Friday, March 28, 2025
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Leasing ActivityMarylandRestaurantRetailSoutheast

First National Realty Partners Adds Burlington, Two Restaurants at Brandywine Crossing in Maryland

by John Nelson

BRANDYWINE, MD. — First National Realty Partners has signed three new tenants to join Brandywine Crossing, a 231,036-square-foot shopping center in Brandywine, a city roughly 27 miles from Washington, D.C. The new tenants at Brandywine Crossing include Burlington, which is backfilling a 25,310-square-foot space that previously housed Joann Fabric and Crafts, as well as Another Broken Egg Café and Buffalo Wild Wings Go. The new restaurants are set to open in the fourth quarter, and the Burlington store is expected to open in 2026. Brandywine Crossing sits on a 30-acre site and is anchored by a nearly 60,000-square-foot Safeway grocery store. Other existing tenants include Bonefish Grill, Panda Express, Marshalls, Advance Auto Parts, Truist Bank, Visionworks, Wells Fargo, AT&T and The UPS Store.

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DevelopmentMarylandRestaurantSoutheast

Public-Private Partnership to Develop Food Hall in Downtown Fredericksburg, Maryland

by John Nelson

FREDERICKSBURG, MD. — A public-private partnership between Downtown Frederick Partnership, McClintock Distilling and the City of Frederick plans to develop a food hall in downtown Fredericksburg. The 6,000-square-foot space is located on the ground level of a historic commercial building owned by McClintock Distilling, which is situated near attractions including Carroll Creek Linear Park and a new hotel and conference center that is under construction. The food hall will feature four food stalls ranging from 200 to 350 square feet in size, a bar and a market stall. Renovation costs are expected to exceed $1 million, including expenses for architectural design, engineering and food hall consultation. The Maryland Department of Housing and Community Development provided the project team with a $300,000 grant to help fund the project. Construction is scheduled to begin in late summer, with the food hall expected to be operational within the next year. McClintock Distilling will operate the food hall upon completion and secure vendors during the design and construction phases.

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AcquisitionsMarylandRetailSoutheast

First Washington Realty Acquires Whole Foods-Anchored Shopping Center Near DC

by John Nelson

RIVERDALE PARK, MD. — First Washington Realty has acquired a 163,000-square-foot shopping center in the Washington, D.C. suburb of Riverdale Park. The retail property, which is situated within the mixed-use district of The Station at Riverdale Park near the University of Maryland, is anchored by Whole Foods Market. Additional tenants at the shopping center include Burton’s Grill, Starbucks Coffee, Gold’s Gym, Jersey Mike’s Subs, Denizens Brewing Co. and District Taco. Amrit Chase negotiated the transaction on behalf of First Washington Realty on an internal basis. The seller and sales price were not disclosed.

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Leasing ActivityMarylandRetailSoutheast

Crunch Fitness Opens 40,000 SF Gym at Westridge Square in Frederick, Maryland

by John Nelson

FREDERICK, MD. — Crunch Fitness has signed a 40,000-square-foot lease at Westridge Square, a regional shopping center located at 1005 W. Patrick St. in Frederick, approximately 40 miles northwest of Washington, D.C. MCB Real Estate purchased the 252,000-square-foot center in 2022 and has invested more than $6 million to attract a new anchor tenant. MCB connected the single-story former Gold’s Gym space with the existing upper-level courtyard, giving Crunch Fitness the ability to occupy two levels at the shopping center. Other improvements include the complete renovation of the exterior, new signage, wood-style finishes, landscaping and a new color palate. The new gym features cardio and strength training equipment, personal training options, a group fitness and boxing studio, hot yoga, cycling classes, Olympic lifting platforms, HydroMassage beds, cryotherapy, full-service locker rooms with showers and a sauna and a 2,500-square-foot outdoor space. Additionally, the gym also offers a Kids Crunch childcare center.

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AcquisitionsMarylandSeniors HousingSoutheast

Solera Acquires 113-Unit Assisted Living, Memory Care Community in Bethesda, Maryland

by John Nelson

BETHESDA, MD. — Solera Senior Living has acquired Brightview Bethesda Woodmont, an assisted living and memory care community located in Bethesda, a suburb of Washington, D.C. Brightview Senior Living sold the eight-story property for an undisclosed price. Solera will rebrand the community, which totals 113 units, as Modena Reserve at Bethesda. Amenities include rooftop decks, a formal dining room, upscale pub, multipurpose room for entertainment and gatherings, private dining room, library, fitness center, beauty and barber shop, movie theater and 24-hour concierge services. Solera also plans to reopen the community’s café, which will feature craft-brewed coffee and local gourmet pastries. Denver-based Solera owns and operates independent living, assisted living and memory care communities across seven states.

