Maryland

Trammell Crow to Develop 757,000 SF Life Sciences Campus at Johns Hopkins Satellite Campus in Maryland

by John Nelson May 11, 2022

ROCKVILLE, MD. — Trammell Crow Co. has plans to develop The Lab at Belward, a life sciences project situated on the Belward Campus of Johns Hopkins University in Rockville. The property will initially span 757,000 square feet of laboratory and research and development space across three buildings. Trammell Crow entered into a 99-year ground lease with Johns Hopkins University for the 21-acre project. Designed by Gensler to achieve LEED Gold standards, The Lab at Belward will include 18-foot ceiling heights on both the basement and ground floors, with 16-foot heights on all other floors. The property will include amenities, terraces, balconies and a parking garage, as well as a six-acre public park with two retail pavilions. At full buildout the project could span up to 1.6 million square feet across seven buildings, according to Trammell Crow. The Dallas-based developer plans to break ground on the initial phase in June 2023 and deliver the project in early 2025. The project team includes general contractor Clark Construction Group; civil engineer Soltesz Inc.; land use engineer Lerch Early Brewer; mechanical, electrical and plumbing (MEP) engineer James Posey Associates Inc.; structural engineer Thornton Tomasetti; and landscape architect OJB. CBRE is managing the marketing and …

May 11, 2022

Development Industrial Maryland Southeast Top Stories

MRP Industrial, Hillwood Development Plan 3.7 MSF Bainbridge Logistics Center in Port Deposit, Maryland

by Katie Sloan May 2, 2022

PORT DEPOSIT, MD. — A joint venture between MRP Industrial and Hillwood Development Co. has announced plans for Bainbridge Logistics Center, a 3.7 million-square-foot industrial development in the town of Port Deposit, located in Maryland’s Eastern Shore region. Bainbridge Naval Training Center formerly occupied the 440-acre site, which is located three miles from Interstate 95, approximately 42 miles from Baltimore and 40 miles from Wilmington, Delaware. The project’s first phase of development will include two single-story, speculative, Class A warehouse and logistics buildings totaling 1 million square feet and 605,280 square feet, respectively. The developers are seeking LEED certification for both buildings, which will include LED lighting and white reflective roofs, among other energy-saving design features. Both assets will offer deep truck courts to support the movement of large tractor trailers; parking fields for both employees and visitors; and large floor plates to accommodate a range of uses, including light manufacturing, warehouse, logistics and last-mile operations. The development will also feature $30 million worth of infrastructure improvements, including expansion of both water and sanitary services to support the logistics center and the surrounding community; the construction of three miles of public roads to connect the park to three highways; and …

May 2, 2022

Acquisitions Maryland Retail Southeast

Continental Realty Corp. Sells Shopping Center in Metro Baltimore for $11.9M

by Julia Sanders April 26, 2022

DUNDALK, MD. — Baltimore-based Continental Realty Corp. (CRC) has sold Merritt Manor Shopping Center, an 88,332-square-foot, fitness-anchored retail center in Dundalk. Columbia, Md.-based Abrams Development Group purchased the property for $11.9 million. Dean Zang and David Crotts of Marcus & Millichap represented CRC in the transaction. Merritt Manor was 96 percent leased at the time of sale to tenants including Gold’s Gym, Sherwin-Williams, Dollar General, Hair Cuttery, GNC, Chicken Rico and Leslie’s Swimming Pool Supplies. CRC completed renovations on the property, including upgrading the center’s exterior facade, enhancing all landscaping elements and upgrading the center’s signage. Located at 1119-1211 Merritt Blvd., the property is 9.9 miles from Baltimore and 18.7 miles from Baltimore/Washington International Thurgood Marshall Airport.

