Southeast Real Estate Business

OCT 2016

Southeast Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Southeast United States.

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M I D - AT L A N T I C 22 • October 2016 • Southeast Real Estate Business CHEVY CHASE LAND BUYS SHOPPING CENTER IN METRO D.C. FOR $62 MILLION RESTON, VA. — The Chevy Chase Land Co. has purchased South Lakes Village, a 110,000-square-foot shop- ping center located in Reston, about 22 miles west of Washington, D.C. Chevy Chase Land acquired the Safe- way-anchored property from Cor- nerstone Real Estate Advisers LLC for $62 million through a 1031 tax deferred exchange from the sale of its Richmond office portfolio earlier this year. South Lakes Village's tenant ros- ter includes CVS/pharmacy, BB&T Bank, Starbucks Coffee, SunTrust Bank and Pet Valu. WEGMANS OPENS NEW STORE AT FOUNDRY ROW IN METRO BALTIMORE OWINGS MILLS, MD. — Wegmans, a supermarket chain, has opened a 109,000-square-foot store at Found- ry Row in Owings Mills. Greenberg Gibbons and Vanguard are co-devel- oping Foundry Row, a $140 million, 50-acre redevelopment of the site of the former Solo Cup factory on Re- isterstown Road. The store is Weg- mans' eighth location in Maryland and the second in Baltimore County. The new Wegmans features a Mar- ket Café with a seating area and The Burger Bar restaurant. A La-Z-Boy Home Furnishings and Décor store has also recently opened at Foundry Row. BENNING CONSTRUCTION OPENS NEW OFFICE IN RICHMOND LED BY RICHARD HEINKEL RICHMOND, VA. — Atlanta-based Benning Construction has hired Rich- ard Heinkel to lead the general con- tractor's new office in Richmond. As the firm's director of East Coast opera- tions, Heinkel will manage new and existing clients in Virginia and North Carolina. Heinkel has 40 years of com- mercial construction experience and is personally licensed in six states. Hein- kel graduated from the University of Florida in 1981 with a bachelor's de- gree in Building Construction. FCP BUYS APARTMENT COMMUNITY IN METRO D.C. FOR $60.5 MILLION WOODBRIDGE, VA. — Federal Capi- tal Partners (FCP) has purchased Windsor at Potomac Vista, a three- story, garden-style apartment com- munity located on Kristin Court in Woodbridge, about 30 miles south of Washington, D.C. FCP purchased the property from GID Investment Advisors for $60.5 million utilizing a Fannie Mae loan provided by Wells Fargo. Built in 1987, Windsor at Po- tomac Vista includes a clubhouse with a fitness center and resort-style pool overlooking the Potomac River, as well as a cyber café and two play- grounds. Walter Coker and Brian Crivella of HFF represented the seller in the transaction. WASHINGTON PROPERTY OPENS CUBESMART, BUYS ADJACENT OFFICE BUILDING ROCKVILLE, MD. — Washington Property Co. (WPC) has completed the conversion of an 82,000-square- foot office building at 4 Research Place in Rockville to a CubeSmart self storage facility, which is now open for business. The four-story CubeSmart features 715 climate-controlled stor- age units. The Bethesda-based com- pany has also acquired an adjacent of- fice building, known as One Research Court, in a joint venture with Balti- more-based Alex. Brown Realty Inc. for $17 million. The 113,620-square- foot One Research Court was 89 per- cent leased at the time of sale. The joint venture plans capital improve- ments at the property, including up- grades to the lobby, bathrooms, eleva- tors and fitness center, as well as the addition of a conference center. WPC is now leasing and managing the project. TRAFFIC ENGINEERING ROADWAY DESIGN TRAFFIC SIGNAL DESIGN TRANSPORTATION PLANNING The Southeast's preeminent transportaƟon engineering, planning, and design firm www.rameykemp.com Ingles | Lincolnton, NC Smithfield Crossings | Smithfield, NC Wal-Mart | Powdersville, SC Permiƫng Due Diligence Access CoordinaƟon Booth #323 CapabiliƟes: Come see us at the ICSC Southeast Conference at South Lakes Village's tenant roster includes Safeway, CVS/pharmacy, BB&T Bank, Starbucks Coffee, SunTrust Bank and Pet Valu.

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