Maryland

Howard Hughes Corp. Plans to Invest $325M in Medical Office, Residential Projects in Columbia, Maryland

by John Nelson February 8, 2022

COLUMBIA, MD. — The Howard Hughes Corp. (NYSE: HHC) has unveiled plans to invest $325 million to densify Downtown Columbia, the REIT’s 391-acre mixed-use development within the master-planned community of Columbia. Founded by James Rouse in 1967, Columbia is situated within the Baltimore-Washington, D.C. corridor in Maryland and is one of the first master-planned communities in the United States. The first new HHC project within Downtown Columbia’s Lakefront District is a four-story, 86,000-square-foot medical office building representing about $45.8 million in investment. Studio Red Architects is designing the property to achieve LEED Platinum and Fitwel certifications. Orthopaedic Associates of Central Maryland (OACM), a division of The Centers for Advanced Orthopaedics, will move its Columbia office into the new building upon completion in 2024, occupying approximately 20 percent of the asset. The property will be situated near a Whole Foods Market and Lake Kittamaqundi. Several health and wellness tenants signed on at Downtown Columbia to capitalize on the halo effect from the nearby Howard County General Hospital, which is part of Johns Hopkins Medicine. Other tenants at the Lakefront District include The Pearl spa, medtech firm NuVasive, MedStar Health’s headquarters, Healthcare Management Solutions, Welldoc, Sharecare, Consortium Health Plans, Vaya Pharma, Medisolv …

February 8, 2022

Acquisitions Affordable Housing Alabama Loans Maryland Multifamily Southeast Virginia

JLL Secures $318.5M Acquisition Financing for Multifamily Portfolio in Southeast US

by Julia Sanders January 25, 2022

ORLANDO, FLA. — JLL Capital Markets has secured a $318.5 million acquisition loan for a six-property multifamily portfolio located across Maryland, Virginia and Alabama. There were multiple sellers for the properties. The 1,494-unit workforce housing portfolio includes the following: Park at Kingsview Village (326 units) in Germantown, Md.; Stonecreek Club (240 units) in Germantown; Hunt Club (336 units) in Gaithersburg, Md.; Springwoods at Lake Ridge (180 units) in Woodbridge, Va.; Windsor Park (220 units) in Woodbridge; and Oaks of St. Clair (192 units) in Moody, Ala. Melissa Marcolini Quinn, Lee Weaver, Drew Jennewein, Rob Rothaug, Emily Moallem and Cody Mizelle of JLL arranged the loan through J.P. Morgan Chase Bank on behalf of the borrower, Carter Multifamily. The floating-rate, non-recourse bridge loan will facilitate a Single Asset Single Borrower (SASB) securitization, which is a single loan large enough to create its own pool for securitization. “This portfolio acquisition featured multiple sellers and a compressed timeframe, with less than 30 days from signed term sheet to closing,” says Quinn. “The team at JP Morgan was able to provide an attractive, short-term, balance sheet financing option, which is ideal for the planned SASB take out.”

January 25, 2022

Acquisitions Industrial Maryland Southeast

Newmark Brokers $30M Sale of Two Industrial Properties in Jessup, Maryland

by Julia Sanders January 21, 2022

JESSUP, MD. — Newmark has brokered the $30 million sale of 8215 and 8220 Wellmoor Court, two industrial warehouse buildings totaling 191,700 square feet within Baltimore Washington Industrial Park in Jessup. Christopher Abramson, Brian Kruger, Ben McCarty, Nicholas Signor and Erik Evans of Newmark represented both the seller, Spector Family LLC, and the buyer, Berkley Partners. Both properties were fully leased at the time of sale. Built in 2006, 8215 Wellmoor Court is a 79,600-square-foot warehouse and distribution building situated on six acres. Building features include approximately 2,000 square feet of office space, 28-foot clear heights, six dock-high loading doors and an ESFR sprinkler system. The property’s tenants include Archive Systems and Big 10 Tires. Built in 1972, 8220 Wellmoor Court is a 112,150-square-foot warehouse situated on 10.4 acres. Property features include 25-foot clear heights, 20 external loading doors, 60 surface parking spaces and a fenced lot. The property’s tenants include Acme Paper and Giant Foods.

