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August 8, 2005 News Clips

WASHINGTON, DC NEWS

Warning Period Coming to an End; MPDC To Issue Tickets from New Photo Enforcement Cameras
9 new red-light cameras, three new photo radar cameras go live

A warning to speeders and red-light runners. Following a month of warning notices only, the Metropolitan Police Department on Friday, August 5, begins issuing tickets to motorists caught driving aggressively by 12 new photo enforcement cameras located throughout DC. Click here to find out exactly where the cameras are located.

 

Out of Gate, Fenty Leads Fundraising Race

By Lori Montgomery and Yolanda Woodlee
Washington Post Staff Writers
Tuesday, August 2, 2005; Page B06

DC council member Adrian M. Fenty collected more than $213,000 in the first two months of his campaign for mayor, leaping ahead of his declared rivals in fundraising for the 2006 campaign, according to reports filed yesterday with the DC Office of Campaign Finance.

Council member Vincent B. Orange Sr. (D-Ward 5), who became a mayoral candidate June 19, reported raising just over $126,000. The only other declared candidate, former telecommunications executive Marie C. Johns, who announced her candidacy just more than a week ago, said she has yet to start raising money and will not file a report until January.

The reports, which measure contributions through Sunday, offer a first glimpse into the intense competition for cash expected to mark the campaign. Political observers believe that Mayor Anthony A. Williams (D) is leaning toward retirement, leaving the city's top political job up for grabs for the first time since 1998.

http://www.washingtonpost.com/wp-dyn/content/article/2005/08/01/AR2005080101468.html

 

Low-Cost Housing May Ride Market's Coattails
City Considers Trading Zoning Changes on Upscale Projects for Economic Diversity

Washington Post Staff Writer
Sunday, July 31, 2005; Page C07

The DC government wants to require residential developers to include low-priced housing in most market-rate projects, an effort to use the seemingly insatiable demand for upscale housing in the city as a springboard for creating affordable places to live.

The Zoning Commission is weighing two proposals for the approach known as "inclusionary zoning," one crafted by a broad coalition of affordable housing advocates, the other proffered by Democratic Mayor Anthony A. Williams's Office of Planning.

Each plan would require developers to price some units -- generally between 10 and 20 percent of the project -- below market rate, and they would be compensated by being able to build projects as much as 20 percent larger than what zoning allows. The plans differ on the exact number of units of affordable housing that would be required.

http://www.washingtonpost.com/wp-dyn/content/article/2005/07/30/AR2005073001170.html

 

Cropp 'Leaning Strongly' Toward Mayoral Run

By Lori Montgomery and Yolanda Woodlee
Washington Post Staff Writers
Friday, July 29, 2005; Page B07

DC Council Chairman Linda W. Cropp said yesterday that she does not expect Mayor Anthony A. Williams to seek a third term and that she is "leaning strongly" toward running to replace him in 2006.

"It looks as if it's a strong possibility," Cropp (D) told reporters and editors over lunch at The Washington Post. "Right now, I am talking to the citizens, and my announcement is geared for September. And at this point, it looks fairly strong that I would run."

Cropp, a 25-year veteran of DC politics who has also served on the school board, would be a formidable candidate, political analysts said. Polls conducted for other campaigns show she is popular among DC residents and respected by local business leaders. She also is the only candidate in a field of five expected challengers who has previously won a citywide election.

http://www.washingtonpost.com/wp-dyn/content/article/2005/07/28/AR2005072802087.html

 

Williams Proposes Moving Metro Offices to Anacostia

By Debbi Wilgoren
Washington Post Staff Writer
Thursday, August 4, 2005; Page A01

Development east of the Anacostia River got a shove yesterday from Mayor Anthony A. Williams when he proposed that the Metro system sell its valuable downtown headquarters and build an office complex on empty land at a rail station in Southeast Washington.

Williams (D) said he also wants the city to build a mid-size municipal building at the Anacostia Metro station. Together, the projects would bring more than 1,300 daily workers to an area that is a 10-minute drive or train ride from downtown but is desolate, save for the morning and evening rush of commuters through the station.

