REBusinessOnline

Grocery Chains and Other Retail Categories are Making Hay in Mid-Atlantic Region

The Washington, D.C., and Baltimore markets, when combined, represent the fourth-largest metropolitan region in the nation by population, and retailers are taking notice again. Grocery-anchored projects are the most prevalent in the headlines. For example, the first of nearly 20 Amazon Fresh locations has opened in the area. Additionally, Wegmans’ smaller format rollout plan is active with its first location in Stonebridge’s Carlyle Crossing in Alexandria opening spring 2022, along with …

Carter Funds Purchases Apartment Community in Germantown, Maryland for $103M

GERMANTOWN, MD.— An affiliate of The Carter Funds has purchased The Park at Kingsview Village Apartments, a 326-unit, Class A multifamily community in Germantown. Washington, D.C.-based PRP LLC sold the property for $103 million.Built in 2001, the Park at Kingsview features 12 three- and four-story buildings totaling 343,980 square feet with an average unit size of 1,055 square feet. Community amenities include a swimming pool, clubhouse, fitness center, conference room, business center …

JLL Secures $50.1M Acquisition Financing for Multifamily Property in Metro D.C.

HYATTSVILLE, MD. — JLL has secured $50.1 million in acquisition financing for Plaza Towers, a 288-unit, high-rise apartment community located in Hyattsville, about 6.9 miles from Washington, D.C. Jamie Leachman, Chris Hew, Amit Kakar and Carter Wroblewski of JLL arranged the three-year, floating-rate loan on behalf of the borrower, Jair Lynch Real Estate Partners.Jair Lynch purchased the asset for $65.8 million, or $228,929 per unit. Dean Sigmon, Robin Williams, Justin Shay and Michael …

Armada Hoffler Buys Majority Interest of Exelon Mixed-Use Building in Baltimore for $246M

BALTIMORE — Armada Hoffler Properties Inc., a Virginia Beach-based REIT, has bought a 79 percent interest and an additional 11 percent economic interest in the 23-story mixed-use Exelon building in Baltimore’s downtown waterfront neighborhood, Harbor Point. The aggregate value of the acquisition is $246 million. Armada Hoffler expects to close the acquisition by the end of the first quarter of 2022. Beatty Development Group will retain a 10 percent ownership position in the property.In …

Cordish to Sell Three East Coast Casinos in $1.8B Deal with Gaming and Leisure Properties

PHILADELPHIA, PITTSBURGH AND HANOVER, MD. — The Cordish Cos., a privately held retail entertainment and hospitality owner and operator based in Baltimore, has reached a sale-leaseback agreement with Gaming and Leisure Properties Inc. (NASDAQ: GLPI) for three of Cordish’s East Coast casinos. The properties include Live! Casino & Hotel Maryland, Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh.Under terms of the agreement, Cordish will immediately lease back all the …

Merritt Properties Completes Redevelopment of 98,640 SF Office Building in Hunt Valley, Maryland

HUNT VALLEY, MD. — Merritt Properties has completed the speculative redevelopment of Schilling Green III, a 98,640-square-foot office building in Hunt Valley, about 17.9 miles north of Baltimore. Merritt aims for the project to achieve LEED Silver certification and fully open by late February 2022.Located at 226 Schilling Circle, Schilling Green III is a three-story office building that features a community lounge, outdoor patio and surface parking. The property was formerly home to …

Terreno Realty Purchases Industrial Property in Hyattsville, Maryland for $8M

HYATTSVILLE, MD. — Terreno Realty Corp. has purchased an industrial property in Hyattsville for approximately $8 million. The seller was not disclosed.The industrial property is located on a 2.9-acre land parcel at 5380 Tuxedo Road. The property is situated less than one mile outside of Washington, D.C., and is adjacent to the intersection of U.S. Route 50 and the Baltimore-Washington Parkway. The property is fully leased to two undisclosed tenants.Terreno Realty Corp. is a Bellevue, …

BKV-Designed $32M Mixed-Use Development Reserved for Artists Opens in Silver Spring, Maryland

SILVER SPRING, MD. — BKV Group has designed Artspace Silver Spring Arts Campus, a mixed-use development in Silver Spring featuring affordable housing and studio space for artists. The development cost for the project was $32 million. Construction of the project took about 18 months to complete, and now the project is open.Formerly the Third District Police Station, Artspace Silver Spring Arts Campus has workspaces for artists to rent out studio space and is anchored by 7,500 square feet …

Armada Hoffler Sells Student Housing Property in Baltimore for $75M

BALTIMORE — Armada Hoffler Properties Inc. has sold Nine East 33rd, a 157-unit student housing property in Baltimore, for $75 million. The buyer was not disclosed. Aaron Moll, Cody Kirkpatrick, Noam Franklin, Chinmay Bhatt and Matthew Tu of Berkadia arranged a $62 million loan from PIMCO for the sale.Nine East 33rd offers one-, two-, three- and four-bedroom floorplans with an average unit size range of 590 to 1,120 square feet. The fully furnished units feature in-unit washers and dryers, …

DCP, Jonathan Rose Cos. Acquire Workforce Housing Community in District Heights, Maryland for $164M

DISTRICT HEIGHTS, MD. — Washington, D.C.-based Dantes Community Partners (DCP), in a joint venture with New York-based Jonathan Rose Cos., has acquired The Avanti Apartments. The 930-unit workforce housing community is located in District Heights, about 10.9 miles from Washington, D.C. Dragone Realty Investments and GMF Capital sold the property to the joint venture for $164 million. CBRE represented the sellers in the transaction.Built in 1960, The Avanti includes 26 apartment buildings …

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