Premier to Manage Prime DC Corner for Client

Capital One Building - 14th and U Streets, Washington, DC

Premier identified, contracted for, and managed the acquisition of one of the best corners in all Washington DC for a client needing to place multiple 1031 exchanges. The 7,500 square foot building at the corner of 14th Street and U Street had been recently renovated and the first floor is under long term lease to Capital One Bank. The upper two floors are leased to a fitness center and an art gallery. The deal closed at the end of July 2021. Sandy Spring Bank provided financing and Premier Management is providing asset and property management.

Premier Acquires 68,000 sf Chesterfield Retail

Chesterfield Crossing Shopping Center

On July 22, 2021, Premier closed on the acquisition of Chesterfield Crossing Shopping Center in Chesterfield County, Virginia — a suburb of Richmond. The property was 91% occupied at the time of purchase. The 68,000 sf property includes a dozen in-line stores physically connected to Walmart on one side and Home Depot on the other side. Two pad sites are also included. Major tenants include Verizon, PetSmart, 2nd and Charles, Great Clips, and Kids First Swim School. Premier Management Services will provide property management. Fifteen year fixed rate financing was provided by Community Bank of the Chesapeake, with assistance from Keith Wells of Northmarq. The seller was The Peterson Companies, represented by Mat Adler of Newmark. Leasing will be handled by Alicia Brown and David Crawford of Thalhimer. The property will be known as Premier Crossing and is expected to be a long term hold for the company.

Premier Sells 88,000 sf Flex Property

Deep Run Centre

Premier is pleased to announce that on May 28, 2021 it sold the Deep Run Centre property in Richmond, Virginia to Maryland based Feldman Bergin Properties. Deep Run is a 2 building, 88,000 sf single story flex complex with excellent visibility and access from West Broad Street (Rt. 250) in Richmond’s West End submarket. The building is occupied by a mix of retail and flex tenants. Premier had acquired the property in August 2018 from AIG Insurance, who in turn had acquired it through foreclosure. Deep Run was only 65% occupied at the time of Premier’s acquisition, but Premier was able to fully execute on its lease up plan and by late 2020 Deep Run was 100% occupied. The property was also managed by Premier Management Services with leasing assistance from Adam Lawson and Charlie Polk of JLL. Financing was placed by Keith Wells of Northmarq. The sale was handled by Will Bradley and Mark Williford of Colliers.

Premier Acquires 104,000 sf Fairfax Office Building

3701 Pender Drive, Fairfax, Virginia

At the end of March 2021, Premier closed on the acquisition of 3701 Pender Drive, Fairfax, Virginia. The property was 77% occupied at the time of purchase. The 104,000 sf building is very well located just blocks from Routes 50 and 66, and boasts beautiful landscaping, a host of recent improvements, and covered parking. The 12 tenants occupy 77% of the building and include the State of Virginia, NVR, government contractors, software developers, and financial services firms. Premier plans to immediately rebrand and upgrade the property to include a café/lounge and fitness center, as well as adding artwork and spec suites. Management will be provided by Premier Management Services and leasing will be provided by the team of Larry FitzGerald and Cole Spalding with Newmark. New 10 year debt was placed by Community Bank of the Chesapeake. The property will be called Premier Corporate Center.

Premier Acquires Retail Portfolio in Richmond

600 to 714 N. Sheppard Street, Richmond

At the end of December 2020, Premier closed on its acquisition of the Museum District Portfolio in Richmond, Virginia. The 22,000 sf portfolio consists of 2 blocks of contiguous stores along N. Sheppard Street, walking distance from Monument Avenue and Richmond’s famed art and history museums. The 14 retail shops include restaurants and bars, a spin cycle studio, a real estate company, a market, and other local retailers. The property was 100% occupied at acquisition with some turnover anticipated, offering an opportunity to upgrade the property in the near term. Premier also plans to rebrand the neighborhood, taking advantage of its historical notoriety being known as the “Devil’s Triangle.” Management will be provided by Premier Management Services. New 10 year debt was placed by Southern Community Bank with the assistance of Northmarq Capital.

Premier Sells 5 Building Medical Campus

Richmond Medical Park

Premier is pleased to announce that on October 15, 2020 it sold the Richmond Medical Park in Richmond, Virginia to Maryland based Feldman Bergan Properties. Richmond Medical Park is a 5 building, 105,000 square foot medical complex set on 10 campus like acres close to St. Mary’s Hospital. Premier had acquired the center in 2005 from General Electric, at which time it was 25% vacant. At the time of sale, the property was approximately 93% leased to 35 tenants. The property was also managed by Premier. The sale was handled by Will Bradley and Mark Williford of Colliers.

Premier Selected to Manage Powder Mill Station

Powder Mill Station, Beltsville

In August 2020, Premier took over management of the 11,500 square foot Powder Mill Station shopping center in Beltsville, MD. Our client brought us in during the feasibility study period in March 2020 — just as the pandemic was raging. Premier was instrumental in negotiating both financial and timing concessions from the Seller, as well as arranging acquisition financing for our client, ultimately making it possible for the transaction to occur. The property contains a range of service tenants and restaurants and is 100% leased. Working closely with the tenants through the pandemic, Premier has been able to keep the center 100% leased and to collect 95%+ of all rents due to date. Powder Mill Station is Premier’s second project for this client.