The proposal comes at a time of unprecedented focus on the economic development potential of the Anacostia River, the waterway that has served as a painful socioeconomic dividing line.

http://www.washingtonpost.com/wp-dyn/content/article/2005/08/03/AR2005080301566.html

 

Cropp Likes What She's Hearing

By Lori Montgomery
Washington Post Staff Writer
Thursday, July 28, 2005; Page DZ02

Linda W. Cropp says she's going to wait until September to declare her intentions for 2006. But the two-term council chairman who not so long ago was daydreaming about retirement is sounding more and more like a candidate for mayor.

Cropp (D) denied rumors that she's planning a formal announcement for Labor Day. But in an interview in her office in the John A. Wilson Building this week, Cropp said she is leaning toward a run for the city's top job.

"I really have been talking to people all over the city, letting them know I'm thinking about running for mayor, and asking them, if I did, would they support me. And I have been very encouraged," she said. "Just today I went to an event in Ward 8, and they were saying, 'You gotta get out there. You know the city. You've paid your dues. You've done an excellent job as chairman. And you could continue to move this city forward.' "

http://www.washingtonpost.com/wp-dyn/content/article/2005/07/27/AR2005072700930.html

 

Celebrating an Architect's Distinctly Utilitarian Vision

By Robert E. Pierre
Washington Post Staff Writer
Thursday, July 28, 2005; Page GZ11

Thousands of patrons visit Eastern Market on Capitol Hill every week to shop for flowers, buy fresh meat and cheese or browse among dozens of vendors selling furniture, paintings, music and all sorts of crafts -- often oblivious to the building itself.

"They go about their shopping without noticing the market," said Mike Berman, an artist and vendor, during a Saturday program meant to change that.

Berman's comment came as part of a kickoff ceremony for a series of upcoming events dedicated to the market's architect, Adolf Cluss, who designed more than 70 buildings after the Civil War. Most of them have since been torn down, but the survivors in the District include the Smithsonian's Arts and Industries Building on the Mall, the Charles Sumner School and Calvary Baptist Church.

http://www.washingtonpost.com/wp-dyn/content/article/2005/07/27/AR2005072700911.html

 

Congress Questions Height of Proposed Office Near Capitol

By Barbra Murray

July 29, 2005

(To read more on property protection, click here.)

WASHINGTON, DC-Development plans for a 12-story office that could be as much as 200,000 sf have run into a bit of interference, as the US Congress weighs in on the structure's proposed height of 130 ft. That height that is 20 feet over Washington, DC's standard maximum.

Calling on the District of Columbia Office of Zoning for a height variance, project developer the JBG Cos. submitted its plan to erect the facility--which will occupy a site that is currently home to a parking facility adjoining the company's 205,000-sf office building at 51 Louisiana Ave. NW--and won the office's approval. But now, Congress has expressed its concerns over potential security issues that the building would pose because it’s across from the US Capitol. To that end, Senate Majority Leader Bill Frist and Minority Leader Harry M. Reid recently introduced SA 1022--an amendment to the US Department of the Interior's appropriations bill--preventing the District of Columbia Board of Zoning Adjustments and the District of Columbia Zoning Commission from granting the variance until specified conditions have been met.

In the amendment the Senate leaders call for the zoning approval to be voided unless the US Capitol Police Board concludes that the variance will not compromise congressional security, nor result in increased government spending for increased security; Frist, Reid, the Speaker and Minority Leader of the US House of Representatives, sign off on the Police Board's assessment; and the Police Board submits its approval in writing to the Board of Zoning Adjustments and the Zoning Commission.

http://www.globest.com/news/337_337/washington/136756-1.html

 

$87M Mixed-Use Condo Gets Under Way

By Barbra Murray

August 2, 2005

(To read more on the multifamily market, click here.)

