Premier Sells Manassas Flex Building

The 26,000 SF building near IN BATTLEVIEW BUSINESS PARK recently sold

Premier is pleased to announce that in September 2024 it closed on the sale of a 26,000 sf flex building that Premier and its partners constructed 24 years ago and had owned and managed ever since. The building was one of two originally built by the partners on the property, with the other building having been sold to the Electricians Union for their Training Center in 2008. When a large vacancy became available recently in the second building, the IBEW approached Premier about acquiring the property at a price that made it worthwhile for Premier to sell. The Union will use the building to expand its training facility. Premier will do a 1031 exchange with the proceeds.

Premier Acquires 120,000 sf Office Building

Montgomery Executive Center, Gaithersburg, MD

Premier is pleased to announce that on August 6, 2024 it closed on the acquisition of Montgomery Executive Center, a 120,000 sf office building with a mix of 33 office, medical and retail tenants, including a large Citibank branch. The property was purchased from a Brookfield REIT affiliate and had recently undergone over $2 million in capital improvements. The $8.2 million purchase price represented a 10+% cap rate on the in-place income with occupancy at 67%. Dave Baker and Chetan Dokku of JLL represented the seller. Financing was placed by the American Armed Forces Mutual Aid Association with assistance from Northmarq. Premier Management will handle the property management.

Premier to Manage Fairfax Station Shopping Center

Village shops at crosspointe, fairfax station, va

Premier is pleased to announce it has been selected by a local business owner to manage a shopping center they acquired for investment in Fairfax Station, VA. The neighborhood center is about 13,000 sf with 11 tenants including a Truist Bank, a dog salon, Pizza Hut, and a Chinese restaurant, among others.

Premier to Manage 86,000 sf Shopping Center in Salisbury, Maryland

College square shopping center, Salisbury, Maryland

Premier is pleased to announce it has been selected by a prominent regional business owner to manage a shopping center acquired for investment in Salisbury Maryland. The shopping center, known as College Square, is 86,000 sf and is located across the street from Salusbury University. Premier also assisted in the acquisition, due diligence and financing processes. Tenants include Planet Fitness, Ace Hardware, BioLife Plasma, and Dollar Tree.

Premier Acquires Iconic Baltimore Property

Belvedere Market, One of the fourt buildings comprising the property

Premier is pleased to announce that on December 6, 2022 it closed on the acquisition of Belvedere Square Shopping Center, a 100,800 sf mixed-use lifestyle center in Baltimore, MD. Anchored by the iconic Belvedere Square food hall and Loyola University’s clinical center, the center was about 90% leased at the time of closing and comprises a mix of medical, retail, and service tenants. Some of the credit tenants include a University of Maryland Urgent Care, Truist, Verizon, and Dunkin Donuts. Premier purchased the center for $17,300,000 with first trust financing placed with Community Bank of the Chesapeake. Christopher Burnham and Andy Stape represented the seller. Premier Management will handle the property management.

JoAnn Maguire Named Certified Property Manager of the Year!!

Premier Management Services’ Senior Portfolio Manager JoAnn Maguire was just named Certified Property Manager of the Year by the Institute for Real Estate Management. This award recognizes excellence in property management, and dedication to IREM and the advancement of real estate management as a profession. JoAnn was also elected President of IREM Chapter 92 for 2023! We couldn’t be prouder to have this super star on our team!

Premier Sells Dulles, Virginia Office/Flex Building

The 33,000 SF building near dulles airport recently sold

Premier is pleased to announce that in October 2022 it closed on the sale of a mixed use flex/office building near Dulles Airport. Premier had owned and operated the building for many years, which was originally financed by the American Armed Forces Mutual Aid Association. The buyer was Prologis, who made an unsolicited offer to acquire the building due to its being contiguous to data center properties also owned by Prologis. The building was comprised of about 20,000 sf of flex space on the lower level and about 13,000 sf of office on the upper level. There were no brokers involved in the transaction, which yielded a roughly 33% profit relative to the acquisition price.

Premier Sells Kohl's At Lexington Village

KOHLS at Lexington Village Shopping Center

Premier is pleased to announce that on August 17, 2022 it sold the 90,000 sf Kohl’s store at Lexington Village Shopping Center in Southern Maryland. Premier had acquired the Kohl’s store as part of its purchase 5 months earlier of the entire Lexington Village Shopping Center — see the announcement of that purchase below. The buyer was Lincoln Property Company and the brokers were Richard Murphy and Jonathan Hipp of Avison Young. The reason for the quick sale was the ability to turn an immediate profit for Premier and its investors who had purchased the property at a 7.7% cap and were able to sell the Kohl’s off at a 6.15% cap for a substantial profit. Premier will retain the remaining 5 buildings in the center, which include tenants such as Dick’s Sporting Goods, Kay Jewelers, Noodles and Company, Buffalo Wild Wings, Sport Clips, T Mobile, My Eye Doctor, and others. Premier also handles management and leasing at Lexington Village, which is currently 100% leased.

