Maryland Archives - REBusinessOnline

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

John Nelson — Wed, 29 Jul 2026 13:19:52 +0000

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

John Nelson — Wed, 22 Jul 2026 14:02:17 +0000

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

Hayden Spiess — Thu, 16 Jul 2026 11:15:00 +0000

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

Abby Cox — Mon, 13 Jul 2026 13:50:58 +0000

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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Merritt Properties Receives $750M Investment, Announces Leadership Changes

John Nelson — Wed, 08 Jul 2026 14:19:28 +0000

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

John Nelson — Fri, 26 Jun 2026 14:09:19 +0000

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

John Nelson — Tue, 16 Jun 2026 13:57:17 +0000

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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Sentinel Acquires 297-Unit Luxury Apartment Community Near D.C.

Abby Cox — Mon, 15 Jun 2026 13:17:24 +0000

POTOMAC, MD. — Sentinel Real Estate has acquired The Perry, a 297-unit, luxury apartment community located in Potomac, approximately 10 miles northwest of downtown Washington, D.C. The seller requested anonymity, and the sales price was also not disclosed. Completed in 2016, The Perry spans two buildings and offers one-, two- and three-bedroom floorplans ranging in size from 767 to 1,127 square feet, according to Apartments.com. Amenities at the complex include a swimming pool with a sun deck, an outdoor entertainment space with dining and grilling areas, a clubroom with a catering kitchen, fitness center, Zen garden, private conference room, business center, entertainment lounge, fenced dog park, dog grooming spa and 8,610 square feet of ground-floor retail space.

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SJC Ventures Buys Former Macy’s at Harford Mall in Maryland, Plans 94,600 SF Mixed-Use Development

John Nelson — Wed, 10 Jun 2026 14:11:27 +0000

BEL AIR, MD. — Atlanta-based mixed-use developer SJC Ventures has purchased the former Macy’s store at Harford Mall in Bel Air from CBL Properties, a mall REIT based in Chattanooga, Tenn. The purchase secured the final piece of property needed for SJC to begin construction next month on Derby Place, a 94,600-square-foot mixed-use property. SJC completed the first phase of development when it converted the former Sears into the Shops of Harford Mall in 2024. Derby Place will be anchored by a 35,000-square-foot organic grocer and 48,000 square feet of shops and restaurants. Another developer will construct 249 multifamily apartment units on the site with on-deck parking. The development will also feature pedestrian walkways, pocket parks and open space. Derby Place is expected to be ready for occupancy by spring 2028.

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Roadside Development, Hudson Bay Capital Acquire 600,000 SF Office Complex in Bethesda, Maryland

John Nelson — Thu, 04 Jun 2026 12:00:00 +0000

BETHESDA, MD. — Development and investment firm Roadside Development and global alternative asset manager Hudson Bay Capital have acquired Bethesda Towers, an office campus situated in downtown Bethesda. The sales price was not disclosed, but the Washington Business Journal reports that the complex had an assessed property value of roughly $86 million, according to records with the State of Maryland. Moore & Associates sold the property and will continue to oversee property management on behalf of the new ownership. Moore & Associates acquired Bethesda Towers, which was originally built in the 1970s, in 2005. Totaling roughly 600,000 square feet, the campus comprises three office buildings and is walkable to attractions including Bethesda Row, the Capital Crescent Trail and the Bethesda Metro Station. The buyers plan to reposition the development over time but did not release any specific plans. “The Bethesda Towers campus presents a large-scale parcel with the potential to become a unique and transformative place at the gateway to Bethesda,” says Jeff Edelstein, president of Roadside. “We’ve had our eye on the property for quite some time, and it will be a great collaboration with our partners at Hudson Bay Capital.” Mychael Cohn of Cohn Property Group represented Roadside in the…

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St. John Properties, Somerset Break Ground on $148M Multifamily Community in Baltimore County