Premier Acquires Main Street at South River Colony - 60,000 sf Retail

Main Street Building 1, South River Colony

At the end of December 2019, Premier closed on its acquisition of Main Street at South River Colony, a 60,000 sf destination retail center in Edgewater, Maryland, minutes from Annapolis. Main Street consists of 3 high-end retail buildings that were built in the early 2000’s as part of South River Colony, a mixed-use development containing approximately 1,000 residential units. Main Street had struggled to maintain its high rents through the recession and never really recovered, eventually landing in foreclosure. As a result, Premier was able to acquire the property at an attractive price and will immediately institute an aggressive marketing and leasing campaign. Management will be provided by Premier Management Services.

Management Company of the Year!

Premier Management Services is proud to announce that it has been selected as ACCREDITED MANAGEMENT ORGANIZATION OF THE YEAR by the Institute of Real Estate Management, Chapter 92, for 2019.

Premier Selected to Manage 107,000 sf Burlington Center

Sudley Town Center

In September 2019, Premier took over management of the 107,000 square foot Sudley Town Center shopping center in Manassas, Virginia. Our client hired us about 2 months before closing so that Premier could assist in getting the property to closing, working with the lender and seller to resolve a number of complicated issues. The anchor tenant in this successful center is Burlington Coat Factory who recently signed a new long term lease. Our client, a family partnership, purchased the property as part of a 1031 exchange.

Premier Acquires 180,000 sf Value Add Walmart Center

Meadowbrook Plaza shopping center

In May 2019 Premier purchased the 183,000 sf Meadowbrook Shopping Center just outside of Richmond. This storied center has been the mainstay of the Meadowbrook neighborhood for over 50 years. Although recently experiencing significant vacancy with the loss of some major tenants, Meadowbrook still has a impressive tenant roster, including Walmart, Gold’s Gym, DaVita, Wells Fargo, Wendy’s, Firestone, Pizza Hut, and a State liquor store. This strong underlying tenancy provides an excellent current return while Premier works on a renovation plan to increase occupancy over the coming years.

Peter Vick of Divaris Real Estate sourced this off market deal for Premier. Very attractive long term, fixed rate financing was provided by Community Bank of the Chesapeake with assistance from Keith Wells of Northmarq. Equity was syndicated with Jonathan Cutler acting as a major investor. Premier Management Services, an Accredited Management Organization under IREM, will manage the property for the investment group. 

The Premier Team Is Always Advancing

Congratulations to Adam Santos, VP, for earning the designation of Accredited Commercial Manager (ACoM) through the Institute for Real Estate Management (IREM)!  Adam is already a Certified Property Manager (CPM) and past President of the area IREM chapter. 

Congratulations also to Cassandra Drinnon, Property Manager, for earning both the designation of Certified Property Manager (CPM) the designation of Accredited Commercial Manager (ACoM) through the Institute for Real Estate Management (IREM)! 

Receiving these designations takes years of after hours study, demonstrated field experience, and of course testing.  This means that our clients can rest assured that we are using best industry practices in managing their valued assets.  We’re proud to see our team members continue to advance and demonstrate their exceptional ability within the industry. 

Premier Has a New Project

Premier is pleased to announce that it has closed on the purchase of 20,000 sf of retail in the upscale West Broad Village Town Center development in Richmond’s West End.   The property was purchased from Markel / Eagle Partners.  Premier sourced this investment for the partners, who were exchanging from the sale of a residential development parcel in Washington DC (also handled by Premier).   Premier worked with the seller through some complicated tenancy issues, with the result being a successful transaction for the seller and an above market return for the purchasers.  Jonathan Cutler of Premier is also an investor in the transaction.  Premier Management Services, an Accredited Management Organization under IREM, will manage the property for the investment group.  Josh Ein of Marcus and Millichap was the broker in the transaction.  Financing was provide by Ohio National Life and sourced through Keith Wells of Northmarq.

Premier to Manage 94,000 sf Alexandria Warehouse

Premier is pleased to have been selected to manage a 94,000 warehouse property in Alexandria, Virginia.  This warehouse, leased to a national credit tenant and used as a recycling facility, was recently acquired by the Fortified Property Group (www.fortifiedproperty.com) with offices in Bethesda and Los Angeles.  Premier took over management at the time of acquisition.  Premier Management Services is an Accredited Management Organization under the auspices of the Institute of Real Estate Managers, and serves properties throughout the Mid-Atlantic region.