Premier to Manage 67,000 sf Baltimore Property

6500 Eastern Ave, Baltimore, MD

Premier managed the due diligence and acquisition of this grocery anchored center in eastern Baltimore for our client, who is also the grocery store owner/operator. Closing on the property occurred on June 15th, 2022. The shopping center consists of about 67,000 sf with 6 tenants and is fully occupied. Premier Management Services is pleased to have been retained to manage the center as well.

Premier Acquires Kohl's and Dick's Anchored Center

Lexington Village Shopping Center, Lexington Park, MD

Premier is pleased to announce that on March 31, 2022 it acquired the 162,678 sf shopping center in Southern Maryland known as Lexington Village. The property includes a Kohl’s and a Dick’s Sporting Goods, as well as 4 other buildings. Built in 2011, the property is located in St. Mary’s County almost directly across the road from the Patuxent River Naval Air Station, home to 20,000 service and support personnel. Most of the tenancy represents national credit, including Kay Jewelers, Noodles and Company, Buffalo Wild Wings, Sport Clips, T Mobile, My Eye Doctor, and others. The center was purchased from Echo Realty for $24,950,000 and Community Bank of the Chesapeake placed a 65% LTV first trust loan. Mat Adler of Newmark represented the Seller. Lexington Village was 100% leased at the time of acquisition. Premier plans to sell off the Kohl’s, which is on a separate land parcel, and hold the balance of the center for the long term. Premier Management Services will handle the property management.

Premier to Manage 117,000 sf Citizens Bank Building and Neighboring 47,000 sf Office Building

One Colonial Place and Citizens Bank, Richmond, VA

Premier is pleased to announce it has been selected by National Financial Realty to manage a two building office property in Glen Allen, Virginia, just outside of Richmond. The property consists of a 117,000 square foot building which is 100% leased to Citizens Bank and a 47,000 sf neighboring office and medical building occupied by Dish Networks, Enterprise Car Rental, Pediatric Care Center, Lasik Plus, and others. Ownership plans to fully renovate the smaller property and also develop about 250 apartments on an adjoining parcel.

Premier Sells 183,000 sf Retail Center in Richmond

Rendering of Meadowbrook Plaza - Richmond, VA

Premier is pleased to announce that on December 15, 2021 it sold the Meadowbrook Plaza Shopping Center property to California REIT, United Growth. Meadowbrook is a 9 building, 183,000 sf retail complex just south of Richmond. The unrenovated center was built in the 1960s and Premier undertook an extensive renovation, including a completely new facade. The center was approximately 50% vacant at the time of purchase, but included tenants such as Walmart, Gold’s Gym, Davita, Wells Fargo, Wendy’s, Firestone, Pizza Hut, the State ABC store, and others. Premier was successful in signing new leases with two national tenants and a regional restaurant group before being approached by the United Growth REIT about a profitable off-market purchase. The sale was concluded successfully in December. The property was fully managed by Premier Management. The sale was handled by Peter Vick, Harrison Hall, and Maddy Spears of Colliers, who also handled the leasing of the property.

Premier to Manage 140,000 sf Nichols Portfolio

9188 and 9190 Red Branch road FLEX BUILDINGS, columbia, md

Premier is pleased to belatedly announce that in 2021 it was selected to manage a 5 building investment portfolio on behalf of Nichols Contracting, including the pictured 90,000 sf flex building in Columbia, Maryland which Nichols built and partially occupies. Other buildings in the portfolio include retail, office, and residential properties in Olney and Ashton Maryland, and a small flex property in Florida. Premier assists with asset management and leasing as well.

Premier to Manage 117,000 sf Eastgate Shopping Center

Eastgate Shopping Center - Richmond, Virginia

Premier fully managed the acquisition of this market dominant shopping center in East Richmond for one of its private clients. This 117,000 retail center is 97% leased, and tenants include Conn’s, Planet Fitness, CitiTrends, Dunkin Donuts, Shoe Show, Hibbet’s, and a State ABC store, amongst others. The deal closed at the end of November 2021. Community Bank of the Chesapeake provided financing and Premier Management is providing asset and property management.

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.