REBusinessOnline

MRP Industrial Signs 220,800 SF Lease with La-Z-Boy at Industrial Park Near D.C.

BOWIE, MD. — MRP Industrial has signed La-Z-Boy to a 220,800-square-foot, full-building lease at 16101 Queen’s Court, located within Bowie’s Collington Park industrial development. Delivered in 2016, the facility is located roughly 18 miles northeast of Washington, D.C. The national furniture manufacturer will transfer its distribution and logistics operation, currently located in Odenton, Md., to the new facility this fall. Lisa Goodwin of MRP Industrial and Lance Schwarz of NAI Michael …

Avanath Capital Acquires Two Multifamily Communities in Metro D.C. for $29.3M

UPPER MARLBORO, MD. — Avanath Capital Management LLC has acquired two multifamily properties in Upper Marlboro, roughly 20 miles southeast of Washington, D.C., for a combined $29.3 million. The firm acquired Largo Center, a 100-unit community located at 520 Largo Center Drive, for $14.3 million, and Vistas at Lake Largo, a 110-unit seniors housing community located at 500 Harry S. Truman Drive, for $15 million. The properties were purchased through Avanath’s institutional fund, Avanath …

Peak Management Buys Apartment Community Near Baltimore for $24.5M

PIKESVILLE, MD. — Peak Management LLC has acquired Annen Woods, a 131-unit apartment community in Pikesville, for $24.5 million. The community is located at 1 Harness Court, roughly 20 miles northwest of Baltimore. Peak Management, an affiliate of Hill Management Services Inc., acquired the asset from Harbor Group Management. Annen Woods includes a mix of one- to three-bedroom units and was 96 percent occupied at the time of sale. Community amenities include a swimming pool with sundeck, …

Hertz Acquires Wells Fargo Tower in Baltimore’s CBD for $36.8M

BALTIMORE — Hertz Investment Group has acquired Wells Fargo Tower, a 24-story office building located at 7 St. Paul St. in Baltimore’s central business district, for $36.8 million. According to the Baltimore Business Journal, Bethesda, Md.-based special servicer CWCapital Asset Management sold the asset less than a year after acquiring it following foreclosure by the previous owner. Natixis provided a $29.3 million acquisition loan on behalf of Hertz. The 378,010-square-foot tower was 67 …

Hersha Acquires 150-Room, Waterfont Hotel in Annapolis for $41.5M

ANNAPOLIS, MD. — Hersha Hospitality Trust has acquired the Annapolis Waterfront Hotel, a 150-room hotel in Annapolis, for $41.5 million. The name of the seller was not disclosed. The hotel was rebranded to Marriott International’s Autograph Collection Hotels in 2015, and features a business center, docking, laundry service, fitness center and an onsite restaurant and bar — Pusser’s Caribbean Grille. The hotel is situated on the Chesapeake Bay harbor, adjacent to the Annapolis town …

Strata Equity Buys Multifamily Portfolio in Metro D.C. from FCP for $302M

ST. CHARLES, MD. — An affiliate of San Diego-based Strata Equity Group has purchased an 11-property multifamily portfolio in Suburban Maryland for $302 million. This is the first purchase in the Mid-Atlantic region for the privately held firm. Totaling 1,731 units, the properties are situated within St. Charles, a master-planned community roughly 30 miles south of Washington, D.C. The portfolio comprises Class A and B communities with an average unit size of 998 square feet. The buildings …

Sustained Job Creation Translates to Excellent Health of Baltimore Office Market

It is a simple formula: No metropolitan region can achieve extended economic growth without a healthy job market that is sustainable over the long-term. The greater Baltimore region has been able to accomplish just that — especially over the past two years, starting when a new governor was installed in Maryland. The State of Maryland’s rallying cry “We’re open for business” is putting its money where its mouth is with the generation of more than 135,000 new jobs since the start of …

Rock Creek Signs Pharmaceutical Company to 119,000 SF Lease for Suburban Maryland Headquarters

GAITHERSBURG, MD. — Rock Creek Property Group has leased the entire building at 700 Quince Orchard Road in Gaithersburg to Supernus Pharmaceuticals. The company, which specializes in therapies for central nervous system diseases, will utilize the 119,000 square feet for its new company headquarters. Rock Creek Property Group and Woodside Ventures acquired the building in 2015, and will convert the space into Class A lab and office space with a first floor indoor parking structure. The owners …

TIER REIT Sells 280,000 SF Office Building in Baltimore for $60M

BALTIMORE — Dallas-based TIER REIT has sold 500 East Pratt, a 280,000-square-foot office building in Baltimore, for $60 million. Boca Raton, Fla.-based Morning Calm Management acquired the 13-story building, according to the Baltimore Sun. The building was constructed in 2005 and was 93 percent leased at the time of sale to tenants such as CohnReznick LLP, Saul Ewing, Deloitte, JLL, UBS and McGuire Woods. The sale marks TIER REIT’s exit from the Baltimore market, and reduces the number of …

Cronheim, GEM Arrange $20.8M Construction Loan for New Hotel in Coastal Maryland

OCEAN CITY, MD. — Cronheim Hotel Capital (CHC) and GEM Equity Markets (GEM) have arranged a $20.8 million construction loan for Cambria Resorts & Conference Center, a 133-room hotel that will be constructed on North First Street in Ocean City. CHC and GEM arranged the two-year loan through a consortium of Maryland-based credit unions on behalf of the developer, a joint venture between Ocean City-based Pinnacle Hospitality Solutions and Philadelphia-based The Wankawala Organization. …