WASHINGTON, DC-Ground has broken on the development of Highland Park, a mixed-use condominium project. Donatelli & Klein, Gragg & Associates and the National Capital Revitalization Corp. are behind the project, which serves as yet another big step toward the renaissance of the Columbia Heights community. The tab for the development will be an estimated $87 million.

Situated atop the Columbia Heights Metro Station, Highland Park carries the address of 1400 Irving St. NW and is located within several blocks of Howard University and the Washington Hospital Center. The condominium is designed by the architectural firm of Torti Gallas and Partners, and will feature 229 units, 30% of which will be reserved as affordable housing for households earning varying levels of the area median income.

The residential element, however, is just part of the package. Highland Park will also feature 22,000 sf of ground-level retail space, as well as an underground parking facility to accommodate 222 vehicles.

http://www.globest.com/news/339_339/washington/136839-1.html

 

NASA Signs 49,800-SF Deal

By Barbra Murray

August 2, 2005

WASHINGTON, DC-Securing space for NASA, the feds signed on for 49,800 sf of the 280,000-sf One Patriots Plaza. It is the first phase of what will ultimately be the three-structure, approximately one-million-sf Patriot Plaza compound near the US Capitol.

The terms of government's lease of the third and fourth floors with property developer and owner Trammell Crow have not been disclosed. The real estate company is currently marketing space in the 12-story, class A tower for $50 per sf.

One Patriots Plaza sits at 395 E St. SW is known as one of the newest office properties to fully accommodate federal security standards set out for commercial office buildings after September 11. The property adheres to the call for buildings to stand a significant distance away from the curb, the parking facilities are not physically attached to the offices, and the structures are all designed of precast concrete with steel reinforcements. The other two office towers to be developed in the complex, Two Patriots Plaza and Three Patriots Plaza, will feature 323,000 sf and 384,000 sf respectively.

http://www.globest.com/news/339_339/washington/136868-1.html

 

Kennedy Center Cancels $650M Expansion Plan

By Barbra Murray

August 3, 2005

(To read more on the debt and equity markets, click here.)

WASHINGTON, DC-Plans for a $650-million expansion of the John F. Kennedy Center for the Performing Arts have been suspended, indefinitely, as a result of Congress' elimination of a $400-million allotment for the project from recently passed legislation. "As the new Surface Transportation Reauthorization Bill does not include an allocation of funds for the Kennedy Center Plaza Project," Kennedy Center president Michael M. Kaiser says, "the Kennedy Center is placing the project on hold."

Kennedy Center officials made the official presentation of the expansion proposal--which would have consisted of the addition of a two-building plaza designed by architect Rafael Viñoly and paths connecting to the National Mall--back in 2001. Congress passed the John F. Kennedy Center for the Performing Arts Plaza Authorization Act in 2002, which empowered the US Department of Transportation to shell out as much as $400 million to bring the project to fruition.

http://www.globest.com/news/340_340/washington/136895-1.html

 

Downtown DC Building Sells for $27M

By Barbra Murray

August 3, 2005

WASHINGTON, DC-AEW Capital Management has acquired the office building at 1726 M St. NW for $26.6 million from 1726 Associates. The 88,300-sf structure developed in 1964 sold for approximately $300 per sf.

Transwestern Commercial Services' Investment Services Group and Cambridge Property Group represented the seller. An 11-story structure, 1726 M St. sits equidistant from George Washington University and Dupont Circle right in the middle of the central business district.

While the property is over 40 years old, it has kept up with the times through major renovations in 1982 and 1998. "During a five-year holding period, we were able to add value through physical upgrades to the building and stabilized leasing from the top floor to the parking garage," Cambridge vice chair and president T. Michael Scott. Cambridge will maintain a connection to the property, staying on board to handle leasing and management responsibilities.

http://www.globest.com/news/340_340/washington/136927-1.html

 

Consulting Firm Takes 10,800 SF on I Street

By Barbra Murray

August 4, 2005

WASHINGTON, DC-A new name will be added to the tenant roster at the 384,200-sf office property at 1625 I St. NW now that Ballentine Barbera Group has committed to a 10,800-sf space in the trophy building. The consulting firm inked an 8.5-year lease agreement and will relocate from its current home at 1250 Connecticut Ave.

