REBusinessOnline

Merritt Properties Purchases Former GM Facility in Metro Baltimore for $34.5M, Plans Industrial Redevelopment

WHITE MARSH, MD. — Merritt Properties has purchased 10301 Philadelphia Road in White Marsh for $34.5 million. The property is a former GM Baltimore Global Propulsions Systems site that opened in 2000 to produce transmissions and electric motors before it closed in 2019. Bo Cashman and Jonathan Beard of CBRE represented the unnamed seller in the transaction.Located off Interstate I-95 near Interstate 695, the 56-acre project will be known as White Marsh Interchange Park. White Marsh …

Harbor Stone Advisors Arranges $10.3M Sale of Apartment Community in Odenton, Maryland

ODENTON, MD. — Harbor Stone Advisors has arranged the $10.3 million sale of Highland Court Apartments, a 78-unit garden-style complex in Odenton. Justin Verner and Brooks Healy of Harbor Stone Advisors served as exclusive advisor and agent to the seller, Bethesda-based Outlier Realty Co., in addition to sourcing the buyer, Willow Creek Partners. The property sold for $132,051 per unit.Constructed in 1962, Highland Court Apartments includes one- and two-bedroom units with white or black …

JLL Brokers $17.4M Sale of Manokeek Village Center in Metro D.C.

ACCOKEEK, MD. — JLL has brokered the $17.4 million sale of Manokeek Village Center, a 74,470-square-foot, grocery-anchored shopping center in the Washington, D.C., suburb of Accokeek. Bill Moylan, Jordan Lex and Daniel Naughton of JLL marketed the property on behalf of the seller, The JCR Cos. Evan Park of JLL arranged a 10-year, fixed-rate acquisition loan on behalf of the buyer, AmCap Necessity Retail Fund LLC. Completed in 2003, Manokeek Village Center is 96 percent leased to Giant, …

Excelsa Properties Acquires Multifamily Community in Camp Springs, Maryland for $64M

CAMP SPRINGS, MD. — Excelsa Properties has acquired Tribeca at Camp Springs, a multifamily property located at 4701 Old Soper Road in Camp Springs, for $64 million. This is the seventh multifamily property acquisition for the Excelsa US Real Estate I LP investment vehicle. The seller was not disclosed.Tribeca features 224 apartments and over 18,000 square feet of retail space. Completed in 2006, Tribeca’s units feature nine-foot ceilings, poured concrete construction and structured …

PCCP, Panattoni to Build 730,880 SF Industrial Project in Hagerstown, Maryland

HAGERSTOWN, MD. — PCCP LLC and Panattoni Development Co. Inc. have partnered in a joint venture to acquire a 90-acre site in Hagerstown for the speculative development of Creekside Logistics Center. The project will be a fully entitled, 730,880-square-foot industrial warehouse building featuring 40-foot clear heights. Located at 16422 National Pike, the project is anticipated for completion in December.Located directly south of the Pennsylvania/Maryland border, Creekside Logistics Center …

JLL Secures Acquisition Financing for 313,000 SF Industrial Facility in Baltimore

BALTIMORE — JLL Capital Markets has secured acquisition financing for a fully leased, 313,000-square-foot infill warehouse at 2209 Sulphur Spring Road in Baltimore near Interstates 95 and 695. Jay Wellschlager, Bruce Strasburg, Craig Childs and Elizabeth Runge of JLL represented the seller, The O’Donnell Group, in the transaction. Paul Spellman of JLL secured acquisition financing on behalf of the new owner, Aminim Group. The property price was not disclosed.Located 7.5 miles from …

Four Retail Tenants Join National Harbor Development in Metro D.C.

OXON HILL, MD. — BurgerFi, Roll by Goodyear, Girlkin Lashes and MahoganyBooks have joined National Harbor, a retail and dining development in Suburban Maryland. Peterson Cos. developed National Harbor over 10 years ago. The National Harbor, located at 165 Waterfront St. in Oxon Hill, has over 280,700 square feet of flexible retail space. The development features brands and retailers such as Carhartt, Alex and Ani, Build-A-Bear Workshop, ZAAF, A Beautiful Closet, BrookieGirl and The Furlough …

Marriott Names Tony Capuano as New CEO, Stephanie Linnartz as New President

BETHESDA, MD. — Marriott International Inc. (NASDAQ: MAR) has named Tony Capuano as the new CEO. This news follows the recent death of previous CEO, Arne Sorenson.Marriott also named Stephanie Linnartz as its new president. Linnartz was previously the Marriott group president in charge of consumer operations, emerging businesses, and technology.Capuano has been with the Marriott for 25 years, and he will be the company’s fourth CEO. He is taking over the hotel corporation at a time …

28 Walker to Develop 125,000 SF Timber Office Building in Baltimore

BALTIMORE — 28 Walker Development will build a five-story, 125,000-square-foot office building at 4010 Boston St. in Baltimore City, known as 40TEN. The Class A office space will be delivered in early 2022.40TEN is the first commercial office building in downtown Baltimore constructed entirely using heavy wood timber materials. 28 Walker chose to utilize heavy timber based on the material’s positive energy efficiency attributes, with flooring, columns and exposed ceilings all comprising …

Marriott Posts First Annual Loss Since 2009 as COVID-19 Loomed Large in 2020

BETHESDA, MD. — Marriott International (NASDAQ: MAR) posted a net income loss of $267 million for 2020, which The Wall Street Journal reports is the hotel giant’s first annual loss since 2009. The company posted a net loss of $164 million in fourth-quarter 2020, which is a significant drop from its net income of $279 million in fourth-quarter 2019.The COVID-19 pandemic materially changed global traffic patterns for both leisure and business travelers in 2020, and Marriott’s hotels …

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