Middle Market Digest: The Mid-Atlantic

2104 18th Street NW

NEWS & NOTABLES

BETHESDA, MD–Global Medical REIT has a new CEO: Chairman of the Board of Directors Jeff Busch has taken over the role, effective immediately. The former CEO, David Young, has resigned from his leadership role and from his position as a member of the board of directors. Young will continue as an employee of the company’s external manager until September 19, 2017, after which he will serve as a consultant providing acquisition and business development services for the REIT. “Our Board of Directors determined that a change in leadership offered the best avenue for future success and thus we have made this move,” Busch said in a prepared statement.

DEAL TRACKER

WASHINGTON, DC–2104 18th Street NW, a 2,700-square asset in Adams Morgan, has sold for $1.275 million. The asset was purchased by Foxhall Partners, which plans to reposition it. “The new owners signed the retail tenant to a new 10-year lease, and plan to renovate the two residential units as they roll over,” says Josh Feldman of The Feldman Group of Marcus & Millichap, which listed and sold the property on behalf of the owner. The seller had owned the property for 34 years at the time of the sale, and leased the retail unit to Meeps Vintage Clothing in 2006. The property, on the market for 37 days, generated 6 offers and closed at $35,000 above the list price.

WASHINGTON, DC–The Credit Union National Association will lease 22,000 square feet of office space on the 3rd floor of Skanska’s 99M development, a 234,000-square-foot, office building currently under construction in Washington, DC’s Capitol Riverfront neighborhood. CUNA will move in the spring of 2018. Lincoln Properties represented Skanska and Cresa represented CUNA in this lease.

SOUTH BOSTON, VA–Marc Tropp, senior managing director with Eastern Union, who leads the Mid-Atlantic office arranged a $3.3 million loan for a shopping center in Virginia purchased at auction in late July. Hupps Mill Plaza was up for sale in an online auction through CW Capital. Built in 1972, the 17.32-acre retail plaza was assessed at $7.1 million and was 76.46% occupied at the time of purchase, with Belk, Goody’s and Shoppers Value Foods as anchors. Tropp’s team also recently arranged a $10.5 million acquisition loan on behalf of Pratt Street Capital for the 92,000-square-foot Hilltop Square Shopping Center in Virginia Beach. The property was 92 percent leased at the time. In another transaction, the group arranged a $2.45 million loan for the Ranson Shoppes, a 16,300-square-foot, 100-percent leased property in West Virginia. Tropp also sourced the acquisition loan for the $29.25-million purchase of the Market at Opitz Crossing in Woodbridge, Virginia.