Building owner Brookfield Properties was assisted by Cassidy & Pinkard's Kerri Mulligan and Zeke Dodson, Ballentine Barbera was represented by Kevin Howard of Grubb & Ellis. Cassidy & Pinkard is currently marketing space in the 12-story tower for $42 to $47 per sf. Law firm O'Melveny & Myers LLP is the lead tenant in the building.

1625 I St. is located a few blocks from the White House in the city's central business district. The two-year-old structure was designed by architectural firm Skidmore, Owings & Merrill and Gensler, and features such amenities as a fitness center, a five-level underground parking facility and a nine-story atrium lobby.

http://www.globest.com/news/341_341/washington/136977-1.html

 

$42M Financing Deal Closes for 2000 K St.

By Barbra Murray
August 4, 2005

(To read more on the debt and equity markets, click here.)

WASHINGTON, DC-A financing package valued at $41.5 million has come to a close for 2000 K St. NW. The property, according to District real estate records, has a current assessed value of $44.5 million and last changed hands in 1997.

MetLife Real Estate Investments--with Sue Busick and Brian Casey of the firm's Washington, DC office at the helm--orchestrated and provided the loan for the 141,200-sf office property on behalf of a corporate pension fund represented by VEF Advisors, a privately held real estate investment and management company. The funds were provided through a 10-year first mortgage at an undisclosed fixed rate which, MetLife's Brian J. Fox tells GlobeSt.com, replaced or refinanced an existing loan and left the borrower with cash to pocket.

http://www.globest.com/news/341_341/washington/136941-1.html

 

 

MONTGOMERY COUNTY NEWS

Insults Fly as Probe of Md. Firings Nears
Duncan Is Latest To Trade Words With Ehrlich Camp

By Matthew Mosk
Washington Post Staff Writer
Thursday, August 4, 2005; Page B05

State lawmakers have yet to launch their probe into Maryland Gov. Robert L. Ehrlich Jr.'s personnel practices, but an ugly partisan clash is already developing.

First, the Republican governor's chief counsel questioned whether certain Democrats had the capacity to conduct an impartial investigation.

A Democratic lawmaker fired back, accusing the governor of "Karl Rove-style" tactics and of "trampling on the rights of respected state employees."

http://www.washingtonpost.com/wp-dyn/content/article/2005/08/03/AR2005080302098.html

 

Chevy Chase Plans Pause in Building To Stave Off March of the Mansions

By Cameron W. Barr
Washington Post Staff Writer
Wednesday, August 3, 2005; Page B05

The Town of Chevy Chase, a wealthy enclave of 1,032 homes in Montgomery County, is preparing to adopt a six-month building moratorium that proponents say will give the town time to craft a response to "mansionization."

The incorporated town's five-member council unanimously agreed last week that a freeze on demolitions, new construction and substantial renovations was necessary. Yesterday, town lawyers released a draft ordinance that might be voted on as early as Aug. 10. Opponents are pondering lawsuits and said the town is infringing on property rights.

The town joins other jurisdictions in the Washington region that are considering efforts to address widespread complaints about oversized homes. Montgomery is debating a measure to change the way residential building heights are calculated and to reduce maximum height from 35 to 30 feet in the southern part of the county. Arlington County is looking at legislation that would lessen the extent to which certain residential lots can be covered by buildings, driveways and other structures.

http://www.washingtonpost.com/wp-dyn/content/article/2005/08/02/AR2005080201730.html

 

Residents Find Small-Town Vision Blurred

In Clarksburg, Home Buyers Accuse Developer of Betraying Original Plan

By Peter Whoriskey
Washington Post Staff Writer
Sunday, July 31, 2005; Page A01

The advertising campaign for Clarksburg Town Center presented the new home development as the embodiment of that old American ideal, the small town.

