REBusinessOnline

Maryland

IPA Arranges $18.4M Sale of Cromwell Field Shopping Center in Metro Baltimore

GLEN BURNIE, MD. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $18.4 million sale of Cromwell Field Shopping Center, a 233,486-square-foot retail property located in the Baltimore suburb of Glen Burnie. Tenants at the 88 percent occupied center include Giant Foods, Roses Discount Store, BB&T Bank, Dollar General, McDonald’s, House of Tropicals and Dunkin’ Donuts. Dean Zang and Christopher Burnham of IPA represented the seller, an affiliated..

February 17, 2017

Enterprise Homes Opens $22.3M Apartment Community in Downtown Baltimore

BALTIMORE — Enterprise Homes has opened Mulberry at Park Apartments, a $22.3 million multifamily community located in downtown Baltimore’s Bromo Tower Arts & Entertainment District. Managed by Habitat America LLC, the property features 34 one-bedroom units, 27 two-bedroom units and seven three-bedroom units with average rents at roughly $750 per month. The design team for the LEED Silver-certified community includes architect Marks, Thomas Architects and general contractor Harkins Builders..

February 16, 2017

KeyBank Provides $56.1M HUD Loan for Multifamily Redevelopment Project in Baltimore

BALTIMORE — KeyBank Real Estate Capital has provided a $56.1 million HUD 221(d)(4) loan for the construction of Center/West, a 33-acre multifamily redevelopment project in southwest Baltimore. The 221(d)(4) product is HUD’s flagship program for financing the construction and redevelopment of market-rate and affordable housing communities. Phase I of Center/West, known as PSH 1 LLC, will be developed by La Cite Development LLC and BRP Development Corp. Situated in front of the historic Poe..

February 8, 2017

ACORE Capital Provides $46.6M Acquisition Loan for Office Portfolio in Metro D.C.

GREENBELT, MD. — ACORE Capital has provided a $46.6 million acquisition loan for Capital Office Park, a seven-property office portfolio totaling 806,531 square feet in the Greenbelt suburb of Washington, D.C. Cary Abod and Michael Gigliotti of HFF worked on behalf of the borrower, Morning Calm Management, to arrange the floating-rate loan. Located at 6301-6421 Ivy Lane, the portfolio is currently 60 percent leased to tenants including Bozzuto & Associates, Whiting Turner and the U.S. District..

January 27, 2017

Kimco Delivers $18.1M Redevelopment of Mixed-Use Center in Columbia, Signs Three Tenants

COLUMBIA, MD. — Kimco Realty Corp. has completed the $18.1 million redevelopment of Wilde Lake Village Center, a mixed-use development in Columbia that features 230 residential rental units, 30,000 square feet of office space, 41,000 square feet of retail space and 20,000 square feet of restaurants. As part of the redevelopment, Kimco is remerchandising the center and has recently executed leases with three tenants. Starbucks Coffee is opening both a café and a drive thru in the fall,..

January 26, 2017

Greysteel Arranges $8.9M Refinancing for Apartment Community in Metro D.C.

HYATTSVILLE, MD. — Greysteel has arranged the $8.9 million refinancing of Madison Park, a 91-unit apartment community located at 5902 31st Ave. in Hyattsville, about six miles northeast of Washington, D.C. Built in 1962, Madison Park’s units average 873 square feet. The borrower, Madison Park LLC, will use the loan proceeds to refinance a maturing CMBS loan. Greysteel arranged the 10-year loan with a fixed 4.65 percent interest rate and three years of interest-only payments followed by a..

January 24, 2017

Chesapeake, Thompson Creek Window Purchase Office Building in Metro D.C. for $6.3M

LANHAM, MD. — A partnership between Chesapeake Real Estate Group and Thompson Creek Window Co. has purchased a six-story, 122,000-square-foot office building located at 4200 Parliament Place in Lanham, a Maryland suburb of Washington, D.C. The partnership acquired the Class A office building and an adjoining land parcel from Mack-Cali Realty Corp. for $6.3 million. The partnership plans to immediately design and permit an additional development on the adjacent land parcel, which can house up..

January 19, 2017

Amazon to Open 1.2 MSF Fulfillment Center in Maryland

NORTH EAST, MD. — Amazon plans to open a new 1.2 million-square-foot fulfillment center in North East, a town in northeast Maryland near the Delaware border. The e-commerce giant currently employs more than 3,000 associates at its fulfillment and sortation centers in Baltimore and plans to create 700 new positions at its new facility, the company’s third fulfillment center in Maryland. Situated within Principo Commerce Center I, the Amazon facility is a joint venture development between..

January 18, 2017

Hersha Hospitality Trust Sells Two Hotels in Metro D.C. for $62M

ALEXANDRIA, VA. AND GREENBELT, MD. — Hersha Hospitality Trust has sold the 203-room Courtyard by Marriott in Alexandria and the 120-room Residence Inn in Greenbelt for a combined $62 million. The two suburban Washington, D.C., hotels have an average age of 13 years. The Philadelphia-based lodging REIT sold the hotels to the undisclosed buyers at a 7.4 percent cap rate, based on the hotels’ net operating income for 2016. The company’s current portfolio spans 51 hotels totaling 7,675 rooms..

January 16, 2017

Rubenstein, Trammell Crow Ink 33,000 SF of Leases at Maryland Trade Center in Metro D.C.

GREENBELT, MD. — Rubenstein Partners LP and partner Trammell Crow Co. (TCC) have closed nearly 33,000 square feet of leases at Maryland Trade Center III, a 192,000-square-foot office building in the Washington, D.C., suburb of Greenbelt. The Class A building is located at the intersection of the Capital Beltway and MD 295. The transactions include a 18,280-square-foot lease renewal with The Retina Group, a healthcare firm specializing in retinal and macular practices; a new 4,214-square-foot..

January 16, 2017