MidCap Financial Closes First Mortgage on Office to Multifamily Conversion Project in DC
This downtown office building is the latest in D.C. to go residential. Here’s what’s behind the switch.
North Bethesda’s Critical Challenge: Fixing The ‘Unfriendly And Unsafe Walk’ Across Rockville Pike
A massive mixed-use project is in the works just across from Pike & Rose in White Flint
Willco Pitches 20-Acre, 8-Building Development Near Pike & Rose
Duffie, Willco Propose 800-Unit Project In Wheaton
https://www.bisnow.com/washington-dc/news/mixed-use/duffie-willco-propose-800-unit-project-in-wheaton-106963
Willco Partners with DC Party Box to bring you back to the Drive In
BACK TO THE DRIVE IN!!! Willco is partnering with DC Party Box to bring you back to the drive in for some movie fun! Starting October 9th, every Friday, Saturday & Sunday evening (weather permitting) at 6011 Executive Blvd in Rockville (Washington Science Center) there will be a family friendly “spooky” movie presented from 7:00 to 9:00 pm and a classic or scary movie at 10:00 pm. For more information, showtimes etc., please visit – www.dcpartybox.com and select Drive In Movies.
In addition, on October 30th and 31st DC Party Box will be hosting a drive thru trick or treat at 6011 Executive Blvd. Further information is also posted on the site listed above.
Willco Participates in the Summer R.I.S.E. Program
Take A Trip Through Core
Willco Named as Washington Post Best Places to Work 2016
Willco Appoints Barry Bass To Lead Capital Markets Effort
(February 29, 2016 – POTOMAC, MD) – Willco announced today that Barry Bass has joined the company as a Managing Director to lead its capital markets effort. Barry will focus on expanding Willco’s capital markets activities by sourcing new forms of capital for Willco and its various investment platforms, one of which is a new discretionary fund that will begin investment activities in late 2016. In addition to his other responsibilities, Barry will co-manage this new fund vehicle. Barry was most recently with Carr Properties, where he was CFO and helped to grow the company’s infrastructure and business platform, including facilitating Alony-Hetz’s initial investment in the company in 2013. “Barry is a seasoned real estate finance executive who brings more than 25 years of solid industry and management experience to his new role at Willco,” noted Jason Goldblatt, President and CEO of Willco Companies. “His track record of success is impressive. We are pleased to have Barry join our team and look forward to tapping his expertise and leadership as we look for additional capital partners for our acquisitions and developments.” Prior to Carr Properties, Barry was the CFO of First Potomac Realty Trust, where he helped to complete their initial public offering in 2003. Barry has also held positions at Legg Mason, the Artery Group, and Winthrop Financial in Boston.
Real Estate Roundup: Developers Break Ground on Downtown Silver Spring Apartment Building
BY AARON KRAUT
Rendering of Core, the 292-unit apartment building slated for Georgia Avenue in Silver Spring
VIA FOULGER-PRATT
Development companies Foulger-Pratt and Willco broke ground Wednesday morning on Core, the newly named 16-story, 292-unit apartment building coming to the middle of Silver Spring’s central business district.
“This is an important step in the progress and the reclaiming of downtown Silver Spring for the wonderful, wonderful community that is Silver Spring,” said Bryant Foulger, managing principal of the Rockville-based developer that also helped build the Silver Spring Transit Center and the Downtown Silver Spring restaurant and retail project.
“This project will be yet another step in that same type of development,” Foulger said.
The project, at 8621 Georgia Ave., is schedule to be completed by spring 2017 and will be the latest new apartment project in fast-changing downtown Silver Spring. The building will include 52 affordable units and about 1,500 square feet of ground-floor retail space on a surface parking lot just north of the Lee Office Building, a well-known Silver Spring landmark at the intersection of Georgia Avenue and Colesville Road.
The spot is a few blocks from the Silver Spring Transit Center, the Downtown Silver Spring project and the county’s new Silver Spring Library.
“This block is ready, that’s for sure,” County Council President Nancy Floreen said. “We’ve been parking here but now, oh well. Now, it’s going to serve the purpose it’s intended to serve, which is contributing to the vitality and excitement of Silver Spring.”
County Executive Ike Leggett joined Floreen, council member Tom Hucker, who represents Silver Spring, and Richard Cohen, a Silver Spring native and chairman of Potomac-based Willco, for the ceremony.
Willco Makes Second Potential Long-Term Development Play in Northeast D.C.