In words and pictures, promotional literature described the community as if Norman Rockwell had drawn the plans: It would have a town square, and the homes, shops and restaurants would be rendered in "traditional architectural styling."

"A new American classic town," boasted the sign inside the sales center, itself a restored historical home with a wraparound porch and white picket fence.

http://www.washingtonpost.com/wp-dyn/content/article/2005/07/30/AR2005073001441.html

 

Ehrlich lauds transportation earmark for ICC

by Douglas Tallman
Staff Writer
Aug. 5, 2005

Congress has showered Montgomery County with about $47 million in highway projects, including $18 million for the Intercounty Connector and $21 million for a transit center in Silver Spring.

The Transportation Equity Act, approved overwhelmingly on Friday, spends $286 billion over the next four years, money collected from the 18.4 cents per gallon motorists pay for the federal gasoline tax.

Gov. Robert L. Ehrlich Jr. (R) hailed the decision on ICC funding.

http://www.gazette.net/200531/weekend/a_section/288430-1.html

 

Knapp: More staff won't solve planning woes

by Douglas Tallman
Staff Writer
Aug. 3, 2005

A Montgomery County councilman is questioning the addition of 17 positions to government departments regulating development, a major county reaction to the debacle surrounding Clarksburg Town Center.

Inadequate staffing is a "red herring" to mask other management failures, said Councilman Michael J. Knapp (D-Dist. 2) of Germantown.

"The issue isn't enough site plan enforcement folks. We didn't have a process in place to make sure we were asking the right questions in the first place," Knapp said.

http://www.gazette.net/200531/montgomerycty/county/287651-1.html

 

REGIONAL NEWS

ISO: A Sale Without an Agent
Young Buyers, Sellers Shun Tradition in Favor of Sites Such as Craigslist

By Gayle Young
Special to The Washington Post
Saturday, July 30, 2005; Page F01

Like so many relationships these days, it started when his ad on the Web site Craigslist.org caught her eye.

She called him to express her interest, and they agreed to meet on a bright Saturday afternoon in June. Rita Johnson was a law school student from Arizona looking to move to Washington; Getinet Bantayehu was a recent Harvard grad.

By the next morning, she was ready to commit.

http://www.washingtonpost.com/wp-dyn/content/article/2005/07/29/AR2005072900944.html

 

Barcroft: A Lake Superior In Fairfax

By Lester J. Davis
Special to The Washington Post
Saturday, July 30, 2005; Page G01

Elliot and Vicki Haugen have always enjoyed country living, with its wide-open spaces and lush greens.

But when the couple moved to the Washington area from Missouri seven years ago, they didn't expect the country. They were resigned to accept that it would be nearly impossible to find large gardens, let alone a spacious piece of property, within a 20-minute commute from Elliot's job in downtown Washington.

Then one of Elliot Haugen's co-workers suggested he visit Lake Barcroft, a community that surrounds the 135-acre lake of the same name in Fairfax County. He found a green neighborhood, with water views and beach access, tucked away off Columbia Pike seven miles from the District line. "You usually think of lake communities in far-off locations or places that are not as developed," he said.

http://www.washingtonpost.com/wp-dyn/content/article/2005/07/29/AR2005072901006.html

 

The Quest for Quiet
Homeowners View Shelter From Noise as a Must-Have Amenity, Surveys Show

By Dan Rafter
Special to The Washington Post
Saturday, July 30, 2005; Page F01

When Mat Thorp bought his home in the Palisades neighborhood of Northwest Washington, he gave little thought to the airplanes that would be roaring over his residence on their way to and from Reagan National Airport.

That was 40 years ago, when Thorp worked long hours in the aviation field and traveled extensively. Living so close to the airport -- with the quick access it gave him to cities across the country -- outweighed the negatives of noisy days.