April 26, 2022

Leasing Activity Maryland Office Southeast

Cushman & Wakefield Secures 26,000 SF Office Lease for Design Firm in Baltimore

by Julia Sanders April 25, 2022

BALTIMORE — Cushman & Wakefield has secured a new 26,000-square-foot office lease in Baltimore for Design Collective, a locally based architecture and design firm. The firm will relocate from its current location in The Power Plant at 601 East P. St. to 100 E. Pratt St. The new office location offers a David & Dad’s Café Express, Starbucks, fitness center, concierge service and outdoor seating. Bronwyn LeGette and David Downey of Cushman & Wakefield represented Design Collective in the transaction. Linn Worthington of Cushman & Wakefield represented the landlord, Vision Properties.

April 25, 2022

Acquisitions Maryland Retail Southeast

Rappaport Purchases 433,720 SF Shopping Center in Northern Maryland

by Julia Sanders April 7, 2022

BEL AIR, MD. — A joint venture affiliated with Rappaport has purchased Festival at Bel Air, a 433,720-square-foot shopping center in the Harford County community of Bel Air. The seller and sales price were not disclosed. The shopping center was 94 percent occupied at the time of sale by 60 retailers, including anchor Klein’s ShopRite. Klein’s ShopRite has been at the center since its opening in 1990. Other tenants at the property include Kohl’s, Burlington, Marshalls, Petco and The Tile Shop.

April 7, 2022

Acquisitions California Company News Maryland Oregon Retail Southeast Top Stories Washington Western

First Washington Realty Goes Shopping, Acquires Donahue Schriber Realty Group

by John Nelson April 5, 2022

BETHESDA, MD. AND COSTA MESA, CALIF. — Bethesda-based retail real estate owner First Washington Realty (FWR) has purchased Donahue Schriber Realty Group Inc., a shopping center owner based in Costa Mesa. An affiliate of FWR acquired the private retail REIT and its portfolio of grocery-anchored, open-air centers from institutional investors advised by J.P. Morgan Global Alternatives. The transaction adds 47 shopping centers, as well as one DSRG-owned office property, for a combined 6 million square feet to FWR’s holdings. The sales price was not disclosed, but Bloomberg reported in February that the negotiations for the deal valued DSRG and its assets at north of $3 billion. The news outlet also reports that the California Public Employees’ Retirement System (CalPERS) was an equity partner with FWR on the deal and that JPMorgan Asset Management and the New York State Teachers’ Retirement System (NYSTRS) were among DSRG’s largest investors. For FWR, the deal expands its presence on the West Coast, including in high-profile markets such as the Bay Area, Orange County, Seattle, Portland, San Diego and Sacramento. The deal also expands FWR’s corporate base on the West Coast, as its executive management team now oversees DSRG’s existing offices in Orange County, San …

April 5, 2022

Leasing Activity Maryland Retail Southeast

Four Retailers Join Tenant Lineup at National Harbor in Metro D.C.

by Julia Sanders March 28, 2022

OXON HILL, MD. — Four new tenants are joining the tenant lineup at National Harbor, a waterfront destination in Oxon Hill. Peterson Cos. developed National Harbor around 14 years ago. National Harbor is home to eight hotels, shops, restaurants, entertainment options, as well as the Capital Wheel, a 180-foot observation wheel and the Guide by Cell outdoor art gallery tour. The four tenants include Tom’s Watch Bar, Sticky Situation, Escapology and Silver Diner. Peterson Cos. announced three new tenants in January including Bombay Street Food, PrimoHoagies and BurgerFi. Located at 200 American Way, Tom’s Watch Bar is a 10,881-square-foot sports bar that offers food and beverages. The tenant is opening at National Harbor in late 2022. Sticky Situation, which will open at 170 American Way, is a 2,862-square-foot honey and syrup tasting room experience. Opening in August, the store will provide tastings and education on a variety of honeys and maple syrups from local honey, artisan-infused honey, real maple syrup and bee pollen from more than 12 bee colonies across the country. Situated at 230 American Way, Escapology will feature 3,675 square feet of escape room space. Opening in the fall, the property has five rooms and expansion plans to …

