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Marriott Opens New Corporate Headquarters and Flagship Hotel in Downtown Bethesda, Maryland

by John Nelson

BETHESDA, MD. — Marriott International has opened its new global headquarters campus in downtown Bethesda. The hotel giant’s home base is a 21-story, 785,000-square-foot office tower that houses around 3,500 Marriott employees working from 2,842 workspaces (including offices, workstations and flexible spaces). The LEED Gold-certified tower had a six-year construction timeline, according to Marriott. The design-build team includes architectural firm Gensler and general contractors Hensel Phelps and Rand Construction. The Bernstein Cos. and Boston Properties jointly own Marriott’s campus. In addition to the office tower, Marriott’s corporate campus includes the new Marriott Bethesda Downtown at Marriott HQ hotel next door that also serves as Marriott’s testing ground for new concepts, design elements, service approaches and amenities via 13 model hotel rooms. Within the office tower, Marriott operates an 8,400-square-foot lab, as well as a test kitchen and bar for research-and-development purposes. Each office within the tower has views from the floor-to-ceiling windows, and all desks are equipped with sit-stand optionality and ergonomic chairs. The tower includes 180 meeting and collaboration areas, as well as an “associate growth center” on the top floor that offers staffers access to leadership development programs, skill development curriculum, guest speakers, new hire orientation and networking …

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DevelopmentMarylandSoutheastStudent Housing

Gilbane Completes 978-Bed Student Housing Development Near University of Maryland

by John Nelson

COLLEGE PARK, MD. — Gilbane Development Co. has completed TEMPO, a 978-bed student housing community in College Park serving students attending the University of Maryland. The eight-story building offers 296 units in studio, one-, two-, three-, four- and five-bedroom configurations. Each unit is fully furnished and features bed-to-bath parity. Shared amenities at TEMPO include a swimming pool; three outdoor courtyards; a rooftop deck with a fire pit and TVs; a fitness center; podcast and video studio; yoga studio; multi-sport simulator; makerspace with a 3D printer; game lounge with pool tables; study lounge; coffee bar; bike storage; and free shuttle service to the university’s campus. Asset Living manages the property, which opened on Aug. 19 ahead of University of Maryland’s fall 2022 semester.

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DevelopmentMarylandMixed-UseMultifamilySeniors HousingSoutheastTop Stories

Experience Senior Living Plans 26-Story Community Within Strathmore Square Mixed-Use Development in Bethesda, Maryland

by Jeff Shaw

BETHESDA, MD. — Experience Senior Living, a seniors housing developer, has unveiled plans for The Reserve at Strathmore Square. The project will be part of Strathmore Square, a planned arts-centric mixed-use community located in north Bethesda above the Grosvenor-Strathmore Red Line Metro station and adjacent to the Strathmore Music Center. The seniors housing community will rise 26 stories and span 300,000 square feet, featuring 240 units of independent living, assisted living and memory care. Experience plans to break ground on the project in the fourth quarter of 2023. Amenities at the community will include a swimming pool, pickleball court, wellness suite with a fitness room, salon, massage, sky lounge, outdoor spaces including a private memory care courtyard, multiple dining venues and a bar. The plan calls for The Reserve to be part of an intergenerational housing development with programs and activities for engagement between residents of the seniors housing community and the other residential properties in Strathmore Square. The larger Strathmore Square project comprises eight acres of developable space. The master-plan developer, Fivesquares Development, expects the full build-out to include 2,000 residential units, approximately 35,000 square feet of retail, walking paths to the Metro station and a 1.3-acre central park. …

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AcquisitionsIndustrialMarylandSoutheast

Cushman & Wakefield Arranges Sale of 200,000 SF Industrial Property in Baltimore

by John Nelson

BALTIMORE — Cushman & Wakefield has arranged the sale of a 200,000-square-foot warehouse at 3501 E. Biddle St. in Baltimore. The 36-acre site is situated near the Port of Baltimore, I-95 and I-895 and includes two acres of available land for leasing. Metro Chicago-based Industrial Outdoor Ventures (IOV) purchased the property from SK Realty for an undisclosed price. Jonathan Carpenter, Graham Savage and McLane Fisher of Cushman & Wakefield represented IOV in the transaction. The warehouse was fully leased to three tenants at the time of sale.

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AcquisitionsMarylandMixed-UseRetailSoutheast

Stan Johnson Co. Brokers $26.8M Sale of Metro Baltimore Store Leased to Whole Foods

by John Nelson

TOWSON, MD. — Stan Johnson Co. has brokered the sale of a newly built, single-tenant retail store located at 300 Towson Row in downtown Towson, about 10 miles north of Baltimore. Built in 2021 and opened in early 2022, the 63,750-square-foot retail property is triple-net-leased to Whole Foods Market, which anchors the 1.2 million-square-foot Towson Row mixed-use development. An unnamed 1031 exchange buyer based in New York purchased the store from locally based developer Greenberg Gibbons for $26.8 million. Jason Maier of Stan Johnson Co. represented the buyer in the transaction.