His viewpoint changed once Thorp retired and began to spend more time at home. The turning point, he recalled, was a reception he hosted on his patio in 2001. When he replayed a video of the event, Thorp was struck by the number of times an airplane would roar overhead, cutting short conversations and drowning out laughter.

http://www.washingtonpost.com/wp-dyn/content/article/2005/07/29/AR2005072900962.html

 

Eminent domain battle reignites
Ruling sparks national push to change laws

by Margie Hyslop
Staff Writer
Aug. 5, 2005

The two hottest words in both Congress and the state legislatures around the country these days are "eminent domain," and the Maryland General Assembly is no exception.

The U.S. Supreme Court -- relying in part on language from the Maryland Court of Appeals -- ruled June 23 that local governments have wide latitude in taking private property. A firestorm over property rights has ensued, and lawmakers are responding.

The Maryland Attorney General's Office says that state law on eminent domain mirrors the high court's decision, and in fact local governments here may have broader powers to seize private property.

http://www.gazette.net/200531/weekend/a_section/288425-1.html

 

Walking around town with Guv'ner Bob: Part II

Aug. 5, 2005

Bob Ehrlich rolled up his shirtsleeves, loosened his tie, threw on his shades and took a stroll through sweltering downtown Annapolis on Wednesday afternoon, and we were allowed to tag along.

In a wide-ranging conversation that touched on topics as diverse as Martin O'Malley's homeland security speech in Washington this week to Peter Franchot's never-ending quest to get his name in the paper, the guv talked shop while doing some old-fashioned retail politics.

He also signed a few autographs for a pair of Annapolis schoolkids while their mother complimented him for taking the time. Then there was a stop at the dock to talk to a couple from Delaware. The governor proudly revealed his wife is a graduate of the University of Delaware, and put in a plug for slots.

http://www.gazette.net/200531/weekend/a_section/288434-1.html

 

All-but-Declared Candidate Comes Calling

By Ovetta Wiggins
Washington Post Staff Writer
Thursday, August 4, 2005; Page T02

Baltimore Mayor Martin O'Malley (D) has been spending a lot of time lately in Montgomery County, the home of his main primary rival, County Executive Douglas M. Duncan (D).

Last week, O'Malley visited the place Duncan has sometimes described as his second home -- Prince George's County.

Actually, O'Malley has been making more than a few stops in the county in recent weeks.

http://www.washingtonpost.com/wp-dyn/content/article/2005/08/03/AR2005080301176.html

 

Low-Cost Housing Planned in St. Mary's

By Joshua Partlow and Ann E. Marimow
Washington Post Staff Writers
Thursday, August 4, 2005; Page SM02

The St. Mary's County commissioners agreed this week to support an affordable housing development along Willows Road in the Lexington Park area, a project being led by the Southern Maryland Tri-County Community Action Committee Inc.

The development, called Hunting Creek, would include 100 units -- 30 in duplexes and 70 townhouses -- on 20 acres that are part of a larger tract donated by Facchina Construction of La Plata.

"There's need all over," said Swynice M. Hawkins , acting president of the Southern Maryland Tri-County Community Action Committee. Residents "just can't afford the market rate that we have now."

http://www.washingtonpost.com/wp-dyn/content/article/2005/08/03/AR2005080300092.html

 

Affordable Housing Part of Debate

By Susan DeFord and Mary Otto
Washington Post Staff Writers
Thursday, August 4, 2005; Page HO02

A move to slow housing growth in Howard's rural west failed to pass the County Council last week. The proposal, debated at the council's last meeting before its August recess, was part of a housing chart that allocates how many units can be built each year in parts of the county. The Department of Planning and Zoning had proposed shifting 100 units out of the rural west and using them for affordable housing in the east.

Christopher J. Merdon (R-Northeast County) successfully pushed his argument that the housing shift should be part of a broader county strategy on affordable housing.

