Maryland

FULTON, MD. — A joint venture between St. John Properties Inc. and Greenebaum Enterprises has purchased a 12.5-acre site within Montpelier Research Park, a business park in the Baltimore-Washington submarket of Howard County. The duo plan to develop two single-story, flex industrial facilities on the site spanning 70,000 square feet combined. Located adjacent to Maple Lawn and the Johns Hopkins University Applied Physics Laboratory in Fulton, the acquired site currently features a 32,488-square-foot office building that the new ownership is marketing for lease. Abby Glassberg and Don Schline of KLNB represented the seller in the land transaction. St. John and Greenebaum estimate they’ll deliver the two industrial facilities in 2026.

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BETHESDA, MD. — Walker & Dunlop has been recognized as the largest Fannie Mae DUS (Delegated Underwriting and Servicing) lender by volume for last year, with $6.6 billion in multifamily originations in 2023. Additionally, Fannie Mae has named the Bethesda-based firm as the top producer for green financing and for student housing. Walker & Dunlop also took the third places amongst producers of multifamily affordable housing and as a producer for small loans. Freddie Mac also recognized Walker & Dunlop as the third biggest Optigo lender in 2023, with a volume of $4.6 billion. “With rate cuts expected in 2024, and banks and other capital sources still reluctant to lend, it is our expectation that the need for GSE [government-sponsored enterprise] capital…remains strong in the coming year,” says Willy Walker, chairman and CEO of Walker & Dunlop.

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HYATTSVILLE, MD. — JLL Capital Markets has arranged an $18.4 million loan to finance the acquisition of Metro Shops, a retail center located in the Washington, D.C., suburb of Hyattsville. Michael Klein, Max Custer, Brian Buglione and Benjamin Morgenthal of JLL secured the financing through Loews Corp. on behalf of the borrower, Northpath Investments. Built in 2007 at 2900 Belcrest Center Drive, Metro Shops totals 160,623 square feet and is situated across from the 1 million-square-foot Mall at Prince George’s. Tenants at the center include Bob’s Discount Furniture, Staples, LA Fitness, Dunkin’ and Citibank.

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BALTIMORE — Armada Hoffler has signed global law firm Duane Morris LLP to a nearly 10,000-square-foot office lease at Wills Wharf, a 325,000-square-foot mixed-use building in Baltimore’s Inner Harbor District. The office building is a component of Harbor Point, Armada Hoffler’s waterfront mixed-use campus. Peter Jackson, Tony Gross and Rob Freedman of JLL represented Armada Hoffler in the lease transaction, which brings Harbor Point’s office occupancy to 97.1 percent. David Fields of CBRE represented Duane Morris, which employs more than 900 attorneys in the United States and globally. Other tenants at Wills Wharf include Franklin Templeton, Transamerica, EY, Jellyfish and Bright Horizons. The building also houses a Canopy by Hilton hotel.

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FREDERICK, MD. — X-Golf America will open a 13,414-square-foot entertainment venue in Frederick, marking the company’s largest location to date. Situated within the 200,000-square-foot Westview Promenade, the store is scheduled to open this month. In addition to eight indoor golf simulators, the venue will feature full-service sports bar and restaurant. Ashley Zito and Danielle Bridge represented the landlord, Hill Management Services, in the lease transaction on an internal basis. Franchisees and husband-and-wife team Jillian and Matthew Louden will own and operate the facility. X-Golf America’s portfolio currently includes more than 80 stores across 36 states.

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BALTIMORE — Continuum Advisors has arranged the sale of The Village at Augsburg, a 313-unit continuing care retirement community (CCRC) in Baltimore. The 50-acre campus comprises 131 independent living apartments, 51 assisted living units and 131 licensed skilled nursing beds.  Jay Jordan and Dave Kliewer of Continuum Advisors represented Maryland-based National Lutheran Corp. in the sale of Village at Augsburg to New Jersey-based Outcome Healthcare. The sales price was not disclosed.

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EASTON, MD. — Synergy Investment Fund has acquired Tred Avon Square, a 147,668-square-foot retail center located in Easton, a city on east side of Chesapeake Bay near the Maryland-Delaware border. ACME, Big Lots, Easton Cinemas, Rent-A-Center, Sherwin-Williams, My Eye Dr., Osteria Alfredo, Ship and Print, Subway, Hong Kong Kitchen, Nails & Spa, Lendmark, Chincheck Sports Locker, T-Mobile, Admiral Cleaners, Rusty Hook Bait and Tackle, Spin Groove Records and Dunkin’ are tenants at the property. SVN | Miller Commercial Real Estate represented the buyer in the transaction. Ross Benincasa and Ryan Finnegan of SVN | Miller will oversee leasing at the center.

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COLUMBIA, MD. — Chesapeake Real Estate Group LLC (CREG) has purchased a three-building industrial portfolio in the Baltimore suburb of Columbia for $4.3 million. The Howard County portfolio, dubbed Rivers III, comprises a 16,411-square-foot facility at 10270 Old Columbia Road, a 16,623-square-foot property at 10280 Old Columbia Road and a 10,372-square-foot building at 10290 Old Columbia Road. The portfolio was 78 percent leased at the time of sale to tenants including American Health Associates, CARAFAP, G3 Technologies, Keysight Technologies, Maryland Works and Stage Front Trucks. Cris Abramson and Nick Signor of Newmark represented the seller, Adler Real Estate Partners, in the transaction. Baltimore-based CREG was self-represented.

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FREDERICK, MD. — Power Solutions LLC, a commercial electrical contractor based in Bowie, Md., has signed a 93,800-square-foot lease at Arcadia Business Park in Frederick. The tenant signed the lease with Baltimore-based St. John Properties Inc., which represents the fourth lease transaction between the two firms. Danny Foit of St. John Properties represented the landlord internally in the deal, and Jon Casella of CBRE represented the tenant. Power Solutions plans to house 90 full-time employees at its new warehouse space at 4754 Arcadia Drive, which is about 43 miles northwest of Washington, D.C.

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NORTH BETHESDA, MD. — JLL has arranged a $92.3 million construction loan for a 354-unit, 12-story luxury apartment community planned for North Bethesda, a Maryland suburb of Washington, D.C. Located at 5400 McGrath Blvd., the project is dubbed Parcel H. Jon Mikula, Jim Cadranell, Jamie Leachman and Ryan Carroll of JLL arranged the four-year, floating-rate loan through SMBC on behalf of the borrower, LCOR. Upon completion, the development will offer one-, two- and three-bedroom units, as well as nine penthouse units, averaging 881 square feet in size. Amenities will include a fitness center, outdoor pool, courtyard with grilling stations and fire pits, resident lounge with coworking stations, designated meeting rooms and tech pods, indoor and outdoor children’s’ playrooms, a dog park and a penthouse lounge featuring gaming areas and a golf simulator. Parcel H represents the final property within The Quad, a four-property portfolio of apartment communities in North Bethesda built by LCOR. The other three properties include Wentworth House (built in 2008), Aurora (2014) and Arrowood (2021). Together, The Quad will total 1,300 adjacent apartments operated by LCOR.

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