REBusinessOnline

Maryland

Marcus & Millichap Negotiates $4.2M Sale of Office Building in Downtown Baltimore

BALTIMORE — Marcus & Millichap has arranged the $4.2 million sale of The American Building, an 81,750-square-foot office building located at 231 E. Baltimore St. in downtown Baltimore. Built in 1905, the property served as the The Baltimore American newspaper’s headquarters until 1986. The office building was 51 percent leased at the time of sale to nonprofit organizations, government agencies, law firms and retailers. Robert Filley and Christian Beck of Marcus & Millichap represented the..

May 10, 2017

Continental Realty Launches $12M Renovation of Apartment Community in Baltimore County

PARKVILLE, MD. — Continental Realty Corp. has launched a $12 million improvement campaign for the interiors and exteriors at Kenilworth at Perring Park, a 567-unit apartment community located at 8951 Waltham Woods Road in Parkville, a city within Baltimore County. The renovations include the addition of a 1,573-square-foot community clubhouse that is expected to open in June. The clubhouse will feature a fitness center, sound system, open kitchen and vaulted ceilings. The swimming pool will..

May 1, 2017

Goodstone Buys Vacant Office Building in Bethesda at Auction for $9.5M

BETHESDA, MD. — Goodstone LLC, a Washington, D.C.-based real estate investment firm, has purchased a vacant 217,732-square-foot office building at 6116 Executive Blvd. in Bethesda for $9.5 million. Special servicer LNR sold the asset at auction via Ten X Commercial on behalf of WBCMT 2005-C21 Office 6116. Formerly the home of the National Institutes of Health’s National Cancer Institute, the building sold for $81.4 million in 2005. In the coming year the building will be renovated and..

April 25, 2017

Continental Realty Acquires Waterfront Mixed-Use Property in Baltimore for $21M

BALTIMORE — Continental Realty Corp. has acquired Brown’s Wharf, a 104,000-square-foot mixed-use property situated along the Fells Point waterfront in Baltimore. The Baltimore-based firm purchased Brown’s Wharf from Hunt Investment Management for $21 million. Located at 1615-1637 Thames St., Brown’s Wharf was 77 percent leased to retail and restaurant tenants such as Barcocina, CFG Community Bank, 7-Eleven, Fells Point Surf Co. and aMuse of Fell’s Point. Office tenants include Johns..

April 18, 2017

MidCap Financial Provides $20M Acquisition Loan for Apartment Community in Metro Baltimore

GLEN BURNIE, MD. — MidCap Financial has provided a three-year, $20 million acquisition loan for Quarterfield Crossing, a 200-unit, garden-style multifamily community located in Glen Burnie, about 13 miles south of Baltimore. MidCap Financial provided the financing to Blackfin Real Estate Investors and limited partner Capital Solutions. Dan Martin of Walker & Dunlop arranged the financing.

April 10, 2017

Kaiser Permanente Plans New 176,000 SF Office Building in Metro D.C.

NEW CARROLLTON, MD. — Kaiser Permanente of the Mid-Atlantic States plans to open a new 176,000-square-foot administrative and IT building in New Carrollton, roughly 12 miles east of Washington, D.C., in Prince George’s County. The facility will have room for approximately 850 employees. The office building will anchor a mixed-use development adjacent to the New Carrollton Transit Center, a transit station that services the Washington Metro, MARC and Amtrak lines. Other components of the..

April 7, 2017

SVN Affordable Arranges $30.5M Sale of Section 8 Multifamily Property in Metro Baltimore

LANSDOWNE, MD. — SVN Affordable | Levental Realty has arranged the $30.5 million sale of Circle Terrace, a 303-unit affordable housing community located at 2926 Lakebrook Circle in Lansdowne, about seven miles south of Baltimore. Landex Corp., which developed Circle Terrace in 1977, sold the Section 8 property to Millenia Housing Development Ltd., which used short-term Freddie Mac financing in the acquisition via Pillar Financial. David Shlahtechman of SVN Affordable represented Landex in the..

April 6, 2017

Eastern Equity Arranges $12M in Acquisition Equity for 320-Unit Community in Metro D.C.

GREENBELT, MD. — Eastern Equity Advisors has arranged $12 million in equity on behalf of Blue Ocean Realty, a Maryland-based management company, for the acquisition of The Hanover Apartments, with securities offered through Palladium Capital Advisors. Located at 7232 Hanover Parkway in Greenbelt, Md., a northeastern suburb of Washington, D.C., the garden-style property has 320 units. Marc Belsky of Eastern Equity arranged the equity. Meridian Capital sourced an undisclosed amount of..

March 22, 2017

Greenwich Group Secures $22M in Construction Financing for Hotel in Bowie, Maryland

BOWIE, MD. — The Greenwich Group International has secured $22 million in construction financing for the development of a Courtyard by Marriott Hotel in Bowie, located about 20 miles east of Washington, D.C. The developer is Hospitality Development Co. of Columbia, Md. The 144-room hotel is being built near the entrance to Melford, a 466-acre, mixed-use business park at Route 50 and Route 301. Greenwich obtained a $12.4 million first mortgage construction loan with $5 million in subordinate..

March 16, 2017

First Potomac Realty Trust, AEW Sell Two Office Assets in Maryland for $59.5M

COLUMBIA AND GLEN BURNIE, MD. — First Potomac Realty Trust (NYSE: FPO) and an affiliate of AEW Capital Management have sold two office developments in Maryland for $59.5 million. An affiliate of Adler Kawa Real Estate Advisors purchased the two assets: Rivers Park I and II in Columbia and Aviation Business Park in Glen Burnie. The sale of the 428,268-square-foot portfolio is part of First Potomac Realty Trust’s strategic plan, which includes the sale of $350 million of non-core assets...

March 9, 2017