John Nelson — Wed, 03 Jun 2026 13:51:11 +0000

MIDDLE RIVER, MD. — St. John Properties Inc. and Somerset Cos. LLC have broken ground on Aspen at Greenleigh, a $148 million luxury apartment development in Middle River. The 335-unit property will be situated within the 1,000-acre Greenleigh mixed-use community on the north side of Baltimore County. Set for completion in late 2027, Aspen at Greenleigh will offer studio, one-, two- and three-bedroom apartments ranging in size from 599 to 1,669 square feet. Indoor amenities will include a fitness center with yoga studio, multimedia center with oversized viewing screen and adjacent kitchen and bar, a billiards room, business center with a conference area, a pet spa with wash station and an indoor dog park. Outdoor amenities will include a heated saltwater pool with sunning decks, hospitality bar, bike storage and repair room, Zen garden and a courtyard with cabanas, a fireplace and a TV. The design-build team, which is pursuing LEED Gold certification for the development, includes Architects Collaborative (architect), Aumen Asner Inc. (interior design), KTGY (architect), Kline Engineering (structural engineer), Phillips Gradick (MEP engineer) and Stahly Engineering & Associates (civil engineer). St. John Properties’ multifamily construction division is serving as the project’s general contractor. Bozzuto Management will provide property…

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Retail Leasing, Development Activity ‘Slow and Steady’ in Baltimore Market

John Nelson — Mon, 18 May 2026 11:52:00 +0000

Mirroring conditions nationally due to elevated interest rates, associated higher construction costs and general economic and geopolitical uncertainties, the volume of retail leasing and new development activity remains “slow and steady” in the greater Baltimore metropolitan region. The collective business and real estate communities remain optimistic for a rebound later this year, given the robust fundamentals that remain constant locally and the lessons learned during a tepid first-quarter 2025, which was followed by an over-performing remainder of the year. We expect the same to occur in 2026, with robust third and fourth quarters on the horizon later this year. Interest rate complexities Although interest rates have declined somewhat over the past year, the continued elevated climate has made all phases of the retail industry more expensive and forced developers and retailers to take a brief pause or to dig deeper for projected returns. More specifically, this has placed a halt on the future development of several new shopping centers in the Baltimore area due to higher financing costs, and multiple local retailers are also rethinking expansion plans because of steeper Small Business Administration and local banking loans. Separate retail centers in Harford and Howard counties — after being designed and…

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MCEC Closes $43M C-PACE Loan for Marriott Downtown Frederick Hotel in Maryland

John Nelson — Thu, 14 May 2026 13:46:49 +0000

FREDERICK, MD. — The Maryland Clean Energy Center (MCEC) has closed a $43 million loan for the development of the Marriott Downtown Frederick at Carroll Creek, a 204-room hotel underway in downtown Frederick. The Maryland Property Assessed Clean Energy (MDPACE) transaction represents the largest C-PACE loan in Maryland to date, according to MCEC, which is the administrator of the MDPACE program. Nuveen Green Capital provided the 30-year, fixed-rate financing on behalf of the locally based developer, Plamondon Hospitality Partners. The C-PACE financing will fund sustainable initiatives at the property including advanced insulation, roofing, windows, HVAC systems, LED lighting, low-flow water fixtures and hot water systems. The Marriott Downtown Frederick at Carroll Creek will be situated on 2.2 acres at 20 S. Carroll St. and feature more than 20,000 square feet of conference and event space, including a rooftop terrace and flexible indoor-outdoor venues. The hotel will also have two restaurants (one creekside and one rooftop bar and restaurant), a lobby bar and a coffee shop and market. The hotel’s target opening date was not released.

