NEWS & NOTABLES

TYSONS, VA–JLL's Managing Director Harry Klaff was named the 2017-2018 Chair of the Board of Directors for the Northern Virginia Chamber of Commerce. Formerly the Fairfax County Chamber of Commerce, the Northern Virginia Chamber of Commerce represents more than 500,000 local employees.

Klaff is a thirty-year veteran tenant representation broker at JLL and has worked on more than $11 billion transactions in Northern Virginia throughout his career. Prior to his appointment as Chair of the Board of Directors, Klaff was a founding member of the Chamber's Innovation Awards. “We changed our mission because our members wanted to have an organization that addresses these issues at the highest level,” Klaff said. “As we continue to grow and remain competitive, we need to listen, engage, advocate and promote. I am up for the challenge.”

WASHINGTON, DC–Revitalized, walkable neighborhoods with desirable retail have enhanced multifamily rents throughout the region, according to a JLL analysis of multifamily rents and rent premiums in the 14th Street Corridor in the District, Bethesda Row in Maryland and the Mosaic in Northern Virginia. It found that multifamily buildings in and along these areas maintain rent premiums of 15 to 20% above the regional Class A multifamily market.

It also found that new multifamily product in Bethesda Row and Mosaic, both a mile from Metro, achieves higher rents than comparable new product near Metro in their respective markets. “Neighborhoods do not have to be transit-adjacent to achieve a place-making premium, providing opportunity for premiums in markets that are farther from the Metro such as Ivy City and Union Market/Gallaudet,” JLL also concluded.

DEAL TRACKER

ANNAPOLIS–Abrams Development Group has acquired Clock Tower Place, a 46,900-square foot retail property at 1410 Forest Dr. for $10.3 million. It is 98% occupied.

RICHMOND–Haxall View, a mixed-use property with 29 residential units above 24,307 square feet of office and restaurant space has sold for $10.5 million.

Marcus & Millichap's Christopher Chadwick and Dawson Rinder marketed the property on behalf of the seller. They also, along with Martin Mooradian, in the firm's Richmond office, procured the 1031 buyer.

Haxall View, a former cigar factory, is located at 2101 E Main St in the heart of the Shockoe Bottom district. The two conjoined buildings are at the corner of East Main Street and South 21st Street situated on a 22,815-square-foot parcel.

“The sale of Haxall View highlights the strong market demand in Shockoe Bottom for luxurious rentals,” Chadwick says. “The wage growth in the Richmond market is higher than rent growth, allowing investors to unlock substantial upside as well as taking advantage of the 15% increase in the millennial population and their interest in relocating the Richmond.”

WASHINGTON, DC–2833 Georgia Ave NW, a 15-unit apartment building with 3,358 square feet of commercial space in Columbia Heights, has traded for $3.5 million, or close to $234,000 per unit and a 3.67% cap rate. The transaction was a 1031 exchange by the seller, which is buying another property locally. The buyer, a local investor, plans to renovate the units and modernize the property, according to Jesse Mates in Marcus & Millichap's Washington, D.C office who handled the sale on behalf of the seller along with Cameron Webb.

The property, called Gresham House, is located at 2833 Georgia Avenue NW, one block north of Howard University's campus. The property sits on a 5,818-square-foot mixed-use lot that has parking. “The property was on the market for almost a week and we generated over 10 property tours and had multiple offers that drove up the initial list price and ultimately traded $100,000 above the seller's expectations,” Mates said.

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NEWS & NOTABLES

DEAL TRACKER

ANNAPOLIS–Abrams Development Group has acquired Clock Tower Place, a 46,900-square foot retail property at 1410 Forest Dr. for $10.3 million. It is 98% occupied.

RICHMOND–Haxall View, a mixed-use property with 29 residential units above 24,307 square feet of office and restaurant space has sold for $10.5 million.

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The Middle Market Digest: The Mid-Atlantic

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