Friday, April 19, 2024
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DevelopmentIndustrialLeasing ActivityMarylandSoutheast

Webstaurant Store Signs 1.2 MSF Industrial Lease in Hagerstown, Maryland

by John Nelson

HAGERSTOWN, MD. — The Webstaurant Store LLC, an online restaurant supplier based in Pennsylvania, has signed a 1.2 million-square-foot lease for a new distribution center in Hagerstown, a city near the Maryland-Pennsylvania border. A partnership led by Baltimore-based MCB Real Estate is the landlord/developer of the 1.5 million-square-foot industrial park, dubbed Currwood Logistics Center. Cushman & Wakefield represented the landlord in the lease negotiations, while Newmark represented Webstaurant Store. Other member firms in the park’s ownership include Invesco Real Estate, Curated Development Group, Birchwood Capital Partners and Artemis Real Estate Partners. Currwood Logistics Center is situated near the intersection of I-70 and I-81 along Paul Smith Boulevard and will create 700 new jobs at full capacity, according to MCB. The property will serve as the hub of Webstaurant Store’s Northeast fulfillment network.

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IndustrialMarket ReportsMarylandSoutheastSoutheast Market Reports

Despite Industrial Market Slowdown in Baltimore, Industry Pros Remain Optimistic

by John Nelson

While there has been a discernible dip in the volume of industrial leasing activity occurring in the greater Baltimore metropolitan area this past year, optimism remains high among owners and investors of this asset class given the diminishing volume of new product under construction, the still low 7.4 percent overall vacancy rate, record high — yet stabilizing — average asking rents of $10.54 per square foot net and the fact that 10 million people are not likely to soon move away from the Baltimore-Washington, D.C. corridor, the fourth-largest combined metropolitan statistical area in the country.  Oh yes, spirits remain high following the Baltimore Orioles’ underdog ride to the top of the American East standings this summer. Never underestimate the power of a professional sports franchise to energize an entire region. The metro Baltimore industrial market consists of more than 3,600 buildings, totaling more than 266 million square feet of space that includes flex and industrial Class A, B and C buildings. Year-to-date, the market has yielded negative absorption of approximately 1 million square feet of space, including nearly 300,000 square feet this past quarter.  The bad news of GXO Logistics shuttering a 571,000-square-foot distribution center in Harford County and laying …

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DevelopmentLife SciencesMarylandOfficeSoutheast

Rock Creek Delivers Two Life Sciences Facilities in Germantown, Maryland

by John Nelson

GERMANTOWN, MD. — Bethesda, Md.-based Rock Creek Property Group has delivered two life science facilities at 20430 and 20440 Century Blvd. in Germantown, a suburb of Washington, D.C. Situated off I-270 in Rock Creek’s Precision Labs campus, the former office buildings span 32,000 and 52,000 square feet, respectively. Architectural firm Ware Malcomb designed the office-to-life sciences conversion project, which involved upgrading the buildings’ electrical, mechanical and wastewater infrastructure. The single-story facility at 20430 Century Blvd. features move-in ready space suitable for a single headquarters and includes offices and flexible space for laboratory, research-and-development and cGMP (current Good Manufacturing Practice) manufacturing. The two-story facility at 20440 Century Blvd. features six wet laboratory suites.

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DevelopmentIndustrialMarylandOfficeSoutheast

St. John, Greenebaum to Develop 70,000 SF Industrial Project in Fulton, Maryland

by John Nelson

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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Affordable HousingCompany NewsMarylandMultifamilySoutheastStudent Housing

Walker & Dunlop Named Top Fannie Mae Multifamily Lender by Volume in 2023

by John Nelson

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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AcquisitionsLoansMarylandRetailSoutheast

JLL Arranges $18.4M Acquisition Financing for Retail Center in Metro D.C.

by John Nelson

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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Leasing ActivityMarylandOfficeSoutheast

Armada Hoffler Signs Law Firm to 10,000 SF Office Lease at Wills Wharf in Baltimore

by John Nelson

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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Leasing ActivityMarylandRetailSoutheast

X-Golf to Open 13,414 SF Entertainment Venue in Frederick, Maryland

by John Nelson

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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AcquisitionsMarylandSeniors HousingSoutheast

Continuum Advisors Arranges Sale of 313-Unit Seniors Housing Property in Baltimore

by John Nelson

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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AcquisitionsMarylandRetailSoutheast

Synergy Investment Fund Acquires 147,668 SF Shopping Center in Easton, Maryland

by John Nelson

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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