Middle Market Digest: The Mid-Atlantic

NEWS & NOTABLES

BETHESDA, MD–Michael Warren has been appointed to Walker & Dunlop's Board of Directors as an independent director. His election expands the Board to eight directors. Warren also has been appointed to the Nominating and Corporate Governance Committee of the Board. Warren is the managing principal and CEO of Albright Stonebridge Group. He is also a trustee of the District of Columbia Retirement Board, DC's public pension fund, and serves on the Board of Trustees of the Commonfund, an institutional investment firm.

DEAL TRACKER

RICHMOND–Lingerfelt CommonWealth Partners, a locally-based commercial real estate investment firm, has sold the 243-key Richmond Marriott Short Pump for $38.5 million. The purchaser was a partnership of regional investors. Commonwealth Lodging Management will continue to operate the hotel under the new ownership.

CHANTILLY, VA–Finmarc Management of Bethesda, Md., has sold a three-story 78,327 square foot commercial office building at 4100 Lafayette Center Dr., located within the Enterprise Center, for $4.9 million. The building was acquired by Better Lafayette, LLC. Caulley Deringer of Transwestern represented the seller and Jue Wang of Premiere Realty represented the buyer in this transaction.

ARLINGTON, VA–Arlington Public Schools is expanding and extending its lease at Sequoia Plaza Two on Washington Boulevard, bringing the office property to 100% occupancy. APS is taking an additional 79,892 square feet which will house APS administrative personnel. The new space is in addition to the 61,234 square feet of office space that it currently occupies at the property for a total of 141,126 square feet. APS will move the remainder of its employees from the Arlington Education Center at 1426 N. Quincy Street beginning in January, 2018. The Quincy Street property is an older property owned by APS. The building and the site are being considered for school use to help meet rising student enrollment, although no decision has yet been made. Savills Studley's Mark Roberts, Tim Foley and David Cornbrooks represented APS in the long-term transaction. Avison Young represented the landlord, Foulger-Pratt Development.

HERNDON, VA–Geneva Software has extended its lease for 16,342 square feet at 2121 Cooperative Way. Dennis Tapiero of Cresa represented Geneva Software, and Jerry Kilkenny represented the landlord, Brandywine Realty Trust.

FALLS CHURCH, VA–Michael Trauberman of Spence Hill Associates arranged a $2.6 million mortgage loan for the acquisition of a retail property at 2-10 East Glebe Rd. in Alexandria, Va. The ten-year loan was placed with a Virginia-based bank and has an initial five-year fixed interest rate of 3.91%. The purchaser is an LLC.

MANASSAS, VA–Eastern Union Funding arranged a $4.35 million loan with Burke & Herbert Bank to refinance the Quality Inn here. Eastern Union's David Merkin and Marc Tropp represented the borrower, a local owner/operator, in the transaction.

NEWS & NOTABLES

BETHESDA, MD–Michael Warren has been appointed to Walker & Dunlop's Board of Directors as an independent director. His election expands the Board to eight directors. Warren also has been appointed to the Nominating and Corporate Governance Committee of the Board. Warren is the managing principal and CEO of Albright Stonebridge Group. He is also a trustee of the District of Columbia Retirement Board, DC's public pension fund, and serves on the Board of Trustees of the Commonfund, an institutional investment firm.

DEAL TRACKER

RICHMOND–Lingerfelt CommonWealth Partners, a locally-based commercial real estate investment firm, has sold the 243-key Richmond Marriott Short Pump for $38.5 million. The purchaser was a partnership of regional investors. Commonwealth Lodging Management will continue to operate the hotel under the new ownership.

CHANTILLY, VA–Finmarc Management of Bethesda, Md., has sold a three-story 78,327 square foot commercial office building at 4100 Lafayette Center Dr., located within the Enterprise Center, for $4.9 million. The building was acquired by Better Lafayette, LLC. Caulley Deringer of Transwestern represented the seller and Jue Wang of Premiere Realty represented the buyer in this transaction.

ARLINGTON, VA–Arlington Public Schools is expanding and extending its lease at Sequoia Plaza Two on Washington Boulevard, bringing the office property to 100% occupancy. APS is taking an additional 79,892 square feet which will house APS administrative personnel. The new space is in addition to the 61,234 square feet of office space that it currently occupies at the property for a total of 141,126 square feet. APS will move the remainder of its employees from the Arlington Education Center at 1426 N. Quincy Street beginning in January, 2018. The Quincy Street property is an older property owned by APS. The building and the site are being considered for school use to help meet rising student enrollment, although no decision has yet been made. Savills Studley's Mark Roberts, Tim Foley and David Cornbrooks represented APS in the long-term transaction. Avison Young represented the landlord, Foulger-Pratt Development.

HERNDON, VA–Geneva Software has extended its lease for 16,342 square feet at 2121 Cooperative Way. Dennis Tapiero of Cresa represented Geneva Software, and Jerry Kilkenny represented the landlord, Brandywine Realty Trust.

FALLS CHURCH, VA–Michael Trauberman of Spence Hill Associates arranged a $2.6 million mortgage loan for the acquisition of a retail property at 2-10 East Glebe Rd. in Alexandria, Va. The ten-year loan was placed with a Virginia-based bank and has an initial five-year fixed interest rate of 3.91%. The purchaser is an LLC.

MANASSAS, VA–Eastern Union Funding arranged a $4.35 million loan with Burke & Herbert Bank to refinance the Quality Inn here. Eastern Union's David Merkin and Marc Tropp represented the borrower, a local owner/operator, in the transaction.