Premier Purchases 87,000 sf Deep Run Centre

On August 27, 2018, Premier acquired Deep Run Centre in Richmond, Virginia for $6,500,000.  Deep Run is an 87,000 sf retail and flex property built in 1990 and comprised of two buildings in Richmond’s West End.  Deep Run was acquired from the lender who had taken it back in a foreclosure proceeding two years ago.  The property was 35% vacant at the time of acquisition and the largest tenant had failed to renew a lease maturing in a matter of months — all of which spelled opportunity for Premier.

Will Bradley of CBRE (now Colliers) represented the seller in the transaction.  Attractive debt financing was sourced from a mid-western life company by Keith Wells of Northmarq.  Equity was provided by Jonathan Cutler and another private investor.   Premier Management Services, an Accredited Management Organization through the institute for Real Estate Managers, will manage the property.  With this acquisition, Premier owns and manages over 600,000 sf in the Richmond market.

Updating this post in February 2019, we are please to announce that Deep Run is now close to 90% leased and the major tenants have renewed.

Premier Sells 120 Apartments

Premier is pleased to announce that on June 30, 2018 it sold the Premier Village Apartments in Dover, Delaware to a New Jersey real estate investment company.  The sale price represented exactly double the acquisition price in 2009.   The property was both owned and managed by Premier and its affiliates.

At the time of acquisition from PNC Bank (as trustee), this 120 unit apartment complex was known as Generals Greene IV and was approximately 22% vacant.  The high vacancy and sub-institutional size of the property meant that Premier was able to make this purchase at an attractive price.  Debt financing was provided by Fannie Mae and equity was provided by Jonathan Cutler, the founder of Premier, and another private investor.  First Capital Realty acted as the broker for both the acquisition and the disposition.

Originally known as Generals Greene, this property was part of a larger community with a negative reputation.  Nonetheless, it was very well located across the street from the Dover Air Force Base and among the most affordable alternatives for Dover residents.  Premier began by rebranding the property, installing attractive fencing to demise it from the rest of the area, relocated the sales office, improved signage, brought in training for onsite staff, created a property website and increased advertising, and modestly improved the units on turnover.  In later years we would also paint the property with a new color scheme and add colorful awnings.  Within about 5 years, Premier Village was boasting occupancy consistently over 95% and generating 15%+ annual returns for the ownership.

Rents were raised modestly over the years, but we tried not to lose sight of our place in the community as a clean, safe, affordable place to live.  In that regard, Premier Village was truly a win/win – for the owners – and for the residents.  We are proud of that outcome.

Premier Gets New Management Assignment

Premier is pleased to have been selected to manage the headquarters building of the National Asphalt Pavement Association at  5100 Forbes Blvd in Lanham, MD.  Premier will provide facilities management for the space occupied by NAPA, as well as property management with respect to the several subtenants in the building.  Premier Management Services is an Accredited Management Organization under the auspices of the Institute of Real Estate Management, and serves properties throughout the Mid-Atlantic region.

Rockville Town Center Management

Premier is pleased to have been selected to manage a new, fully leased retail center in the Rockville Town Center for an out of state owner.  Tenants include Bank of America, a large school, a spa, and several restaurants.  The property also includes underground parking.  Premier Management Services is an Accredited Management Organization under the auspices of the Institute of Real Estate Managers, and serves properties throughout the Mid-Atlantic region.

Premier Acquires Office Park

In July 2017 Premier acquired the 8.5 acre, 68,000 sf office park known as Cloverleaf Office Park, a six building campus located in Richmond (Midlothian) Virginia.  At the time of purchase, Cloverleaf was 70% occupied, mostly by a mix of small professional and service firms.  Premier was able to acquire the property at an especially attractive price, and will promptly undertake a re-branding and cosmetic refresh.  This acquisition brings Premier’s presence in Richmond to 550,000 sf of office, retail, and medical real estate.

Premier acquired Cloverleaf from the Hamilton Real Estate Fund.  Acquisition debt was provided by Symetra, a west coast life insurance company.  Mortgage brokerage services were provided by Keith Wells at Northmarq.  Jason Guillot with Thalhimer represented the Seller.  Equity was provided by a small group of private investors led by Jonathan Cutler, president of Premier.

Property management will be handled by Premier Management Services, L.C.  Premier Management is an Accredited Management Organization (AMO) under auspices of the Institute of Real Estate Management and manages commercial real estate throughout the Mid-Atlantic region.

Premier Participates in Tenley Hill Acquisition

When Premier assisted a private client with the $8.5M sale of a warehouse property recently, the client sought a high quality 1031 exchange opportunity.  The retail and office space at 4725 Wisconsin Avenue in Washington DC fit the bill perfectly.  The property is 100% leased to a range of legal, PR, and professional service firms, and houses a well known language immersion preschool as well.

Premier represented the buyer and also managed every aspect of the acquisition from contract negotiation to financing to due diligence to closing.  The seller was PN Hoffman and financing was provided by Sandy Spring Bank.  The seller was represented by Rick Fernandez of The Calkain Companies.

Jonathan Cutler, Premier’s president, also took an equity stake in the property.  Premier Management Services, an Accredited Management Organization under the auspices of the Institute of Real Estate Managers, will manage the property for the ownership.