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Cameron Run

WASHINGTON, DC–There have been a handful of property trades in recent days in the Washington DC area.

JBG SMITH Sells Summit For $95M

JBG SMITH has sold Summit I and Summit II to Brookfield Property Partners for $95 million. Summit is a fully-occupied, two-building office project on the Dulles Toll Road in Reston, VA. It consists of over 290,000 rentable square feet and approximately 700,000 square feet of additional density. Also, in the first quarter of 2018, JBG SMITH closed on the sale of land and temporary construction easements associated with the Summit site to the Metropolitan Washington Airports Authority for $2.2 million. Tom Cleaver, Dan Grimes and Rob Faktorow of CBRE represented JBG SMITH and Brookfield Property Partners in the sale of Summit.

Monday Properties Acquires 2 NoVA Office Buildings

Monday Properties has acquired two office buildings in Northern Virginia. One is Cameron Run in Alexandria, located at 3601 Eisenhower Ave., which traded from the Meridian Group for $37.8 million. The fully-leased, 145,244-square-foot, six-story building has recently undergone a major renovation. Monday Properties has also acquired Dulles Metro Center for $71.5 million (hat tip to Washington Business Journal for the price). Dulles Metro Center is a 225,029 square foot Class A office building within walking distance of the future Innovation Center Metro station along the Dulles Toll Road. It has been recently renovated.

Hersha Hospitality Buys Annapolis Waterfront Hotel

Hersha Hospitality Trust has acquired the 150-room Annapolis Waterfront Hotel, an Autograph Collection Hotel, for $41.5 million. The hotel traded at a cap rate of 8.7% and a 10.4x EBITA multiple, according to the REIT’s CEO Jay Shah. “This acquisition allows us to replace a significant portion of the EBITDA from our 2018 sales and refinancing efforts,” he says in a prepared statement. The Annapolis Waterfront Hotel was converted to an Autograph Collection in 2015.

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Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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