Tuesday, August 11, 2026
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DevelopmentHospitalityMarylandSoutheast

Ownership Completes Phase I Renovations of Baltimore Marriott Inner Harbor at Camden Yards Hotel

by Abby Cox

BALTIMORE — A New York-based development firm doing business as SC Baltimore Hotel LLC has completed the first phase of the renovation of the Baltimore Marriott Inner Harbor at Camden Yards, a 523-room hotel located at 110 S. Eutaw St. in downtown Baltimore. HEI Hotels & Resorts operates the hotel, which is situated near Oriole Park at Camden Yards, the home ballpark of the Baltimore Orioles. Phase I is part of a two-part, $30 million property-wide renovation. The second phase, which will include upgrading the lobby, restaurant and meeting spaces, is expected to commence in the first quarter of 2027. Phase I focused on modernizing the hotel’s guestrooms, suites and concierge lounge. New in-room amenities include a smart TV with casting and streaming options, a mini-refrigerator, coffee maker and Wi-Fi. The executive lounge, located on the 10th floor, has been refreshed to provide an elevated experience for the hotel’s Marriott Bonvoy Platinum Elite, Titanium Elite and Ambassador Elite members, which features modern enhancements, new seating and a refined atmosphere. Guests can also enjoy complimentary all-day beverages, free daily breakfast and evening hors d’oeuvres. Additional hotel amenities include 24-7 fitness and business centers, more than 18,400 square feet of event space and The …

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AcquisitionsIndustrialMarylandSoutheast

Sagard Acquires Distribution Facility in Baltimore County for $91M

by John Nelson

ROSEDALE, MD. — Sagard Real Estate has purchased a 621,144-square-foot distribution center located at 7001 Quad Ave. in Rosedale, a city in east Baltimore County. An undisclosed, California-based investor sold the industrial property to Sagard Real Estate, a subsidiary of Denver-based Sagard, for $91 million. Built in 2004, the cross-dock facility is situated on 32 acres approximately five miles from the Port of Baltimore’s Seagirt and Dundalk marine terminals and downtown Baltimore. The distribution center was fully leased at the time of sale to users in the food-and-beverage and third-party logistics sectors, including Goetze’s Candy and Southern Wine & Spirits, according to Baltimore Business Journal.

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AcquisitionsDevelopmentMarylandMixed-UseRetailSoutheast

Home Depot to Open First Store in Southern Maryland

by John Nelson

CALIFORNIA, MD. — The Home Depot has purchased 13.5 acres within Lexington Exchange, a 140-acre mixed-use park situated along Three Notch Road (Md. Route 235) in California. The Atlanta-based retail giant plans to open a new store at the site, representing the company’s first store in southern Maryland. Baltimore-based St. John Properties Inc., the master developer of Lexington Exchange, sold the site to The Home Depot for an undisclosed price. Alex Lyons and Bill Holzman handled negotiations for St. John Properties internally, and Greg Ferrante of Segall Group represented The Home Depot. The size of the store and target opening date were not released. The Home Depot is the latest retailer coming to the lineup at the mixed-use development, joining tenants including Aldi, Royal Farms, Chipotle Mexican Grill and RC Theatres. Lexington Exchange currently features five buildings spanning 120,000 square feet of flex/research-and-development space and 65,000 square feet of retail. The park is configured to support approximately 600,000 square feet of commercial space. St. John Properties and development partner Chaney Enterprises are currently marketing several pad sites within Lexington Exchange to retail users in the healthcare, banking and food-and-beverage segments.

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AcquisitionsLoansMarylandOfficeSoutheast

MMCC Arranges $6.8M Acquisition Loan for Office Property in Baltimore

by John Nelson

BALTIMORE — Marcus & Millichap Capital Corp. (MMCC) has arranged a $6.8 million acquisition loan for an office property located at 1520 S. Caton Ave. in Baltimore. Jared Cassidy of MMCC’s Washington, D.C., office secured the five-year loan with a regional bank on behalf of an unnamed, private client. Brightwood College formerly occupied the 37,200-square-foot, three-story office building. The property will be home to a regional aviation services company that will use the building as training grounds for aviation mechanics.

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IndustrialLoansMarylandSoutheast

JLL Secures $621M Refinancing of Maryland Industrial Portfolio for Merritt Properties

by John Nelson

BALTIMORE — JLL has secured a $621 million loan for the refinancing of a 58-property, 6.3 million-square-foot industrial portfolio in Maryland owned by Merritt Properties, a Baltimore-based industrial developer and operator. Pete Pittroff, Anthony Fertitta, Travis Anderson, Evan Parker and Christopher Pratt of JLL arranged the seven-year balance sheet loan through M&T Bank on behalf of Merritt Properties. The portfolio comprises light industrial buildings in the Baltimore-Washington Corridor, northwest Baltimore, I-95 Corridor and Hagerstown.

