REAL ESTATE JOURNAL the most comprehensive source for commercial real estate news
Volume 24 Issue 9 May 11 - 24, 2012
ISSUE HIGHLIGHTS Heller Urban Renewal sets foundation for Harrison Station
23A Quarry Center — 300 Million Years in the Making!
7-9 B 23rd Annual Conference & Expo Atlantic City Convention Center
Section C
Eastdil Secured brokered the sale of 733 10th Street
Jamestown Properties acquires 171,000 s/f class A office building for $140 million ASHINGTON, DC — Jamestown Properties has closed on its acquisition of 733 10th St., an office and retail development in Washington DC’s east end submarket, from Skanska. The class A, 171,000 s/f office building was developed by Skanska starting in 2009, and was designed to give small and mid-sized companies a large-caliber presence with eight floors of office space. The LEED Gold certified 733 10th St. blends energy efficient floorto-ceiling windows and a green roof system with an exceptionally efficient floor plate design. It also features 1,800 s/f of ground-level retail space. The acquisition of 733 10th Ave. follows two other significant acquisitions in the Washington D.C. market: the Georgetown Renaissance portfolio, acquired in fall 2010, and the Madison Hotel and office complex in January 2011. “Washington D.C.’s central business district continues to
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733 10th St. be a strong focus for Jamestown,” said Michael Phillips, COO of Jamestown. “Our acquisition of 733 10th St. demonstrates an ongoing commitment to working with best-in-class developers, and acquiring in-
novative properties in dynamic urban markets.” Building amenities at 733 10th St. include a fitness center with locker rooms, showers and towel service; a landscaped third-floor outdoor
terrace; a tenant-only rooftop terrace with catering capabilities; a building security system with 24-hour access; concierge services; on-site property management; a secure underground parking garage; and iconic views of Washington, D.C., including the monuments, National Portrait Gallery and the Verizon Center. “Washington D.C. is an excellent market. We are pleased to have closed this transaction with Jamestown and look forward to delivering more highquality, sustainable projects in the future,” said Rob Ward, executive vice president of Skanska Commercial Development. Centrally located five city blocks from the White House, the building is in close proximity to two Metro stations, retail stores, hotels and restaurants. The sale of 733 10th St. was brokered by Eastdil Secured. ■
A shopping center in Bayonne, NJ
Inland Real Estate Acquisitions purchases 356,647 s/f Bayonne Crossing for $75.2 million BAYONNE, NJ — Inland Real Estate Acquisitions announced the acquisition of Bayonne Crossing, a 356,647 s/f shopping center for $75.2 million, including future estimated earnout payments totaling up
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Bayonne Crossing aerial
to $7.3 million. Located off the Hudson River and across from Manhattan, the acquisition includes a 91,109 s/f Wal-Mart and a 146,583 s/f Lowe’s Home Improvement, both anchor tenants on ground leases purchased by Inland Real Estate Acquisitions. Joe Cosenza, vice chairman of The Inland Real Estate Group and president of Inland Real Estate Acquisitions, facilitated the transaction on behalf of the buyer, Inland Diversified Real Estate Trust. “I am very pleased to have closed on the purchase of what I believe to be one of the finest retail assets I have ever acquired,” Cosenza said. “Bayonne Crossing’s unique location draws from 525,000 people within a 5 mile radius, and it’s within an Urban Enterprise Zone that gives patrons a 50% break on the state sales tax.” ■