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Chiron Enters Seniors Housing Sector with $425M Purchase Agreement for Three Metro D.C. Properties

John Nelson — Tue, 12 May 2026 12:20:00 +0000

ALEXANDRIA, VA. AND NORTH BETHESDA, MD. — Chiron Real Estate has entered into purchase agreements to acquire three senior living communities in the metropolitan Washington, D.C., area. Chiron is acquiring the properties from affiliates of Silverstone Senior Living for an aggregate price of $425 million. The acquisitions mark the REIT’s first entry into the seniors housing sector. Chiron entered into purchase agreements to acquire The Landing Alexandria and The Riviera at Alexandria on May 1 for a total price of $249 million. On May 6, the company entered into a purchase agreement to acquire Pinnacle North Bethesda for roughly $176 million. The Landing Alexandria opened in April 2022 and totals 163 independent living, assisted living and memory care units. As of April 2026, the community was 90 percent occupied. The Riviera Alexandria opened in March of this year. Totaling 129 luxury independent living apartments across 183,000 square feet, the property was roughly 20 percent leased as of April. Pinnacle North Bethesda is currently under development and is scheduled to open in October 2026. Upon completion, the 175-unit community will feature 88 independent living units, 59 assisted living units and 28 memory care units. The property was approximately 30 percent preleased…

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Walton Global Signs Sprouts Farmers Market to Anchor Retail Center in Upper Marlboro, Maryland

Abby Cox — Mon, 11 May 2026 13:26:46 +0000

UPPER MARLBORO, MD. — Walton Global has signed Sprouts Farmers Market to anchor a 140,000-square-foot retail development under construction in Upper Marlboro, about 21 miles outside of Washington, D.C. Situated within the 480-acre master-planned community of Westphalia Town Center, Sprouts Farmers Market will occupy roughly 23,000 square feet. The store is currently anticipated to open in the second half of 2028. Upon completion, the overall Westphalia Town Center will include residential neighborhoods, retail and dining, as well as community services. Heritage Partners is handling leasing for the retail component of the project.

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Baltimore Industrial Recalibration: Driven by New Supply and Selective Leasing

John Nelson — Mon, 11 May 2026 11:47:00 +0000

Baltimore’s industrial market entered the first quarter of 2026 in what some are describing as a correctional rather than a contractional phase, with CoStar Group recently characterizing the market as undergoing a “sharp correction” driven by rising vacancy, elevated supply and slower leasing activity. Vacancy reports vary but the rate is hovering at approximately 9.7 percent as leasing teams worked to absorb approximately 3.2 million square feet of new deliveries over the past 12 months. Trailing absorption is negative at approximately 2.4 million square feet, reflecting a slowdown rather than a disappearance of demand, according to CoStar. New development pipelines remain active at 2.1 million square feet and new starts are moderating, signaling that developers are adjusting to conditions. In recent years, a series of events in Baltimore City made headlines and positioned the region in the worst possible way, and “Charm City” remains misunderstood in the minds of outsiders through the lens of these news articles. But, earlier this year, a substantial influx of institutional capital turned heads when making a decisive bet on the greater metropolitan area. A joint venture between Camber Real Estate Partners and PGIM Real Estate acquired a seven-building infill industrial portfolio at a 5.75…

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Continental Realty Acquires 14-Property Shopping Center Portfolio in Southeast, Midwest

John Nelson — Thu, 07 May 2026 14:22:08 +0000

BALTIMORE AND HILLARD, OHIO — Continental Realty Corp. has purchased a 14-property shopping center portfolio spread across seven states in the Southeast and Midwest. The Baltimore-based firm purchased the more than 2 million-square-foot portfolio from Hillard-based US Properties Group Inc. for an undisclosed price. Chris Decoufle and Kevin Hurley of CBRE represented the seller in the off-market transaction. The acquisition grows Continental Realty’s holdings to nearly $5 billion in assets under management and expands its geographic footprint to 16 states, including its entry into Ohio. The portfolio was 93 percent leased at the time of sale to more than 230 tenants, including anchors such as Kroger and Academy Sports + Outdoors. The assets in the portfolio include:

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Centennial Sells 1.6 MSF Annapolis Mall to Macerich for $272M

