REBusinessOnline

Frederick Health Acquires Former State Farm Campus in Suburban Maryland for $18.6M

FREDERICK, MD. — Frederick Memorial Healthcare Systems (Frederick Health) has acquired the former State Farm office campus in Frederick for $18.6 million in an effort to expand its footprint in the area. Located at 1 State Farm Drive four miles north of downtown Frederick, the campus comprises a 387,000-square-foot office building, 1,600 parking spaces and 20,000 square feet of warehouse space. The newly named Frederick Health Village will allow Frederick Health to move its call center, home …

Inland Private Capital Sells Bank of America-Occupied Office Building in Baltimore for $99.3M

BALTIMORE, MD. — JLL has arranged the sale of 11333 McCormick Road, a two-tower, single-tenant office building in Baltimore, for $99.3 million. The 377,332-square-foot property is net leased to Bank of America. Situated on 16.3 acres, the asset is located in the Hunt Valley submarket, about 15 miles north of downtown Baltimore. The property has immediate access to I-83 and light rail access to Baltimore City, greater Maryland and Pennsylvania. Built in 1974, the eight-story property was …

JLL Arranges $58.9M Sale of Multifamily Community in Metro D.C.

HYATTSVILLE, MD. — JLL has arranged the $58.9 million sale of Palette at Arts District, a 243-unit multifamily community in Hyattsville’s Arts District. The property offers studio, one- and two-bedroom floor plans averaging 870 square feet. The community also offers 4,700 square feet of ground-level retail space as well as communal amenities such as a pool, courtyard, grilling area, dog park, clubroom with pool table, cybercafé, coffee bar, fitness center and a conference room. Palette at …

Terreno Realty Sells Industrial Property Near Baltimore for $7.5M

JESSUP, MD. — Terreno Realty Corp. has sold an 88,438-square-foot industrial building in Jessup for $7.5 million. The property is located at 8215 Dorsey Run Road, 16 miles southwest of downtown Baltimore. The property was fully leased to Nave Communications, which supplies telecommunications equipment to its customers, at the time of sale. Terreno Realty acquired the asset in November 2013 for $6 million. The buyer was not

Greysteel Arranges $15.2M Sale of VistaView Apartments in Suburban Maryland

FREDERICK, MD. — Greysteel has arranged the $15.2 million sale of VistaView Apartments, a 70-unit apartment complex in Frederick. Ausherman Development Corp. sold the property to an undisclosed buyer at $214,285 per unit. VistaView comprises four five-story buildings and offers two-bedroom floor plans averaging 1,336 square feet. Communal amenities include a BBQ area, and access to three swimming pools, two basketball courts and three parks. The asset was delivered in

Donaldson Group, Declaration Partners Acquire Multifamily Community in Suburban Maryland for $53M

SILVER SPRING, MD. — The Donaldson Group and Declaration Partners have acquired Vista at White Oaks Apartments, a 272-unit garden-style multifamily community in Silver Spring, for $53 million. The property offers one- and two-bedroom floor plans. Communal amenities include a picnic area, swimming pool, playground and a tennis court. Vista at White Oak sits on 11 acres at 11430 Lockwood Drive, 11 miles north of downtown Washington, D.C. The buyers are planning a renovation program that …

Condor Hospitality Trust’s Shareholders Approve $318M Merger with NexPoint

BETHESDA, MD. — Shareholders of Condor Hospitality Trust Inc., a lodging REIT based in Bethesda, have approved the proposed $318 million merger between Condor and NexPoint Hospitality Trust, a hotel REIT headquartered in Toronto. NexPoint and Condor expect the merger to close in the fourth quarter. As part of the deal, NexPoint will acquire Condor’s outstanding equity interests and operating partnership. “The transaction instantly expands [our] geographical footprint and balances …

Joint Venture to Develop Convenience Store, Hotel in Suburban Maryland

FREDERICK, MD. — A joint venture between Kline Associates and Stephanie Jordan Development will develop a Royal Farms convenience store and gas station, and Tru by Hilton hotel within Gateway East Plaza in Frederick. The project is situated within an Opportunity Zone, two miles east of downtown Frederick and 47 miles west of downtown Baltimore. Ryan Minnehan and Patrick Miller of KLNB represented Royal Farms in the lease and are marketing the property to retailers for six available pad site …

Orlo Sells Apartment Complex in Suburban Maryland for $45.8M

SUITLAND, MD. — Orlo has sold Ashton Heights, a 283-unit apartment complex in Suitland, for $45.8 million. The property was 96 percent occupied at the time of sale. Ashton Heights is located at 3901 Suitland Road, seven miles southeast of downtown Washington, D.C. The community was built in the 1970s and offers two- and three-bedroom floor plans. Communal amenities include a swimming pool, fitness center, clubhouse, playground and grilling areas. Robin Williams, Dean Sigmon, Justin Shay and …

InvenTrust Acquires Two Grocery-Anchored Shopping Centers in Texas, Maryland for $123M

FRISCO, TEXAS AND ROCKVILLE, MD. — InvenTrust Properties Corp., an Illinois-based shopping center REIT, has acquired two grocery-anchored properties in Texas and Maryland for $123 million. Eldorado Marketplace is a 186,068-square-foot property in Frisco, a northern suburb of Dallas, and Travilah Square is a 56,220-square-foot center in Rockville, a suburb of Washington D.C. The properties fetched sales prices of $71 million and $52 million, respectively. Market Street serves as the …

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