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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Sonnenblick Goldman Arranges Sale of 492-Unit Residential
Component of Rockville Town Square in Rockville, Md.
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Monday, July 02, 2007
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New York, NY
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Serving as the exclusive advisor to RD Rockville LLC, a joint venture between ROSS Development & Investment and DANAC Corporation, Sonnenblick Goldman has arranged the sale of the residential portion of three buildings – The Lunette, The Venetian and The Fenestra – that are part of the new Rockville Town Square development in Rockville, Md. The buyer was an affiliate of CIM Group, a California-based real estate investment company with a regional office in Bethesda, Md.
Rockville Town Square is an innovative, 12.5-acre mixed-use development that is nearing completion and consists of the following components:
• The three subject buildings (The Lunette, The Venetian, and The Fenestra) that include a total of 492 residential units above ground-floor retail space;
• A fourth residential/retail building, The Palladian, which was also developed by RD Rockville, LLC and includes 152 residential condominium units above ground-floor retail space;
• Montgomery County’s new flagship library;
• A community arts and innovation center owned by the City of Rockville;
• A football field-sized town square with seating, landscaping, and fountains.
The four residential/retail buildings also include garages with close to 2,000 parking spaces; approximately half of the spaces are dedicated to residents’ use and the remaining spaces have been turned over to the city for public use. Following the completion of the four buildings, RD Rockville, LLC sold the retail space to Federal Realty Investment Trust, one of the largest retail property owners and managers in the country. The upscale retail tenants include Starbucks, a Super Fresh gourmet-concept grocery store, CVS Pharmacy, Gold’s Gym, Aveda Day Spa and a wide variety of restaurants.
With the recent completion of the majority of the project, Rockville Town Square is now established as the city’s new focal point. Rockville Town Square is also the first phase of a more extensive redevelopment plan adopted by the city that will encompass 60 acres and is known as Rockville Town Center. Rockville Town Square is within two blocks of the Rockville Metrorail station, as well as several city and county office buildings.
"ROSS Development & Investment and DANAC Corporation have both been developing and managing extremely successful real estate projects throughout the Washington metropolitan area for many years," commented Steve Kohn, president of Sonnenblick Goldman. "Their combined involvement with Rockville Town Square has been a major contributing factor to the project’s success."
Mark Ehlinger, director of Sonnenblick Goldman noted, "Rockville Town Square is a well-conceived new urbanism development that offers residents immediate access to upscale retail, restaurants, community facilities, and other amenities. Numerous investors bid aggressively for the residential component of this development because they were confident that there will be consistently high demand for the units."
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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