Hayden Spiess — Thu, 07 May 2026 11:10:00 +0000

ANNAPOLIS, MD. — Centennial, along with investment partners Kildare Partners and Atlas Hill Real Estate, has sold Annapolis Mall. Macerich (NYSE: MAC) acquired the 1.6 million-square-foot retail center for $260 million. The Santa Monica, Calif.-based REIT also purchased an adjacent, vacant parcel that was formerly occupied by Sears for an additional $12 million. Centennial acquired Annapolis Mall, which is located roughly 30 miles east of Washington, D.C., in September 2024. Unibail-Rodamco-Westfield (URW) previously owned the property and reported the 2024 sales price as $160 million. Originally opened in 1980, the mall comprises approximately 200 shops and restaurants. During Centennial’s ownership, more than 500,000 square feet of new leases and lease renewals were executed. New tenants at the property include Dick’s House of Sport, UNIQLO, Offline by Aerie, Tesla, Swarovski, Jack & Jones, Abercrombie & Fitch and Dave & Buster’s. Existing tenants Talbots and lululemon also expanded their footprint at the mall following Centennial’s acquisition. According to Macerich, 353,000 square feet of signed-not-open (SNO) leases are expected to commence throughout the remainder of 2026 and 2027. Macerich funded the acquisition with cash on hand and $150 million from its revolving line of credit. The acquisition excluded a space occupied by anchor store Macy’s, which…

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WRS Breaks Ground on $1.2B Redevelopment of Lakeforest Mall in Metro D.C.

John Nelson — Tue, 14 Apr 2026 12:00:00 +0000

GAITHERSBURG, MD. — WRS Inc., a retail and mixed-use development firm based in Charleston, S.C., has broken ground on the $1.2 billion redevelopment of Lakeforest Mall, a 102-acre shopping mall in Gaithersburg that shuttered in 2023. Situated in the northern arch of the Washington, D.C., suburbs, the multi-phase project will transform 1.1 million square feet of obsolete retail space and parking lots into a walkable “mini-city” that will be master-planned on a grid of walkable streets and public amenities. “This is more than just a construction project; it is the rebirth of a community anchor,” says Kevin Rogers, principal of WRS. “We are proud to deliver a project that honors the legacy of Lakeforest while looking firmly toward the future of Gaithersburg.” Hallmarks of the new mixed-use village will include: Phase I of the redevelopment’s infrastructure, which comprises demolition of the mall, installation of storm drain systems and establishment of road networks on the site, is now underway. WRS plans to begin vertical construction on the first residential and retail blocks of the development shortly after these initiatives are complete. WRS began purchasing Lakeforest Mall beginning in 2019. In 2022, the firm obtained acquisition and construction financing from PCCP for the…

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Atlas Hill, Centennial Sign Four New Tenants and Expand Lululemon at Annapolis Mall

Abby Cox — Mon, 06 Apr 2026 13:58:27 +0000

ANNAPOLIS, MD. — Atlas Hill RE and Centennial have signed five new tenants at Annapolis Mall, a 1.6 million-square-foot super-regional shopping center located in Annapolis, approximately 30 miles east of Washington, D.C. Aéropostale is scheduled to open in June and POP MART plans to open this fall. Abercrombie & Fitch will open its doors in November, while beauty and lifestyle retailer Miss A will debut one of its first 100 stores in the country this year. Existing tenant lululemon is nearly doubling its size, relocating to a new 5,575-square-foot space in 2027. Atlas Hill RE owns and leases Annapolis Mall alongside managing partner Centennial. Annapolis Mall features more than 200 retailers and restaurants such as Macy’s, Apple, Crate & Barrel, H&M, Michael Kors, Tumi, Urban Outfitters, Free People, Foot Locker, Zara, Maggiano’s and The Cheesecake Factory, as well as a 12-screen AMC Theatres location. Centennial and Atlas Hill RE acquired Annapolis Mall in 2024.

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