Commercial real estate roundup, 4/26/10
- April 26, 2010
WASHINGTON, D.C. — Rock Creek Property Group announced today that it has raised its first investment fund to acquire and provide investment capital for retail, office, multi-family and industrial properties throughout the greater Washington metropolitan area, Richmond and Baltimore. The $21 million fund will target Class B and Class C acquisitions or joint ventures in the $5 million to $20 million range. “We’re out there proactively hunting for deals every day,” Gary Schlager, one of the firm’s six principals, said in a statement. Formed in 2002, Rock Creek is based in Washington and Bethesda, Md.
FAIRFAX— Multi-family projects continue to be one of the market’s strongest draws due to readily available financing from Fannie Mae’s multi-family lending program. Cassidy Turley, one of the country’s largest real estate companies, obtained a $10.1 million, long-term, fixed rate loan for Providence Hall Apartments in Fairfax. The four-story, 196-unit project is located close to a Vienna metro station, as well as I-66 and Route 50.
RICHMOND – Work is under way on the long-awaited $66 million renovation of the Hotel John Marshall. Developer Dominion Realty Partners plans to convert one of Richmond’s best-known landmarks into 238 apartments and 20,000 square feet of retail space. The John Marshall closed as a full-service hotel in 1988. While reopened later on a limited basis, it closed again in 2004. The Residences at John Marshall will offer studio, one- and two-bedroom apartments, covered parking and a fitness center.
RICHMOND – The historic Richmond Glass Building and accompanying buildings on West Broad Street have been sold to Trolley Station LLC. Trolley, which purchased the property from Joseph E. Purcell Jr., plans to redevelop it. Thalhimer handled sale negotiations.