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Frederick-Brickworks
DevelopmentMarylandMixed-UseTop Stories

Greenberg Gibbons Breaks Ground on $450M Mixed-Use Project in Frederick, Maryland

by Hayden Spiess

FREDERICK, MD. — Greenberg Gibbons has broken ground on Frederick Brickworks, a new mixed-use project located in Frederick, roughly 50 miles northwest of Baltimore. Upon completion, the development will span 65 acres. Project costs are expected to total $450 million.  According to the City of Frederick, the project proposal calls for 1,260 residential units and 130,000 square feet of commercial space. The planning commission approved the master plan in October 2023, and Greenberg Gibbons closed on the land acquisition last month. The site formerly housed the historic Frederick Brick Works factory, which opened in 1891. Brick manufacturing ended at the factory in 1946, and the company continued a construction materials business at the property until relocating in 2007.  Whole Foods Market will anchor Frederick Brickworks. Other confirmed retail and restaurant tenants include honeygrow, First Watch, Shake Shack, Dave’s Hot Chicken and Inspire Nail Bar. The first phase of the development will also feature 332 rental apartments and 320 for-sale townhomes built by Wormald and NVR Inc. Completion of the first phase is scheduled for 2028. The project is anticipated to support approximately 5,600 jobs — including 1,300 permanent positions and 4,300 construction jobs — and generate an estimated $181 million …

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caprock
Leasing ActivityMarylandOfficeSoutheast

CP Group Signs 35,000 SF of Leases at CapRock Office Campus in Bethesda, Maryland

by Abby Cox

BETHESDA, MD. — CP Group, along with a fund managed by DRA Advisors, has signed six leases over the past three months at CapRock, a 709,313-square foot office property located in Bethesda. Totaling approximately 35,000 square feet, the new tenants include nonprofit mechanical contractors’ organization MCA of Metropolitan Washington (12,295 square feet); coworking and private office provider Pioneer Office Suites (8,905 square feet); business management consultancy firm mPower Inc. (4,610 square feet); IMC Construction (3,478 square feet); satellite communications company Commcrete (3,807 square feet); and Haverford Construction Co. (2,780 square feet). Tenants were represented by agents from KLNB, Clarefield Partners, CBRE and TTA. Bernie McCarthy, Amanda Davis, Danny Sheridan and Patrick Hall of JLL represented CP Group in all transactions.  Formerly known as Democracy Center, CapRock is a three-building, 10-acre campus that comprises two nine-story towers and one 15-story tower. CP Group recently completed renovations at CapRock’s 6903 building, including the rollout of its “worCPlaces” spec suite program, an entire seventh floor of move-in ready workspaces with shared amenities, such as a tenant lounge and break room. To date, CP Group has delivered more than 50,000 square feet of move-in-ready suites at CapRock across two phases. With nearly all the existing suites …

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Company NewsIndustrialMarylandSoutheast

Merritt Properties Receives $750M Investment, Announces Leadership Changes

by John Nelson

BALTIMORE — Merritt Properties, a privately held commercial real estate developer and owner based in Baltimore, has received a $750 million investment led by Centerbridge Partners LP. The investment includes capital to grow the company’s shallow-bay industrial portfolio in existing markets in Maryland, Virginia, North Carolina and Florida, as well as new markets. As part of the investment, Centerbridge acquired the ownership interest previously held by Almanac, the private real estate investment arm of Neuberger that has partnered with Merritt since 1997. Almanac is also part of the investment group led by Centerbridge. Jefferies Private Capital Advisory served as financial adviser to Merritt in connection with the transaction, and CBRE National Partners served as real estate adviser. Miles & Stockbridge PC and Kramon & Graham PA provided legal counsel to Merritt. Simpson Thacher & Bartlett LLP served as legal counsel to Centerbridge, and Seyfarth Shaw LLP represented Almanac. Additionally, Merritt has announced changes to its C-suite of executives. Robb Merritt, the company’s current president, has been appointed to CEO, while previous CEO Scott Dorsey will transition to executive chairman. Bobby Lanigan, who previously led Merritt’s acquisitions and strategic growth initiatives, will become the firm’s new president.

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AcquisitionsMarylandRetailSoutheast

MCB Acquires Stake in Trader Joe’s-Anchored Shopping Center in Annapolis, Maryland

by John Nelson

ANNAPOLIS, MD. — MCB Real Estate has purchased an ownership interest in Annapolis Plaza, a 165,565-square-foot shopping center located at 150 Jennifer Road in Annapolis. An unnamed institutional partner of MCB will retain an ownership interest in the retail property, while MCB will oversee leasing strategy, asset management and property management at the center. The seller and sales price were not disclosed, as well as the percentage of the ownership stake. Annapolis Plaza’s tenant roster includes Trader Joe’s, Homesense, HomeGoods and Marshalls. World Market plans to open a new 16,818-square-foot store at the shopping center soon, according to Baltimore Business Journal.

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DevelopmentLoansMarylandMultifamilyOfficeSoutheastStudent Housing

Bayview PACE Provides $15.7M C-PACE Financing for Student Housing Conversion Project in Baltimore

by John Nelson

BALTIMORE — Bayview PACE has closed $15.7 million in C-PACE financing for Plaza Baltimore, an adaptive reuse project located at 1 S. Calvert in downtown Baltimore. The borrower, Philadelphia-based MIRA Properties, is leading the $57 million repositioning of the former bank headquarters building into 157 Class A apartments, as well as 8,162 square feet of commercial space on the ground level. Morgan State University recently announced that it will fully lease the building and operate the property for student housing. Amenities will include a rooftop deck, resident lounge, billiards, movie room and bike storage. The design-build team includes MIRA Construction, an affiliate of MIRA Properties, and locally based SETO Architects.

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