NEWS & NOTABLES

NORTHERN VIRGINIA–There are nine fewer large office blocks available along the Silver Line today than two years ago, according to JLL. Specifically, the number of available large blocks has fallen from 147 in 2015 to 141 today, a 4.1% decrease. The shift in tenant preferences for Metro-accessible locations led to a 15% decrease in the number of available large blocks in all three submarkets along the Silver Line Corridor, it said. For example, both Reston Crossing buildings have leased up in the last 12 months as tenants move to the Metro-adjacent project before the Silver Line Phase II opening in 2020.

The number of blocks has increased in submarkets without Metro or federal demand drivers such as Fairfax Center and the I-395 Corridor in Alexandria, but decreased in Route 28 South due to the presence of federal intelligence drivers.

Large blocks are expected to continue leasing up over the next 24 months especially in buildings near Metro stations, JLL concludes — with the largest decline in the RB Corridor.

DEAL TRACKER

WASHINGTON, DC–Washington Gas is relocating its corporate headquarters to 1000 Maine Avenue SW, next year. The building is located within The Wharf, a mile-long mixed-use neighborhood developed by PN Hoffman and Madison Marquette on the Southwest waterfront. Washington Gas will occupy two floors of the 11-story, 250,000 square foot office, which is currently under construction. The company signed a lease for a 16-year term and expects to move in around summer 2018.

GAMBRILLS, MD–Beacon at Waugh Chapel, a 298-unit apartment building at 1433 S Main Chapel Way, has traded for $83.7 million. A JV between Perseus Realty Partners and AXA bought the property.

BALTIMORE–The State of Maryland has acquired Point Breeze Business Ctr, at 2200-2510 Broening Hwy, for $89 million from RREEF. The 1,975,431-square foot industrial warehouse is occupied by Ports America.

BALTIMORE–Menlo Industrial Park at 4200 Menlo Dr., a 195,792 industrial property, has traded for $8.9 million. A private investor is the buyer.

WASHINGTON, DC–Hilltop, an apartment community at 908 Eastern Ave., NE, has sold for $9.3 million or $87,736 per unit. WinnCompanies is the new owner.

MANASSAS, VA–7619 Doane Dr., a 108,000-square foot industrial property, has sold for $7.8 million, or $72 per square foot. Finmarc Management sold it to an individual investor.

LAUREL, MD–The 235-unit Laurel Pines Apartments, at 14601 Bowie Rd., has sold for $26.9 million, or $126,064 per unit. BDMG is the buyer.

WILMINGTON, DE–Kirkwood Milltown Professional Plaza at 5509 Kirkwood Hwy, has traded for $3.9 million, or $281 per square foot to Lux Properties.

JESSUP, MD–JLL has been named exclusive listing agent at 7600 Assateague Dr. Formerly known as the Baltimore-Washington Logistics Center, the 60-acre, 1-million-square foot redevelopment project will be rebranded as the Mid-Atlantic Commerce Center. The JLL team will be led by Mark G. Levy, Dave Dannenfelser, Ben Meisels, and Tyler Boykin. MACC is owned by AEW Capital Management, on behalf of one of its institutional separate account clients, and the Manekin Corp.

Instant Insights /

Middle Market Digest: The Mid-Atlantic

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