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Market ReportsMarylandRestaurantRetailSoutheastSoutheast Market Reports

From the Suburbs to the City: The Retail Revolution is Reshaping Baltimore

by John Nelson

Baltimore’s retail market is alive and well and has experienced something of a boom in retail activity, driven in large part by the thriving retail hubs in the city and in the surrounding suburbs. Demand for space continues to be robust and prospective tenants and investors alike are excited to be part of the Baltimore market.  But the reasons why are more nuanced than simply piggybacking off the overall growth that brick-and-mortar retail is seeing across the country.   Baltimore is a bargain One of the causes is the terrific value that Charm City offers when comparing prices to the major metropolises of Washington, D.C., to the south and Philadelphia to the north. The Baltimore MSA offers attractive demographics and strong retail fundamentals, making it a prime target for local, regional and national investors.  A great example is the sale by KLNB’s Retail Capital Markets team of Arbutus Shopping Center in fall 2024, a 88,000-square-foot, grocery-anchored center that attracted significant demand due to its Baltimore County location, sub-$20 million price point and the broader market’s interest in grocery-anchored retail assets. Due to these robust conditions and factors, among other reasons, owners are hesitant to sell — despite the substantial interest …

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AcquisitionsMarylandMultifamilySoutheast

Cushman & Wakefield, Greystone Secure $63M Sale of Country Place Apartments in Burtonsville, Maryland

by John Nelson

BURTONSVILLE, MD. — Cushman & Wakefield and Greystone have secured the sale of Country Place Apartments, a 312-unit multifamily development located in the Washington, D.C., suburb of Burtonsville. The property offers one-, two- and three-bedroom floorplans ranging in size from 978 square feet to 1,196 square feet, according to Apartments.com. Featured amenities at the development include a swimming pool, sundeck and a fitness center. Anthony Liberto and Jorge Rosa of Cushman & Wakefield represented the undisclosed seller in the transaction. Alex Basile of Greystone, along with Cushman & Wakefield, originated a seven-year, $41 million Freddie Mac loan for the acquisition.

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IndustrialMarket ReportsMarylandSoutheastSoutheast Market Reports

Key Bridge Collapse Puts Infrastructure, Baltimore Industrial Market’s Fundamentals in Focus

by John Nelson

A major attraction within the Baltimore industrial real estate market has historically been the Port of Baltimore, as it is the most inland port on the East Coast, ranks in the top 20 nationally for tonnage and top 10 for dry bulk and attracts users and investors for its impressive capabilities. Closing on the end of first-quarter 2025,  here are a few noteworthy project and market updates: March 26, 2024: The Key Bridge collapsed due to a physical collision from the container ship Dali. The bridge collapse was a tragic event with six lives lost and shipping (both in and out) being blocked for nearly three months as crews cleared the debris. $2B Key Bridge rebuild: Maryland Gov. Wes Moore unveiled the new design for rebuilding the bridge in February. The bridge is anticipated to deliver by fall 2028 and comes with enhanced capabilities, such as a 45-foot height increase and a 300-foot width increase for the shipping channel when compared with the previous design. Kiewit Infrastructure estimates the overall project will cost $2 billion. Howard Street Tunnel: As part of nearly $500 million directed toward local infrastructure projects, CSX recently kicked off the long-awaited Howard Street Tunnel project being …

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Market ReportsMarylandOfficeSoutheastSoutheast Market Reports

Green Shoots Are Emerging for Baltimore’s Office Market

by John Nelson

The national office market continues to face headwinds in the wake of the COVID-19 pandemic, and Baltimore is no exception. Shifting tenant preferences and the city’s evolving economic landscape have created challenges, with rising vacancy rates in some submarkets. However, recent trends suggest that Baltimore’s office sector is stabilizing, with positive momentum in key areas. Changing office landscape For decades, Baltimore’s office market was defined by two primary submarkets: the traditional central business district (CBD) that is centered around Charles, Saint Paul/Light and Baltimore streets, and the Inner Harbor. The CBD was home to corporate giants such as Alex. Brown & Sons (now part of Deutsche Bank), USF&G (now part of St Paul Insurance), T. Rowe Price and Maryland National Bank (now part of Bank of America). In the 1980s, the Inner Harbor emerged as a national model for waterfront redevelopment, attracting major tenants and commanding some of the city’s highest occupancy rates. The early 2000s saw another shift with the rise of Harbor East and later Harbor Point, both of which drew high-end office tenants and further pulled demand toward the waterfront. More recently, Baltimore Peninsula has emerged as the next major office and mixed-use submarket.  Historically, vacancies created …

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AcquisitionsIndustrialMarylandMinnesotaTop Stories

Investcorp Acquires Two Industrial Portfolios in Minneapolis, Baltimore Totaling $335M

by Hayden Spiess

MINNEAPOLIS AND BALTIMORE — Global alternative investment firm Investcorp has acquired two industrial portfolios for a total of more than $335 million. Located in the Minneapolis and Baltimore markets, the portfolios feature a combined 2.7 million square feet across 27 properties.  The 17-building Minneapolis portfolio totals 1.9 million square feet, and the Baltimore portfolio comprises 10 buildings with 881,000 square feet. The seller and specific addresses of the properties were not disclosed.  “The Minneapolis and Baltimore portfolio acquisitions offer us a unique opportunity to scale our presence in two markets with highly diversified tenancies,” says Michael Moriarty, managing director and head of commercial acquisitions at Investcorp. “The properties making up each of these portfolios feature favorable characteristics, such as high average clear heights, ample loading docks, plentiful parking and convenient locations.”  According to a press release issued by Investcorp, industrial market rent growth in Baltimore and Minneapolis has averaged 13.4 percent and 11.4 percent, respectively, over the past three years. Fortune 500 companies with a presence in Minneapolis include Target Corp., Best Buy Co. Inc., 3M Co. and General Mills Inc.  Baltimore hosts corporations including Optum Inc., JLL, Under Armour Inc. and Morgan Stanley & Co., among others. Founded in …

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