March 28, 2022

Acquisitions Maryland Multifamily Southeast Top Stories

Partnership Acquires Apartment Community in Largo, Maryland, for $72M

by Taylor Williams March 28, 2022

LARGO, MD. — A partnership between investment firm FCP, developer Insight Property Group and Virginia-based nonprofit AHC has acquired Camden Largo Town Center, a 245-unit apartment community in Largo, just east of Washington, D.C. The sales price was $71.9 million, or roughly $293,500 per unit. At the time of sale, the garden-style community was approximately 93.5 percent occupied. The new ownership plans to upgrade common areas, rebrand the community as Haven Largo and introduce income restrictions to certain residences. Haven Largo features one-, two- and three-bedroom units that are furnished with kitchen pantries, rentable garages and private patios/balconies. Amenities include a pool, fitness center, and outdoor dining and lounge areas. In addition, Haven Largo offers proximity to Largo Town Center Metro Station and the Capital Beltway. “FCP is excited to continue investing in our home market with the acquisition of a well-maintained and high-performing asset in one of the top submarkets in suburban Maryland,” says Scott Reibstein, associate at FCP. “As part of our commitment to the preservation of moderately priced apartment communities in the region, we plan to offer resident services and implement affordability requirements to a portion of the units.” Chris Doerr and Will Harvey of Walker & …

March 28, 2022

Acquisitions Maryland Multifamily Southeast

Comstock Acquires 250-Unit Multifamily Property in Rockville, Maryland

by Julia Sanders March 25, 2022

ROCKVILLE, MD. — Comstock Holdings Cos. Inc. has acquired the Ansel at Rockville Town Center, a 250-unit apartment building in Rockville. Duball LLC sold the property for an undisclosed amount. Jorge Rosa and Anthony Liberto of Cushman & Wakefield arranged the sale, while Marshall Scallan, Michael Zelin and Bindi Shah of Cushman & Wakefield arranged an undisclosed amount of debt financing. Delivered earlier this year, Ansel at Rockville Town Center, which is being rebranded as BLVD Ansel, is an 18-story high-rise apartment community that offers studio, one- and two-bedroom floorplans. BLVD Ansel features 20,153 square feet of retail space, 611 parking spaces and amenity spaces, including a lobby with concierge service, penthouse club room, fitness center with a yoga studio and private workspaces. The outdoor amenity spaces include a ninth-floor swimming pool with outdoor cooking stations, TV lounge and a rooftop courtyard for outdoor dining. Located at 33 Monroe St., the property is located at the entrance to Metro’s Rockville Station and is situated 21.5 miles from Washington, D.C. CHCI Residential Management and ParkX Management, wholly owned subsidiaries of Comstock, will provide property management services for BLVD Ansel.

March 25, 2022

Acquisitions Maryland Office Southeast

Byrnes Brokers Sale of 15-Story Office Building in Downtown Baltimore, Buyer Plans Multifamily Conversion

by Julia Sanders March 23, 2022

BALTIMORE — Byrnes & Associates Inc. has brokered the sale of 210 North Charles St., a 15-story, 232,000-square-foot office tower in downtown Baltimore. An entity known as 210 N. Charles Owner LLC, a joint venture partnership formed by Baltimore-based residential developer Trademark Properties and local investor Prab Thangarajah, has acquired the property for $6 million. Artemis Properties sold the property. Brad Byrnes of Baltimore-based Byrnes & Associates represented the buyer in the transaction. Built in 1894, 210 North Charles St., also known as The Fidelity & Deposit Building, will be converted into a multifamily property with about 220 apartment units. The property’s new ownership group intends to start the renovation process next month. The project will have a mix of studio, one- and two-bedroom floorplans ranging from 500 to 2,000 square feet. Construction is slated to be completed by spring 2024. The development cost is expected to be $34 million. The project will also feature a street-level restaurant component, featuring a corner vault room complete with an outdoor seating area that overlooks Center Plaza. In addition, two or three retail spaces will be carved out of the street-level and leased to end users, and the project will have underground parking …

March 23, 2022

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