"We're putting the cart before the horse by changing the allocation," he said. "The first step should be amending the general plan."

http://www.washingtonpost.com/wp-dyn/content/article/2005/08/03/AR2005080301038.html 

 

Va. Rail Plan Exempted From Stricter Cost Gauge
Language in Federal Bill Benefits Tysons Project

By Peter Whoriskey
Washington Post Staff Writer
Tuesday, August 2, 2005; Page B01

The project to extend Metrorail through Tysons Corner would be exempt from new federal cost standards under the transportation bill Congress passed last week, effectively removing a key guideline it would have flunked.

The exemption, tucked into the 321-page legislation, allows the controversial project to win federal funding despite scoring only a "medium low" rating for cost-effectiveness. A recent change in federal standards called for projects to receive a cost-effectiveness rating of "medium" or better.

"It means we don't have to meet the new criteria," said Marcia McAllister, a spokeswoman for the Dulles Corridor Metrorail Project, an arm of the state government. "The same rules for cost-effectiveness that we were subject to last year continue to apply."

http://www.washingtonpost.com/wp-dyn/content/article/2005/08/01/AR2005080101559.html

 

Two-Decade-Old Office Building Goes for $197 Per SF

By Barbra Murray

August 3, 2005

MCLEAN, VA- T&M Venture II has acquired the 68,500-sf office building at 7601 Lewinsville Rd. for $13.5 million or $197 per sf. The 18-year-old property was sold by BPG Properties Ltd. affiliate Lewinsville Investors LP, which had acquired the four-story structure for $9.6 million five years ago. According to Fairfax County Records, the property has a current assessed value of $10.4 million.

Bill Prutting, first vice president of CB Richard Ellis, acted as the sole broker. "This building is a very attractive property due to its proximity to Tysons Corner, low-market vacancy, building features and visibility from the Capital Beltway," Prutting notes.

The property had an occupancy level of 70% at the time of the sale. Luxury homebuilder and mortgage banker NVR Inc. once called 7601 Lewinsville home, but relocated its headquarters to neighboring Reston to accommodate its need for additional space.

http://www.globest.com/news/340_340/washington/136925-1.html

 

Albemarle Point Trades for $67M

By Barbra Murray

August 2, 2005

CHANTILLY, VA-Washington Real Estate Investment Trust has picked up Albemarle Point, a 296,000-sf flex and office space business park, for $67 million from DuPont Fabros. The class A portfolio of six structures was developed between 2001 and 2005 and is currently 97% occupied by a roster of 16 tenants that includes the US Department of Defense and the US Federal Aviation Administration.

Eastdil represented the seller, while WRIT relied on internal representation. Situated on 29 acres off Interstate 66 and Route 50 near the Washington Dulles International Airport, Albemarle Point consists of five single-story flex structures accounting for 206,600 sf and one two-story office building featuring 89,400 sf of space.

"We like the location of this property, as the area is experiencing growth with escalating rents," Sara Grootwassink, CFO of WRIT, tells GlobeSt.com. "In addition, we will be able to experience some operating synergy, as we now own more than 1.1 million sf in the Dulles area."

http://www.globest.com/news/339_339/washington/136858-1.html

 

$67M Financing Deal Closes for Shopping Center

By Barbra Murray

July 29, 2005

(For more retail coverage, click GlobeSt.com/RETAIL.)

(To read more on the debt and equity markets, click here.)

FAIRFAX, VA-Fairfax Corner Retail LC of Virginia has received a $67.2-million refinancing package for the Fairfax Corner Retail Center, a 205,000-sf shopping destination. The company will use the money to replace construction financing on the property.

The transaction was orchestrated by Rockville, MD-based lender Suburban Capital Markets Inc. The funding came in the form of a fixed-rate non recourse-loan with a 10-year maturity and 35-year amortization.

Located on a 32-acre parcel off I-66, Fairfax Corner Retail was developed over the last two years as a retail element of the 1.2-million-sf Fairfax Center mixed-use development. It features a 130,000-sf office structure, multifamily residences and a movie theater with tenants such as Ann Taylor Loft and Elizabeth Arden.

http://www.globest.com/news/337_337/washington/136787-1.html

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