GAITHERSBURG, MD. — KLNB has negotiated the sale of two apartment communities in Gaithersburg totaling 194 units. The properties include Towne Crest and Chelsea Park. Acento Real Estate Partners purchased both communities from the undisclosed sellers. The sales prices were also not disclosed. Acento plans to make renovations to both properties and add amenities. Rawles Wilcox, Jared Emery and Dutch Seitz of KLNB represented the sellers in both transactions.
SILVER SPRING, MD. — Arlington Partnership for Affordable Housing (APAH) has acquired Falkland Chase, a 170-unit apartment community in Silver Spring, just north of Washington, D.C. JBG Smith sold the property for an undisclosed price. APAH plans to redevelop the property and create 1,250 new units in a mix of one-, two- and three-bedroom layouts. Most of the new apartments will be reserved for residents earning at or below 60 percent of the area median income (AMI). Partners on the project include The Housing Partnership Fund, Woodforest National Bank and the National Housing Trust Community Development fund.
Lee & Associates Negotiates Two Leases at New Heights Industrial Park in Hagerstown, Maryland Totaling 58,750 SF
HAGERSTOWN, MD. — Lee & Associates has negotiated two leases at New Heights Industrial Park in Hagerstown totaling 58,750 square feet. The 900,000-square-foot industrial park is located at 18450 Showalter Road, less than one mile from Hagerstown Regional Airport and I-81. The new tenants joining New Heights include Tomu Inc., a prefabricated modular buildings system user that is leasing 15,000 square feet, and Pycube, a Virginia-based healthcare asset management firm that is leasing 43,750 square feet. Joel Kreider and Ed Skonecki of Lee & Associates represented the landlord, a joint venture between Bluestone Group and The Langer Co., in both lease transactions. With this leasing activity, the project is approximately 82 percent leased.
COLLEGE PARK, MD. — Core Spaces has opened Hub College Park, a 475-bed student housing community located near the University of Maryland campus in College Park. The 239,542-square-foot property offers 161 fully furnished units in studio through five-bedroom configurations. Shared amenities include a fitness center, spa and sauna, coworking spaces, private study lounges, rooftop swimming pool and a coffee shop. Studio K Creative designed the interior of the property alongside Core’s in-house design team. Antunovich Associates served as the architect and Treehouse Builders was the general contractor for the development. Core’s in-house management team is managing the community, which opened ahead of the 2023-2024 academic year.
EDGEWOOD, MD. — KLNB has brokered the $10.4 million sale of Edgewood Plaza, a 76,000-square-foot shopping center located at 2204-2250 Hanson Road in Edgewood, about 28 miles northeast of downtown Baltimore. Food Lion and Dollar General have anchored the center since 1999 and 2004, respectively. Edgewood Plaza was 96 percent leased at the time of sale. The seller, Sandmar Properties, recently resurfaced the center’s parking lot, replaced the roof and repainted the façade. Chris Burnham, Andy Stape, Vito Lupo and Jake Furnary of KLNB represented the seller in the transaction. The buyer was an unnamed local investor.
BETHESDA, MD. — Berkadia Institutional Solutions has arranged the sale of The Elm, a 456-unit multifamily community located at 4710 Elm St. in Bethesda. Completed in 2021, the property features apartments in one-, two- and three-bedroom floor plans across two 28-story towers that are connected via a glass sky bridge. Amenities at the community include a swimming pool, fitness center, pet spa and a dog park. Brian Crivella, Walter Coker and Bill Gribbin of Berkadia’s DC Metro office brokered the sale on behalf of the seller, Washington, D.C.-based Carr Properties. The buyer and sales price were not disclosed.
CROFTON, MD. — Jersey Mike’s Subs and Bruster’s Ice Cream have signed leases to join the tenant roster at Seven Oaks Shopping Center, a Weis Markets-anchored retail center in Crofton. The two brands are dividing a 3,046-square-foot retail pad site at 2288 Blue Water Blvd. Brandon Howard of Divaris Real Estate represented the undisclosed landlord in the lease negotiations. He has also negotiated all the inline retail vacancies at Seven Oaks and is marketing a build-to-suit opportunity for a 5,000-square-foot pad site next to the Jersey Mike’s and Bruster’s. Seven Oaks is situated one block from the Fort Meade campus and about 20 miles south of Baltimore.
BALTIMORE AND ELDERSBURG, MD. — KLNB has brokered the sale of two retail properties in metro Baltimore totaling 54,000 square feet. Don Schline and Ryan Wilner of KLNB represented the seller, Creative Holdings LLC, in both transactions. Located at 1848 Reisterstown Road in Baltimore, the first property totals 42,244 square feet. An undisclosed local investor acquired the property and plans to retenant the space with medical office, flex and retail tenants. Ryan Minnehan and Alex Shearer of KLNB will manage retail leasing at the site, and Colin McGonical of KLNB will lead the medical office leasing. Situated at 1720 Liberty Road in Eldersburg, the second property comprises 12,022 square feet and was fully leased at the time of sale to three tenants.
GLEN BURNIE, MD. — Floor & Décor, a flooring and tile specialty retailer based in metro Atlanta, plans to open a new warehouse store and design center in Glen Burnie. The store will mark the retailer’s second location in the greater Baltimore area and fourth in Maryland. Floor & Décor operates more than 200 warehouse stores and five design studios across 36 states. The company has signed a ground lease with locally based St. John Properties for the Glen Burnie location. Bill Holzman represented the landlord in the lease negotiations on an internal basis, and John Meyer and Brian Finkelstein of KLNB represented the tenant. Floor & Décor will employ 50 full-time and part-time associates when it opens next year. The property will be situated at the intersection of Ritchie Highway and Dover Road. The square footage of the property was not disclosed, but Floor & Décor’s prototypical stores span 75,000 to 80,000 square feet.
BALTIMORE — MAG Partners has debuted Volo Beach, a 184,732-square-foot multipurpose sports entertainment venue located at Baltimore Peninsula (formerly Port Covington). The destination is a partnership between the developers of the $5 billion, 235-acre Baltimore Peninsula development, led by MAG Partners, and Volo Sports, a national provider of social and competitive adult sports leagues. Situated on more than four acres near the waterfront, Volo Beach is located directly behind the newly opening 1.1 million square feet of offices, shops, restaurants, apartments and hotels within Baltimore Peninsula. The venue will offer beach volleyball and pickleball courts, in addition to fields for kickball, soccer and flag football. The space features entertainment amenities like picnic tables and cornhole, and visitors will be able to enjoy food and beverages and sometimes live music. The leagues at Volo Beach, including youth leagues, are expected to be in full swing this fall.