undertaking,” PRP President Paul Dougherty stated in a launch. “The place of work making was a really successful and optimum applicant for conversion supplied its rectangular form, slim bays, significant ceiling heights and our very low basis, all requisites for effective conversions.”
