NEWS & NOTABLES
McLEAN, VA–David Ohlrich has been named president of the KETTLER’s Property Management division. Ohlrich, who joined KETTLER earlier this year as SVP of Operations, has 25 plus years of experience in asset management and real estate operations. He has had executive roles as Federal Capital Partners and Equity Residential. Ohlrich succeeds Cindy Clare, who is leaving the organization to become COO with Bell Partners.
ALEXANDRIA, VA–Lowe and USAA Real Estate have delivered the 19-story, 700,000-square-foot headquarters for the National Science Foundation. Lowe handled the development, and now provides the building’s management. The building, at 2415 Eisenhower Ave., is in the Carlyle / Eisenhower neighborhood and adjacent to the Eisenhower Avenue Metro Station. Set on 2.03 acres, the NSF headquarters consists of two interconnected towers of 19 and 14 stories with 19,000 square feet of ground floor retail space and three levels of below-grade parking.
CHARLOTTE, NC–Washington DC-based Northridge Capital, which has partnered with Charlotte, NC-based developer Insite Properties, has broken ground on The Refinery, a 107,000 square foot creative office and retail project located in the Midtown submarket at 1213 West Morehead St. JLL’s Barry Fabyan and Charley Leavitt are representing the development team in office leasing; John Hadley of The Nichols Co. is handling first-floor retail leasing. BB+M Architecture has been tapped as the architect, LandDesign is the civil engineer and Edifice Construction is the general contractor. The Refinery is slated to deliver in fall 2018.
BETHESDA, MD–Global Medical REIT completed four acquisitions during the third quarter, for an aggregate of 126,318 square feet. The combined purchase price was approximately $66 million at a weighted average cap rate of approximately 7.67%.
ARLINGTON, VA–Chesapeake Lodging Trust has closed on the sale of the 222-room The Hotel Minneapolis, Autograph Collection in Minneapolis for $46 million, or $207,000 per key. The REIT used the net proceeds from the sale to repay outstanding borrowings under its revolving credit facility. Chesapeake Lodging acquired hotel in October 2012 for $46 million, at a 6.2% trailing twelve month NOI cap rate. After factoring in a 2018 renovation estimated at $5 million, the sale price represents a 5.6% NOI cap rate.
CHEVY CHASE, MD–JBG SMITH has tapped Legends as the operator for the 12,000-square foot observation deck at the office tower at Central Place in Rosslyn, VA.