REBusinessOnline

Law Firm Signs 42,206 SF Office Lease for New Headquarters Near Bethesda

ROCKVILLE, MD. — Law firm Stein Sperling Bennett de Jong Driscoll has signed a 42,206-square-feet lease at the Tower Building, situated at 1101 Wootton Parkway in Rockville. The firm currently occupies space across five offices throughout the Mid-Atlantic region. The firm expects to occupy Tower Building by the third quarter of 2020, a move that is expected to raise occupancy of the 12-story, 290,000-square-foot office building to 86 percent. The law firm employs more than 130 workers, most …

Joint Venture Acquires Apartment Community in Metro D.C. for $42.6M

HYATTSVILLE, MD. — The Donaldson Group, Declaration Capital and Angelo Gordon & Co. have acquired Plaza Tower Apartments, a 288-unit apartment community in Hyattsville, for $42.6 million. Plans to upgrade the property include adding a new leasing center, as well as upgrading common areas, building exteriors and interior amenities. Work on the upgrades is expected to start in late spring. The property is situated at 6700 Belcrest Road, about one mile south of the University of Maryland …

LCOR, WMATA Begin Construction on Transit-Oriented Multifamily Project in Metro D.C.

NORTH BETHESDA, MD. — LCOR and Washington Metropolitan Area Transit Authority (WMATA) have broken ground on Arrowwood, a 294-unit apartment complex in North Bethesda. The six-story building will be located at 5410 McGrath Blvd., above WMATA’s White Flint Metro Station. This is the third residential phase within LCOR’s North Bethesda Center. Arrowwood will include 10,000 square feet of ground-level retail space, and apartment amenities will include a clubhouse, outdoor grills, fitness …

Community-Owned Organic Grocer to Open New Store at Former Safeway in Frederick, Maryland

FREDERICK, MD. — The Common Market Co-op, a community-owned grocer with one store in Frederick, has announced plans to open a second Frederick location at the site of a former Safeway. The organic and natural foods grocery store will move into its new home on 7th Street following significant renovations. Details of the planned renovations were not disclosed. In addition to food options, the new store will offer amenities such as grocery pick-up, a cafe and a pet care center that offers …

Joint Venture Set to Break Ground on 229-Unit Apartment Building in Metro D.C.

BETHESDA, MD. — ZOM Living and Mitsui Fudosan America will break ground on Maizon Bethesda, a 229-unit apartment building in Bethesda. The community will offer studio, one-, two- and three-bedroom floor plans. Amenities will include a rooftop deck, swimming pool, package services, grilling areas and a fitness center. The asset will be situated two blocks from the Bethesda Metro Station and about seven miles north of downtown Washington, D.C., and about three miles east of Capital Crescent …

Consolidated-Tomoka Land Sells Whole Foods-Anchored Shopping Center in Southwest Florida for $24.6M

SARASOTA, FLA. — Consolidated-Tomoka Land Co. has sold The Shoppes at Sarasota Row, a 59,341-square-foot retail center in Sarasota, to New York Real Estate Investors for $24.6 million. Whole Foods Market and Starbucks Coffee anchor the property, which is situated less than a mile from downtown Sarasota. Other tenants include California Closets, Scout & Molly’s Boutique, Tsunami Sushi and Hibachi Grill, Nuovo Salon and Paint Nail Bar. Carson Good, Tarik Bateh and Dan Williams of JLL …

PREIT Redevelops Maryland Mall, Backfills Former Department Store Anchors

HAGERSTOWN, MD. — Pennsylvania Real Estate Investment Trust (PREIT) has redeveloped Valley Mall in Hagerstown. Three department stores are being replaced by four tenants that are expected to open within two years. Dick’s Sporting Goods will occupy 59,000 square feet within a former Sears. Onelife Fitness and Tilt Studio will occupy 118,000 square feet of a former Macy’s. Belk will occupy 123,000 square feet of a former Bon-Ton. In addition, Regal Cinemas will be remodeled. PREIT …

AMAC Acquires Multifamily Community in Metro D.C. for $66M

CHEVERLY, MD. — New York-based Arbor Management Acquisition Co. (AMAC) has acquired Cheverly Station, a 555-unit multifamily community in Cheverly, for $66 million. Cheverly Station features one-, two- and three-bedroom floor plans, a playground, fitness center, dog park and a swimming pool. The asset is situated about eight miles east of downtown Washington, D.C. AMAC purchased the apartment community through its AMAC Fund III investment fund using a 10-year Freddie Mac loan. The …

Joint Venture Acquires Apartment Community in Suburban Maryland for $86.8M

SILVER SPRING, MD. — A joint venture between The Donaldson Group, Declaration Capital and DRA Advisors has acquired Montgomery White Oak Apartments, a 592-unit, garden-style apartment community in Silver Spring, for $86.8 million. The partnership plans to renovate the property, with the main focus of the renovation being the heating and cooling systems in each unit. Montgomery White Oak Apartments is situated on 28 acres adjacent to White Oak Federal Research Campus, home to the Food and Drug …

Trammell Crow, Meadow Partners Open Medical Office Building in Metro D.C.

OXON HILL, MD. — Developer Trammell Crow Co. and financial partner Meadow Partners have opened The Medical Pavilion at National Harbor, a 95,000-square-foot medical office building located at 201 National Harbor Blvd. in Oxon Hill, about 12 miles south of downtown Washington, D.C. The office building offers front desk concierge and security, valet parking and covered patient drop-off for patients and guests. Matt Sullivan, Lindsey Groom and Kirsten Ryan of Cushman & Wakefield are leading …

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