BETHESDA, MD-The American Kidney Fund has inked a 26,180-square-foot lease at TA Associates Realty’s Montrose Metro I, located at 11921 Rockville Pike in North Bethesda. Transwestern agents Scott Randolph and Keith Foery represented the tenant. The landlord was represented by Bob Dickman of McShea.
ARLINGTON, VA-BPG Properties, the owner of Potomac Gateway, a 337,267-square-foot office complex here, has secured $80 million in debt financing for the property. Cassidy Turley’s Philip Mudd, Brad Geiger and Christian Miles arranged the floating bank loan. “We were able to build a compelling story about the performance of the properties by virtue of the input of our leasing team,” Geiger said in a statement. Cassidy’s leasing team of Spencer Stouffer, Todd Brinkman and Krysta Hardiman have leased 260,131 square feet of the property over the last three years.
A two-building complex, Potomac Gateway is located at 2800 and 2900 Crystal Dr. in the Crystal City submarket of Arlington. It is currently 77% leased to the federal government, contractors and private sector tenants.
COLLEGE PARK, MD-American Campus Communities has acquired a 79.5% interest in the Varsity. The purchase price was based on a total value of the property of $121.5 million. The 901-bed Varsity, located immediately adjacent to the University of Maryland campus, opened in August 2011 with 91% occupancy. The property is expected to produce a 6.2% nominal yield and 6% economic yield during the first year.
CRYSTAL CITY, VA-Artomatic is being held in Crystal City this year, from May 18—June 24. The free arts show has become an important event for the commercial real estate community as it is usually held in an emerging market like NoMa or the Southwest waterfront. The local neighborhood—to say nothing of the building in which it is held—inevitably benefits from the increased traffic and media spotlight. This year, it is being held at the Transwestern Presidential Tower, at 2511 S. Clark St.
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