Staff Reporter-Washington Business Journal
Willco has expanded its development potential in Northeast D.C., positioning the Potomac-based firm to benefit from growth along the emerging New York Avenue corridor including Douglas DevelopmentCorp.’s redevelopment of the former Hecht Co. warehouse into a mixed-use project.
Willco paid $2.75 million on March 27 for a 35,000-square-foot surface lot by Kendall Street and New York Avenue from Greyound Lines Inc. The site, across Kendall Street from a larger development site Willco has owned for nearly two years, is a surface lot currently leased by the District for bus parking.
“We’re long-term believers in the ultimate development plan for New York Avenue and we see a bright future for this particular location with everything going on in the area,” Willco CEO Jason Goldblatt said.
The District has about three more years left on its lease of the property and could potentially extend its lease beyond that period to generate additional rental income for Willco. Beyond that, however, the site is zoned for about 110,000 square feet of new development and could be expanded for about 275,000 square feet if approved as a planned unit development.
The acquisition is separate from a newly forged joint venture partnership Willco has struck with Landmarc Asset Advisorsfocused on opportunistic purchases here in the D.C. region. The firms are focused on value-add prospects including properties in good locations that can benefit from capital improvements to increase occupancy and rental rates.
WILLCO ACQUIRES 285,000 SF FLEX/INDUSTRIAL PORTFOLIO AT MONTGOMERY COUNTY AIRPARK, GAITHERSBURG, MD
In one of the Washington metropolitan area’s largest industrial portfolio acquisitions this year, a partnership led by Willco Companies of Potomac, MD has acquired approximately 285,000 square feet of flex-industrial space at Montgomery County Airpark in Gaithersburg, MD for $30 million. The sellers, Zarpas 1 through 5 Limited Partnerships, were represented by the Washington, DC office of Jones Lang LaSalle. BB&T Bank provided financing for the acquisition.
The portfolio consists of eight flex-industrial buildings with over 60 tenants, located in the Washington region’s fourth largest industrial park. Montgomery County Airpark, a public airport located three miles northeast of Gaithersburg, is situated at the doorstep of the newly completed Montgomery County Intercounty Connector (ICC), providing enhanced access to major transportation and business centers across the region. The property will be re-branded as Willco Business Center at Montgomery County Airpark.
Willco’s new acquisition is approximately 75 percent leased with national tenants such as M&T Bank, wholesale distributor Ferguson, and construction services company Cianbro. The new ownership plans to lease the existing vacancy to high-quality, service-oriented tenants while reducing operating expenses and increasing profitability. Willco also plans to improve the business park’s exterior appearance.
Commented Willco Companies’ Chief Operating Officer Jason Goldblatt: “This purchase was a value-add acquisition for Willco and our partners. The strategy includes purchasing an under-performing flex industrial portfolio and growing occupancy and rents. We believe that as the economy improves, demand for well-located warehouse and distribution space will increase.”
Willco already holds a portfolio of more than two million square feet of flex/industrial assets in the Washington, DC metropolitan area, and plans to add additional small-bay, service-oriented flex/industrial product to its portfolio in 2012.
“This portfolio is part of dwindling supply of industrial-zoned land on the I-270 corridor, and is uniquely situated at the gateway to the Airpark with direct access to the ICC, which originates just two miles from the property,” Goldblatt noted. “These assets now represent the largest concentration of flex-industrial property in the Airpark under the same ownership.”
Montgomery County Airpark, opened in 1959 as a reliever facility for Reagan National Airport, hosts some 100,000 operations per year and is considered the closest “jetport” to the nation’s capital. The newly opened ICC links existing and proposed development areas between the I-270/I-370 and I-95/US 1 corridors with a state-of-the-art, multi-modal east-west highway that limits access and accommodates the movement of passengers and goods.
Willco Companies is a leading developer, owner, investor, and manager of first-class commercial real estate with an active portfolio of approximately five million square feet in one of the most vibrant markets in the world: the Washington, D.C. metropolitan area. The company’s capabilities include acquisition, financing, development, asset management, property management, and leasing. Since its inception in the early 1960s, Willco has developed hundreds of projects — including office buildings, hotels, shopping centers, and mixed-use facilities –totaling more than 20 million square feet. For further information, visit www.willcocompanies.com.
