Washington Real Estate Investment Trust, a Rockville-based owner of commercial and multifamily properties in the Washington area, announced that it has completed the final two sale transactions of its medical office portfolio by closing on the sale of Woodburn I & II in Annandale, Va., and Prosperity I, II and III in Merrifield, Va., for an aggregate sales price of $193.6 million, or $453 per square foot. WRIT completed the first two medical office portfolio transactions in November 2013 for $307.2 million. The aggregate sale proceeds for the entire medical office portfolio are $500.8 million. The sole buyer is Chicago-based Harrison Street Real Estate Capital LLC. WRIT said this was the largest transaction in its 53-year history.
Alex. Brown Realty venture sells Ga. Center
A joint venture owned by Baltimore’s Alex. Brown Realty Inc. and Healey Weatherholtz Properties, an Atlanta-based real estate management firm, has sold Shops Around Lenox, a 125,000-square-foot retail center in Atlanta’s affluent Buckhead neighborhood. Alex. Brown said the joint venture acquired the seven-acre site in 2009 after plans to redevelop it as an office tower fell through, then invested about $20 million to turn it from a struggling big-box anchored retail center to an open-air, boutique shopping district. The repositioning received a Development of Excellence Award from the Urban Land Institute for its focus on sustainable design and creative reuse of existing space.
Affordable Housing grants for city, North East
Affordable Housing grants from the federal government will help finance two construction and rehabilitation projects for low-income families in Maryland, one in Baltimore’s Park Heights neighborhood and the other in North East. The grants are sponsored by M&T Bank through The Federal Home Loan Bank of New York. A $300,000 grant will help provide 18 apartments at the Park Heights Women and Children’s Center, developed by Gaudenzia, a Pennsylvania-based drug and alcohol treatment provider. Completion is scheduled for December. A $177,540 grant will help Episcopal Housing Corp. and Conifer, a real estate management company, with the North Creek Run Phase II project, which includes the construction of 22 rental units in North East.
ReNew Botanicals Skin Care Studio and Wellness Boutique is the first business to operate in the old Hamilton Firehouse at 3015 Hamilton Ave. The firehouse was rescued from demolition by Hamilton-Lauraville Main Street, a coalition of businesses and local residents, and is being used as a business incubator. The store’s owner is Shelley Birnbaum. … The Tower Cos.’ chief sustainability officer, David Borchardt, will chair a session on Management and Operations in Real Estate on Tuesday at the International Sustainable Built Environment Conference in Doha, Qatar. The company says 90 percent of its properties are LEED certified. … Tony Foreman and Cindy Wolf will mark the opening of their new restaurant on the lake in Columbia with a series of charity lunches and dinners Tuesday through Friday next week. The restaurant is Petit Louis, the name of their existing restaurant in Roland Park. Details at 410-964-9999 or http://www.petitlouis.com/evenements. … Merritt Properties announced that it signed an agreement this week with Tennessee-based Tower Communications Expert LLC, a telecommunications contractor, for space at its Oak Hall Lane property in Columbia. The company is leasing 5,937 square feet of office and warehouse space at 6770 Oak Hall Lane, Suites 110-111. Merritt Properties said the landlord representatives were Jamie Campbell, Vince Bagli, Liz Tarran-Jones and Steve Shaw.