ARLINGTON, VA—The Arlington Partnership for Affordable Housing selected Bozzuto Construction Co. as the general contractor for The Springs, a $42 million mixed-use, mixed-income apartment building.
Dirt will move on the five-story project shortly and it is scheduled to deliver in the Summer of 2016.
The Springs will be located on N. Thomas Street and N. Carlin Springs Road in the Ballston submarket. It will house APAH's new headquarters as well as 104 apartments, 98 of which will be designated as affordable for low-income individuals and families.
WASHINGTON, DC—Sodium LLC has acquired 2450 N St., NW, a vacant 88,011-square foot office component of a larger mixed-use building, for $27.25 million. The Association of American Medical Colleges was the seller. DTZ's Jayne Shister, Drew Flood, Jud Ryan, James Cassidy, Paul Collins and Bill Collins represented the buyer. The seller was represented by Jeff Zell of JM Zell Partners.
SILVER SPRING, MD—Washington Property Co. sold a 48,000-square foot, net-leased gym by LA Fitness for $13 million. The Greysteel Co.'s Mid-Atlantic retail investment sales team led by Gil Neuman arranged the sale and procured the buyer, Excalibur Development, LLC.
MANASSA, VA—Corporate Office Properties Trust has secured two long-term leases for two 150,000-square foot build-to-suit shell buildings on land it recently purchased in the Southpoint Business Center. The REIT will begin development here next month.
CLAYMONT, DE—Commercial Development Co., a commercial real estate and brownfield redevelopment company in St. Louis, has acquired a 425-acre, environmentally-distressed, former steel mill here from steel manufacturer Evraz. CDC and Environmental Liability Transfer, an affiliate of CDC, have assumed responsibility for the legacy environmental liabilities associated with the site and its former operators. Evraz acquired the property in 2007 and continued the near century-long steel manufacturing operation until 2013, when it shut its doors for economic reasons. EnviroAnalytics Group, another CDC affiliate, will begin remediation for the soil and groundwater and begin environmental monitoring—projects that will last two years.
EAG is working with the Delaware Department of Environmental Resources and Environmental Concerns to finalize the remedial plan under the state's voluntary cleanup program. At the same time CDC will be performing land studies, market assessments, and meeting with community stakeholders to determine the best use for the site.
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