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AcquisitionsCompany NewsHospitalityMarylandSoutheast

Marriott to Acquire CitizenM Hotel Brand for $355M

by John Nelson

BETHESDA, MD. — Marriott International has reached an agreement to acquire the brand and related intellectual property of citizenM, a hospitality brand based in the Netherlands. The deal is valued at $355 million. The citizenM brand comprises 36 open hotels spanning 8,544 rooms, with properties located in cities such as Paris, Rome, London, New York City and Miami. There are three more citizenM-branded hotels in the development pipeline totaling more than 600 rooms that are set to open by mid-2026. The citizenM select-service lodging brand was founded in 2008. Following closing, the citizenM portfolio will become part of Marriott’s system, with the hotels owned and leased by citizenM subject to new long-term franchise agreements with Marriott. The seller may also receive earn-out payments up to $110 million that are based on the future growth of the brand over a specified, multi-year timeframe. The closing of the transaction is subject to various customary conditions, including U.S. regulatory approval. Morgan Stanley & Co. International plc and Eastdil Secured acted as financial advisors to citizenM in the transaction.

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DevelopmentLeasing ActivityMarylandMixed-UseRestaurantRetailSoutheast

MCB Adds Streets Market Grocer to $170M Reservoir Square Mixed-Use Development in Baltimore

by John Nelson

BALTIMORE — MCB Real Estate has added Streets Market, a regional chain of grocery stores, to Reservoir Square, a $170 million mixed-use development underway in Baltimore. The project spans eight acres along the 600-850 block of West North Avenue. MCB is also adding locally based development firm Blank Slate Development to the project team, which includes the state-backed West North Avenue Development Authority. Streets Market will occupy 12,000 square feet on a 1.5-acre parcel that will also house 8,000 square feet of additional retail space. The grocery store is part of Phase II at Reservoir Square, which will include housing, additional retail options and the new 63,000 square-foot home to the Mayor’s Office of Employment Development (MOED), which is slated to open in 2026. Phase I includes for-sale homes currently under construction.

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AcquisitionsMarylandMultifamilySoutheast

29th Street Capital, Willton Investment Acquire 311-Unit Multifamily Community in Metro D.C.

by John Nelson

SILVER SPRING, MD. — A partnership between Chicago-based 29th Street Capital (29SC) and Willton Investment Management has acquired Fenwick Apartments, a 311-unit multifamily community located in the Washington, D.C. suburb of Silver Spring, three blocks from the Silver Spring Transit Station. Upon completion of the Metro’s Purple Line in 2027, the complex will offer direct access to the I-270 Tech Corridor. Originally built in 2014, Fenwick Apartments — which was 96.8 percent occupied at the time of sale — comprises studio, one- and two-bedroom floorplans ranging in size from 529 square feet to 1,017 square feet, according to Apartments.com. The property is LEED Gold-certified and includes amenities such as a resort-style pool, fitness center, business center and a rooftop lounge with a vertical garden. The partnership plans to renovate the property, with enhancements to the common and amenity areas. 29th Street Living, the in-house property management branch of 29SC, will oversee day-to-day operations at Fenwick.

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AcquisitionsIndustrialMarylandSoutheast

Marcus & Millichap, Lee & Associates Broker $7.8M Sale of Industrial Property in Columbia, Maryland

by John Nelson

COLUMBIA, MD. — A partnership between Marcus & Millichap and Lee & Associates has brokered the $7.8 million sale of 6822 Oak Hall Lane, a 39,096-square-foot flex industrial property located in Columbia, roughly 20 miles southwest of Baltimore. Built in 1984, the facility was fully leased at the time of sale and offers a mix of office and warehouse space with 18-foot ceilings, as well as dock and drive-in loading. Bob Filley and Arvin Gholamrezae of Marcus & Millichap marketed the property on behalf of the seller and procured the buyer, both private investors. Lee & Associates had fully leased the property and partnered with Marcus & Millichap in the sale.

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LoansMarylandMultifamilySoutheast

Pealmark Provides Mezzanine Loan for 311-Unit Multifamily Property in Hanover, Maryland

by John Nelson

HANOVER, MD. — Pearlmark has provided a mezzanine loan for the refinancing of Bristol Court Apartments, a 311-unit multifamily property in Hanover, roughly 12 miles south of Baltimore. Pearlmark originated the loan via its investment fund, Pearlmark Mezzanine Realty Partners VI LP. Benefit Street Partners provided the senior loan for the refinancing. Kevin Tehan of Columbia National Real Estate Finance LLC arranged the financing on behalf of the owner and developer, Preston Scheffenacker Properties. Located within the Oxford Square planned community near the Dorsey MARC passenger rail station, Bristol Court comprises one-, two- and three-bedroom apartments. The property features a swimming pool, two-story fitness center, yoga studio, lobby with coworking spaces and a clubroom with an entertainment kitchen and fireplace. Additional amenity offerings include a library, lounge with a pool table, pet spa, foosball and shuffleboard, courtyard with a fire pit and grills, as well as a playroom for children.