Willco Companies Partnership Acquires 285,000 SF Flex/Industrial Portfolio At Montgomery County Airpark In Maryland
In one of the Washington Metropolitan Area’s largest industrial portfolio acquisitions this year, a partnership led by Willco Companies of Potomac, MD has acquired approximately 285,000 square feet of flex-industrial space at Montgomery County Airpark in Gaithersburg, MD for $30 million. The sellers, Zarpas 1 through 5 Limited Partnerships, were represented by the Washington, DC office of Jones Lang LaSalle. BB&T Bank provided financing for the acquisition.
The portfolio consists of eight flex-industrial buildings with over 60 tenants, located in the Washington region’s fourth largest industrial park. Montgomery County Airpark is situated at the doorstep of the newly completed Montgomery County Intercounty Connector, providing enhanced access to major transportation and business centers across the region. The property will be re-branded as Willco Business Center at Montgomery County Airpark.
Commented Willco Companies’ Chief Operating Officer Jason Goldblatt: “This purchase was a value-add acquisition for Willco and our partners. The strategy includes purchasing an under-performing flex industrial portfolio and growing occupancy and rents as we stabilize the assets while reducing operating expenses and creating operational efficiencies.” Willco already holds a portfolio of more than two million square feet of flex/industrial assets in the Washington, DC Metropolitan Area, and plans to add additional small-bay, service-oriented flex/industrial product to its portfolio in 2012. “This portfolio is part of dwindling supply of industrial-zoned land on the I-270 corridor, and is uniquely situated at the gateway to the Airpark with direct access to the recently
The Next Generation of Commercial Real Estate
In one of the Washington Metropolitan Area’s largest industrial portfolio acquisitions this year, a partnership led by Willco Companies of Potomac, MD has acquired approximately 285,000 square feet of flex-industrial space at Montgomery County Airpark in Gaithersburg, MD for $30 million. The sellers, Zarpas 1 through 5 Limited Partnerships, were represented by the Washington, DC office of Jones Lang LaSalle. BB&T Bank provided financing for the acquisition.
The portfolio consists of eight flex-industrial buildings with over 60 tenants, located in the Washington region’s fourth largest industrial park. Montgomery County Airpark is situated at the doorstep of the newly completed Montgomery County Intercounty Connector, providing enhanced access to major transportation and business centers across the region. The property will be re-branded as Willco Business Center at Montgomery County Airpark.
Commented Willco Companies’ Chief Operating Officer Jason Goldblatt: “This purchase was a value-add acquisition for Willco and our partners. The strategy includes purchasing an under-performing flex industrial portfolio and growing occupancy and rents as we stabilize the assets while reducing operating expenses and creating operational efficiencies.” Willco already holds a portfolio of more than two million square feet of flex/industrial assets in the Washington, DC Metropolitan Area, and plans to add additional small-bay, service-oriented flex/industrial product to its portfolio in 2012. “This portfolio is part of dwindling supply of industrial-zoned land on the I-270 corridor, and is uniquely situated at the gateway to the Airpark with direct access to the recently
Willco Companies And Partners Acquire 50,000 SF Retail
In one of the Washington Metropolitan Area’s largest industrial portfolio acquisitions this year, a partnership led by Willco Companies of Potomac, MD has acquired approximately 285,000 square feet of flex-industrial space at Montgomery County Airpark in Gaithersburg, MD for $30 million. The sellers, Zarpas 1 through 5 Limited Partnerships, were represented by the Washington, DC office of Jones Lang LaSalle. BB&T Bank provided financing for the acquisition.
The portfolio consists of eight flex-industrial buildings with over 60 tenants, located in the Washington region’s fourth largest industrial park. Montgomery County Airpark is situated at the doorstep of the newly completed Montgomery County Intercounty Connector, providing enhanced access to major transportation and business centers across the region. The property will be re-branded as Willco Business Center at Montgomery County Airpark.
Commented Willco Companies’ Chief Operating Officer Jason Goldblatt: “This purchase was a value-add acquisition for Willco and our partners. The strategy includes purchasing an under-performing flex industrial portfolio and growing occupancy and rents as we stabilize the assets while reducing operating expenses and creating operational efficiencies.” Willco already holds a portfolio of more than two million square feet of flex/industrial assets in the Washington, DC Metropolitan Area, and plans to add additional small-bay, service-oriented flex/industrial product to its portfolio in 2012. “This portfolio is part of dwindling supply of industrial-zoned land on the I-270 corridor, and is uniquely situated at the gateway to the Airpark with direct access to the recently