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AcquisitionsHospitalityMarylandSoutheastTop Stories

VICI Properties, Century Casinos Agree to Acquire Rocky Gap Casino Resort in Flintstone, Maryland for $260M

by Jeff Shaw

FLINTSTONE, MD. — New York City-based VICI Properties Inc. (NYSE: VICI) and Century Casinos Inc. (NASDAQ: CNTY) have entered into a definitive agreement to acquire the operations of Rocky Gap Casino Resort from Golden Entertainment Inc. for approximately $260 million. Rocky Gap is situated along Lake Habeeb in Flintstone, located in the western panhandle of Maryland between Pennsylvania and West Virginia. It offers a casino, hotel, conference center, comedy club, five food-and-beverage venues, 5,000 square-foot events center, 18-hole golf course designed by Jack Nicklaus, spa, indoor pool, fitness center, pro shop and multiple outdoor recreational activities. The casino comprises more than 25,000 square feet of gaming floor, 630 slot machines, 16 table games and two casino bars. The hotel offers 198 rooms. The seller recently invested $10 million in renovations to its hotel, slot machines, restaurants and sports lounge. “We are looking forward to working with the Maryland Lottery and Gaming Control Agency to obtain gaming approvals and with the casino leadership and team members to effect a smooth transition and great future for Rocky Gap,” say Erwin Haitzmann and Peter Hoetzinger, Co-chief executive officers of Century Casinos. VICI Properties will acquire an interest in the land and buildings associated with Rocky Gap for …

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AcquisitionsMarylandRetailSoutheast

Cushman & Wakefield Brokers Sale of 125,245 SF Shopping Center in Takoma Park, Maryland

by John Nelson

TAKOMA PARK, MD. — Cushman & Wakefield has brokered the sale of Takoma Langley Crossroads, a 125,245-square-foot, grocery-anchored shopping center in Takoma Park, a city in suburban Maryland’s Montgomery County. Granite Canyon Partners purchased the grocery-anchored center for an undisclosed price. Cushman & Wakefield’s John Owendoff represented the unnamed seller in the transaction. The recently renovated shopping center was nearly fully leased at the time of sale to tenants including Aldi, Walgreens, Citibank, Taco Bell and 7-Eleven. Situated on nearly 10 acres at the intersection of University Boulevard and New Hampshire Avenue, Takoma Langley is located across the street from the Takoma Langley Transit Center, the largest non-Metrorail transfer point in the metro Washington, D.C., region and the future home of a Purple Line Metro stop.

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AlabamaLoansMarylandMultifamilySoutheastTop StoriesVirginia

JLL Provides $262M Agency Refinancing of Southeastern Multifamily Portfolio

by Taylor Williams

TAMPA, FLA. — JLL has provided $262 million in Freddie Mac loans for the refinancing of a portfolio of six Southeastern multifamily properties totaling 1,494 units. Tampa-based Carter Multifamily owns the properties, which are located in Maryland, Virginia and Alabama. The portfolio comprises all garden-style assets, including: the 326-unit Park at Kingsview Village in Germantown, Md. the 240-unit Stonecreek Club in Germantown, Md. the 336-unit Hunt Club in Gaithersburg, Md. the 220-unit Springwoods at Lake Ridge in Woodbridge, Va. the 180-unit Windsor Park in Woodbridge, Va. the 192-unit Oaks of St. Clair in Moody, Ala. Melissa Marcolini Quinn and Lee Weaver of JLL originated the debt through Freddie Mac. Each of the loans was features a seven-year term and a floating interest rate. JLL, which will service the loans, also secured $40 million in new equity as part of the larger recapitalization of the portfolio. The equity partner was not disclosed. “Despite turbulent debt markets, we were able to facilitate a refinance of the portfolio with favorable senior financing from Freddie Mac, which was attracted to the deal due to the portfolio’s contribution to its mission and the borrower’s strong track record,” says Quinn. — Taylor Williams

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AcquisitionsIndustrialLife SciencesMarylandSoutheast

Syndicated Equities Trades Johns Hopkins Laboratory Building in Laurel, Maryland for $53M

by John Nelson

LAUREL, MD. — Syndicated Equities, a private real estate investment firm based in Chicago, has sold the Johns Hopkins University Applied Physics Laboratory in Laurel. An unnamed, Florida-based investor purchased the building for $53 million in a 1031 exchange. The property is situated within Montpelier Research Park near Johns Hopkins University’s Laurel campus. Syndicated Equities purchased the property in January 2011 in a joint venture with Middleton Partners, which is also based in Chicago. During its ownership, Syndicated Equities executed two long-term leases and made significant improvements to the asset, including installing new roofs.

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AcquisitionsLife SciencesMarylandSoutheast

Syndicated Equities Trades Johns Hopkins Laboratory Building in Laurel, Maryland for $53M

by John Nelson

LAUREL, MD. — Syndicated Equities, a private real estate investment firm based in Chicago, has sold the Johns Hopkins University Applied Physics Laboratory in Laurel. An unnamed, Florida-based investor purchased the property for $53 million in a 1031 exchange. Syndicated Equities purchased the laboratory facility in January 2011 in a joint venture with Middleton Partners, which is also based in Chicago. During its ownership, Syndicated Equities executed two long-term leases and made significant improvements to the asset, including installing a new roof.

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