Dealmaker: Cushman & Wakefield Secures $33M To Reposition Maryland Office Property
Cushman & Wakefield, New York, secured $33 million to reposition a Class A office building in Rockville, Md.
John Campanella, Executive Managing Director with Cushman & Wakefield, represented borrower WealthCap, Munich, Germany, when it sought to refinance 5635 Fishers Lane, Rockville, Md. The six-story office building received a non-recourse commercial bank loan.
“We continue to see the commercial banks providing excellent pricing for solid borrowers with well-located assets,” Campanella said. He noted he anticipates the institutional sales market will slow further next year, creating an even more competitive lending environment.
Built in 1965 in Twinbrook Metro Park near the Washington Metro Red Line public transit station, 5635 Fishers Lane last received a full renovation in 2004. The National Institute on Alcohol Abuse and Alcoholism and the United States Pharmacopeial Convention occupy most of its 185,000 square feet.
In Florida, Cushman & Wakefield Senior Director Jay Ballard and Director Ken Delvillar represented GoldOller Real Estate Investments, Philadelphia, when it sold multifamily community Ocean Oaks Apartments.
An ApexOne Investment Partners-Collier Cos. joint venture acquired the Volusia County asset for $30.25 million, or $102,196 per unit. Ballard said the value-add asset saw “significant” investor interest due to its notable rent and revenue growth.
Developed just south of Daytona Beach, Fla. in 1988, garden-style Ocean Oaks Apartments has 296 units in 37 buildings. Monthly rents averaged $948 at closing.
