REBusinessOnline

Alfred Weissman Real Estate Completes Renovation of 298-Room DoubleTree by Hilton Hotel in Metro D.C.

GAITHERSBURG, MD. — Alfred Weissman Real Estate LLC has completed the renovation of DoubleTree by Hilton Washington, D.C. North/ Gaithersburg, a 298-room hotel in Gaithersburg. The renovations included reconfiguring the lobby, introducing farm-to-table restaurant Knife & Fork, adding a Hertz car rental office on the premises and reconfiguring parking to eliminate certain parking restrictions. The developer also upgraded the hotel’s 16,356 square feet of meeting space with new vinyl …

Ready Capital Closes $19.8M Refinancing Loan for Office Building in Annapolis

ANNAPOLIS, MD. — Ready Capital has closed a $19.8 million refinancing loan for the renovation and lease-up of a 120,000-square-foot office building in Annapolis. The financing will be used to retire existing debt, execute a tenant improvement plan and fund light capital improvements. The non-recourse loan features a 36-month term with interest-only payments and a floating interest rate. The borrower was not

CBRE Global Investors Acquires 1.4 MSF Industrial Portfolio Near Baltimore

ABERDEEN, MD. — A fund sponsored by Los Angeles-based CBRE Global Investors has acquired a two-building, 1.4 million-square-foot industrial portfolio in Aberdeen for an undisclosed price. The two buildings are located at 521 and 531 Chelsea Road, 34 miles northeast of the Port of Baltimore and five miles east of Interstate 95. The buildings serve as warehouse/distribution centers and were fully leased at the time of sale to tenants including cosmetics retailer Sephora and home appliance …

Realterm, J.P Morgan Acquire 1.8 MSF Industrial Portfolio Across 28 States

ANNAPOLIS, MD. — A joint venture between Realterm and J.P Morgan Asset Management has acquired a 54-property, 1.8 million-square-foot industrial portfolio. The properties are located in 28 states and are in markets including Atlanta, Chicago, Dallas, New York, Philadelphia and New Jersey. The portfolio spans a total of 717 acres and features 2,090 doors. The sales price was not disclosed, though funding was provided through the Realterm Logistics Income Fund (RLIF) in a 50/50 joint venture …

Weller Development to Break Ground on Next Phase of Port Covington in Baltimore

BALTIMORE — Weller Development Co. plans to break ground on what it calls Chapter 1B of Port Covington in Baltimore in February. The development team, which also includes Goldman Sachs and Sagamore Ventures, received $650 million in financing for this phase, including $137 million in tax increment financing (TIF) bonds. In conjunction with the closings, the Port Covington development team funded more than $9 million to the South Baltimore 7 Coalition as part of its Community Benefits …

Edge Brokers $15.7M Sale of Flex Building in Metro D.C.

LAUREL, MD. — Edge has brokered the $15.7 million sale of a 106,000-square-foot flex warehouse and office building in Laurel. The building was constructed in 1984 as the headquarters for Ritz Camera, which filed for bankruptcy in 2012. Earlier this year, Edge brokered a 37,000-square-foot lease at the property for Advanced Collision, an auto body repair shop. Other tenants at the time of sale included Rolling Green Landscaping and Sans Institute. Edge handled leasing activities on behalf of …

NHP Foundation Purchases 63-Unit Townhome Property in Suburban Maryland to Preserve as Affordable Housing

FREDERICK, MD. — The NHP Foundation (NHPF) has purchased Overlook Manor, a 63-unit townhome community in Frederick. The Low-Income Investment Fund, a national nonprofit financial institution, provided a $10 million acquisition loan to the New York City-based buyer. NHPF plans to preserve the property as affordable housing. Units will include new kitchen and bathroom components, HVAC systems, water heaters, windows, lighting fixtures and flooring. NHPF also expects to upgrade the exterior, …

KLNB Arranges Four Retail Leases at The Can Company Building in Baltimore

BALTIMORE — KLNB has brokered four retail leases totaling 9,000 square feet within The Can Company building in Baltimore’s Canton neighborhood. Ryan Wilner led the KLNB team that represented the landlord, a joint venture between MCB Real Estate, Angelo Gordon and JMC Holdings LLC, in all four transactions. The new tenants include HalfSmoke, Kisner’s Salon & Barber, uBreakiFix and AllCare Family Medicine and Urgent Care.HalfSmoke is a Washington, D.C.-based restaurant that will …

CBRE Negotiates 205,306 SF Industrial Lease for T.J. Maxx in Metro Baltimore

JESSUP, MD. — CBRE has negotiated a 205,306-square-foot industrial lease for T.J. Maxx within the Mid-Atlantic Commerce Center in Jessup. The owner, Grandview Partners, acquired the 853,250-square-foot property earlier this year. The Westport, Conn.-based company implemented upgrades at the property to include a new roof, dock doors, electrical system, lighting and a 123,000-square-foot tilt-wall expansion. The asset is situated at 7600 Assateague Drive, 11 miles southwest of …

Arcland Property Opens Two Self-Storage Facilities in Metro D.C.

RESTON, VA. AND KENSINGTON, MD. — Arcland Property Co. has opened two self-storage facilities totaling 2,414 units. The first property is located at 1808 Michael Faraday Court in Reston. The four-story building is situated 20 miles west of downtown Washington, D.C. The property offers 1,100 climate-controlled and drive-up units. According to property manager Self Storage Plus, rents at the facility range from $31 to $443 per month.The second property is located at 4900 Nicholson Court in …

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