1. Notable Recent Projects ‐ John Nolan, MAI, LEED AP
3‐Property Class B Office Portfolio
Submarket: Dulles, VA
Rentable Bldg Area (SF) 317,420
Number of Buildings 14
Number of Tenants 27
Year Built 1985‐1988
Occupancy 74.0%
3‐Property R&D/Office Portfolio
Submarket: Rockville, MD
Rentable Bldg Area (SF) 317,420
Number of Buildings 5
Number of Tenants 8
Year Built 1995‐2004
Occupancy 84.2%
Eastgate Shopping Center
Submarket: Greenbelt, MD
Rentable Bldg Area (SF) 134,029
Number of Buildings 8
Number of Tenants 21
Year Built 1981‐2007
Occupancy 81.9%
University Heights Apartments
Submarket: Charlottesville, VA
Rentable Bldg Area (SF) 307,715
Number of Buildings 37
Number of Units 420
Year Built 1968
Occupancy 96.0%
Pennsylvania Avenue Development Land
Submarket: Southeast DC
Land Area (SF) 28,098
Current FAR Allowed 3.0
Potential FAR 6.0
Potential # of Units 155 to 162
First Floor Retail Space Approx 22K
Summary:
This project consisted of a combination of R&D and office space in Rockville, MD located in an
internationally‐recognized biotech and life science hub known as “DNA Alley”. The building quality
was a mix of Class A and B. This project was part of the Blackstone acquisition of BioMed Realty Trust
in late 2015. The buyer cited as a reason for the acquisition that health‐care spending is rising quickly
in the US, boosting demand for laboratory space that can accommodate pharmaceutical developers
and manufacturers. The public market perception of the seller was relatively poor, creating an
opportunity for the buyer.
The overall property analyzed was a 28,098‐square foot site consisting of six parcels. This site was
partially improved with a restaurant and a single‐family residence. The purchaser was a developer
seeking a Planned Unit Development zoning designation to increase the property’s FAR from its
current 3.0 to 6.0. The property has a “Moderate Density Commercial” designation on the District of
Columbia’s Future Land Use Map. However, the developer's attorney indicated that the close
proximity of the property to a Metro station would help support a C‐2‐B PUD at the Property. The
developer’s preliminary plans include the construction of a 7‐story mixed use retail/residential
development.
Summary: Reston Business Campus, Herndon Corporate Center, and Van Buren Office Park are a group of single‐
story Class B office parks built in the mid‐1980s. The properties were purchased as part of a larger
portfolio. The tenant mix runs the gamut between national credit tenants, and local "mom‐and‐pop"
users. The seller's past investment strategy involved investing in suburban markets, where demand
for similar assets has slackened significantly. This sale was part of their effort to reposition their
market share and divest their underperforming assets. The buyer viewed the deal as a value‐add.
Summary:
Summary: This project was a grocery‐anchored shopping center with five outlots including McDonald's, KFC,
and Pizza Hut. The tenant mix includes a variety of national chains and local companies. Giant
grocery store is the anchor tenant; it occupies 56,526 square feet and is considered to be a strong
long‐term anchor. The previously‐constructed portion of the center was renovated in 2007, and has
high occupancy. Additional space was constructed in 2007, but this space lacks the exposure of the
original buildings and has dragged down the overall occupancy.
Summary: This project was a garden‐style multifamily property located on a 15.73‐acre site. It is adjacent to the
University of Virginia main undergraduate campus and the graduate schools of business and law. The
improvements were built in two phases, the first in 1968, and the second in 1972. Like many college
towns throughout the US, Charlottesville is a experiencing a dramatic increase in new student
housing construction that threatens the existing housing stock. This asset benefits from its proximity
to campus and excellent management.