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AcquisitionsMarylandOfficeSoutheast

Newmark Facilitates Sale of 132,207 SF Office Property in Suburban Baltimore

by John Nelson

HUNT VALLEY, MD. — Newmark has facilitated the sale of 40 Wight Avenue, a 132,207-square-foot office property located in Hunt Valley, roughly 18 miles north of Baltimore. Built in 2017, the five-story office tower is situated near Hunt Valley Towne Center and a light rail station. Amenities at the property include an outdoor patio area, ample natural lighting and dining and retail offerings. The office complex was 90 percent leased at the time of sale. Nicholas Signor, Cristopher Abramson and Ben McCarty of Newmark represented the seller, an undisclosed national REIT, in the transaction. The buyer was an affiliate of Minnesota-based Onward Investors. The sales price was not disclosed.

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Leasing ActivityMarylandOfficeSoutheast

DLT Solutions Renews 51,621 SF Office Lease at Dulles Corner in Bethesda, Maryland

by John Nelson

BETHESDA, MD. — DLT Solutions, a government technology solutions aggregator and subsidiary of Tech Data, has renewed its 51,621-square-foot office lease at 2411 Dulles Corner Park, an eight-story, 180,000-square-foot office building  in Bethesda, roughly six miles northwest of Washington, D.C. The building is situated within the larger Dulles Corner Park, a 620,000-square-foot, four-building mixed-use development. The Innovation Center Metro Station on the Silver Line transit serves office workers at 2411 Dulles Corner Park, which comprises a private fitness center, daycare center, conference facilities, onsite restaurants, as well as walking paths, water features, greenspaces and outdoor eating areas. Additional tenants include Peraton, SAP Natinoal Security Services, Mission Essential, Valiant Integrated Services, Synopsys and BlackSky DC. Finmarc Management Inc. owns Dulles Corner Park. DLT Solutions’ lease renewal marks the first transaction since Finmarc purchased the four-building office portfolio for $51 million.

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DevelopmentLeasing ActivityMarylandRestaurantRetailSoutheast

Greenberg Gibbons Opens 15,000 SF Retail Building at Reisterstown Shopping Center in Maryland

by John Nelson

REISTERSTOWN, MD. — Greenberg Gibbons has opened a new retail building totaling 15,000 square feet at Reisterstown Shopping Center, a 167,212-square-foot shopping center located in the Baltimore suburb of Reisterstown. The retail building includes an 11,076-square-foot renovated Advance Auto Parts, which is now open. Two additional tenants at the building — Jersey Mike’s Subs and Quickway Japanese Hibachi — will open this fall. Existing tenants at Reisterstown Shopping Center include Lidl, Big Lots, Walgreens, Planet Fitness, Starbucks Coffee, Chick-fil-A, Bank of America, Wells Fargo and Dollar Tree. Since acquiring the property, Greenberg Gibbons has invested $30 million in upgrades and renovations.

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DevelopmentMarylandMultifamilySoutheast

High Street, SREP Break Ground on 300-Unit Apartment Community in Frederick, Maryland

by John Nelson

FREDERICK, MD. — A joint venture between High Street Residential and SCOA Real Estate Partners (SREP) has broken ground on The Terrace, a 300-unit apartment community located at 10 W. College Terrace in Frederick, about 44 miles northwest of Washington, D.C. The co-developers plan to deliver the midrise project by December 2027. The Terrace will be situated on 8.3 acres and offer views of the nearby Catoctin Mountains via its indoor/outdoor sky lounge. Other amenities will include a resort-style swimming pool, gaming area, EV charging stations and a dog park. The property will feature a mix of one-, two- and three-bedroom apartments ranging in size from 725 to 1,474 square feet. The design-build team includes architect of record Dwell Design Studio and general contractor Morgan-Keller Construction.

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LoansMarylandRestaurantRetailSoutheastVirginia

MMCC Arranges $17M Refinancing for Retail Portfolio in Metro D.C.

by John Nelson

SILVER SPRING, MD. AND FAIRFAX, VA. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $17 million loan for the refinancing of a nine-property retail portfolio located in the Washington, D.C. suburbs of Silver Spring, Md., and Fairfax, Va. The properties — which total roughly 71,000 square feet — include multi-tenant retail strip centers, single-tenant retail properties and single-tenant restaurants. Jared Cassidy of MMCC’s D.C. office secured the five-year loan through a local bank. The financing carries a 12-month adjustable rate, 25-year amortization schedule and a 55 percent loan-to-value ratio.

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