Maryland

Berkadia Arranges Sale of 456-Unit Elm Apartments in Bethesda, Maryland

by John Nelson September 1, 2023

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.

September 1, 2023

Development Leasing Activity Maryland Restaurant Retail Southeast

Jersey Mike’s Subs, Bruster’s Ice Cream to Open at Seven Oaks Shopping Center in Crofton, Maryland

by John Nelson August 23, 2023

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.

August 23, 2023

Acquisitions Maryland Retail Southeast

KLNB Brokers Sale of Two Metro Baltimore Retail Centers Totaling 54,000 SF

by John Nelson August 18, 2023

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.

August 18, 2023

Development Leasing Activity Maryland Retail Southeast

Floor & Décor to Open Warehouse Store, Design Center in Metro Baltimore

by John Nelson August 10, 2023

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.

August 10, 2023

Development Maryland Mixed-Use Retail Southeast

MAG Partners Debuts Volo Beach Venue at $5B Baltimore Peninsula

by John Nelson August 8, 2023

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.

August 8, 2023

Acquisitions Maryland Retail Southeast

KLNB Brokers $14.2M Sale of College Square Shopping Center in Salisbury, Maryland

by John Nelson August 7, 2023

SALISBURY, MD. — KLNB has brokered the $14.2 million sale of College Square Shopping Center in Salisbury. Tenants at the center, which was 97 percent leased at the time of sale, include Dollar Tree, BioLife Plasma, Ace Hardware and Planet Fitness. Chris Burnham, Vito Lupo, Andy Stape and Jake Furnary of KLNB’s Retail Capital Markets team arranged the sale on behalf of the seller, Rockford Capital Partners, which has owned the property since 2015. The buyer was not disclosed.

August 7, 2023

Acquisitions Maryland Multifamily Southeast

Excelsa Properties Purchases Concord Park at Russett Apartments in Metro Baltimore for $105.5M

by John Nelson August 1, 2023

LAUREL, MD. — Excelsa Properties has acquired Concord Park at Russett, a 335-unit multifamily property located at 7903 Orion Circle in Laurel, a suburb of Baltimore. The undisclosed seller sold the value-add property to Excelsa US Real Estate II LP and an Excelsa co-investment vehicle for $105.5 million. The buyer assumed an in-place, interest-only loan on the property that was underwritten with a fixed 3.4 percent interest rate and has six years of term left. Excelsa supplemented the loan with a fixed-rate, interest-only loan with a similar maturity date that has a weighted average interest rate of 3.7 percent. The company also plans to make $4.4 million in capital improvements to Concord Park at Russett, including a new roof, HVAC systems, new signage, parking garage repairs, new kitchen appliances and hardwood flooring, among other improvements. Existing community amenities include a resort-style swimming pool, clubhouse with a fireplace, business center, theater room, fitness center, yoga and HIIT training studio, library and a business lounge.

August 1, 2023

Acquisitions Maryland Retail Southeast

Finmarc Management Sells Largo Town Center in Metro D.C. for $70M

by John Nelson August 1, 2023

UPPER MARLBORO, MD. — Finmarc Management Inc. has sold Largo Town Center, a 280,000-square-foot power retail center in the Washington, D.C., suburb of Upper Marlboro, for $70 million. The Bethesda, Md.-based investment firm purchased the shopping center in 2019 when it was 80 percent occupied. John Donnelly of John C. Donnelly Inc. and Arthur Benjamin and Alex Alperstein of AdvisoRE LLC represented the buyer, an investment group led by Bethesda-based KPI Commercial LLC, in the transaction. Joseph Hoffman of Kelley Drye Warren provided legal services to Finmarc. During its nearly four-year ownership period of Largo Town Center, Finmarc initiated capital improvements and executed multiple leases, including Burlington, Foot Locker and Urban Air Adventure, the latter of which is expected to open this fall. Other notable tenants are anchors Marshalls and Shoppers Food Warehouse, as well as Advanced Auto and Dollar Tree.

August 1, 2023

Acquisitions Hospitality Maryland Southeast

District Hospitality Partners Acquires 225-Room Westin Annapolis Hotel

by John Nelson July 13, 2023

ANNAPOLIS, MD. — District Hospitality Partners has purchased Westin Annapolis, a 225-room hotel located in historic downtown Annapolis. The property, which underwent an extensive renovation in 2020, is situated along the Chesapeake Bay near the United States Naval Academy, Navy-Marine Corps Memorial Stadium and Maryland State House. The seller and sales price were not disclosed. Westin Annapolis features 13 meeting rooms totaling 19,000 square feet, an indoor pool and a fitness center. HEI Hotels & Resorts will continue to manage the hotel on behalf of District Hospitality, which plans to make renovations to the property’s bar, restaurant and lobby. Eastdil Secured arranged an undisclosed amount of acquisition financing through Wells Fargo Bank on behalf of the buyer.

July 13, 2023

Leasing Activity Maryland Mixed-Use Retail Southeast

Chasen Cos. Adds Puttshack to The Whitney Mixed-Use Building in Baltimore’s Harbor East District

by John Nelson July 12, 2023

BALTIMORE — Chasen Cos. has signed interactive mini-golf retail concept Puttshack to join the tenant roster at The Whitney, a five-story mixed-use building in Baltimore’s Harbor East neighborhood. The historic property was originally the home of the Meyer Seed Co. Set to open in late 2024, the Baltimore Puttshack will be the brand’s first location in Maryland. The almost 25,000 square-foot space will feature three nine-hole mini-golf courses, as well as private event space, two full-service bars and an outdoor patio space with seating for almost 50 patrons. Since opening its first location in 2018, Chicago-based Puttshack now has nine locations in the United States: Atlanta, Boston, Chicago, Miami, Denver, Houston, Pittsburgh, Scottsdale and St. Louis, as well as four in the United Kingdom. Puttshack plans to open Dallas and Nashville venues by the end of the year.

July 12, 2023

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