January 21, 2022

District of Columbia Market Reports Maryland Restaurant Retail Southeast Southeast Market Reports Virginia

Grocery Chains and Other Retail Categories are Making Hay in Mid-Atlantic Region

by John Nelson January 11, 2022

The Washington, D.C., and Baltimore markets, when combined, represent the fourth-largest metropolitan region in the nation by population, and retailers are taking notice again. Grocery-anchored projects are the most prevalent in the headlines. For example, the first of nearly 20 Amazon Fresh locations has opened in the area. Additionally, Wegmans’ smaller format rollout plan is active with its first location in Stonebridge’s Carlyle Crossing in Alexandria opening spring 2022, along with Roadside Development’s City Ridge Project at the former Fanny Mae Headquarters in Northwest D.C. Former Shoppers Food Warehouse boxes also continue to get absorbed by new grocers. A less-covered sector of the grocery market is the international markets category, which remains very active in the region. There are 29 different banners across the region that exceed 10,000 square feet in size, with the newest entrant being Oh! Markets in Northern Virginia. Other international market newcomers, including 99Ranch and Enson Market, are also searching for space. With the immense ethnic diversity of the region, we expect investors to start taking notice of this sector with their acquisition appetite, just as they have in other regions like Texas and Florida. Publix, a customer favorite, is in the early stages of identifying …

January 11, 2022

Acquisitions Maryland Multifamily Southeast

Carter Funds Purchases Apartment Community in Germantown, Maryland for $103M

by Julia Sanders December 17, 2021

GERMANTOWN, MD.— An affiliate of The Carter Funds has purchased The Park at Kingsview Village Apartments, a 326-unit, Class A multifamily community in Germantown. Washington, D.C.-based PRP LLC sold the property for $103 million. Built in 2001, the Park at Kingsview features 12 three- and four-story buildings totaling 343,980 square feet with an average unit size of 1,055 square feet. Community amenities include a swimming pool, clubhouse, fitness center, conference room, business center and a children’s playroom. In addition, the property offers walking, jogging and biking trails, tennis courts, playgrounds, a picnic pavilion and a dog park. The property is situated close to the Kingsview Village Shopping Center, a Giant Food-anchored neighborhood shopping center. The property is also located within a mile of the Germantown Soccerplex and the Germantown Indoor Swim Center. Major employers in the vicinity include the National Institutes of Health, the US Food and Drug Administration, Marriott International and Lockheed Martin. PRP implemented $3.5 million in renovations at the property that included a completely revamped clubhouse and pool area, as well as in-unit renovations featuring new kitchens, stainless steel energy-efficient appliances, quartz countertops, new lighting, new bathrooms and wide plank flooring.

December 17, 2021

Loans Maryland Multifamily Southeast

JLL Secures $50.1M Acquisition Financing for Multifamily Property in Metro D.C.

by Julia Sanders December 10, 2021

HYATTSVILLE, MD. — JLL has secured $50.1 million in acquisition financing for Plaza Towers, a 288-unit, high-rise apartment community located in Hyattsville, about 6.9 miles from Washington, D.C. Jamie Leachman, Chris Hew, Amit Kakar and Carter Wroblewski of JLL arranged the three-year, floating-rate loan on behalf of the borrower, Jair Lynch Real Estate Partners. Jair Lynch purchased the asset for $65.8 million, or $228,929 per unit. Dean Sigmon, Robin Williams, Justin Shay and Michael D’Amelio of Transwestern Real Estate Services represented the sellers, The Donaldson Group and New York-based Angelo Gordon & Co., in the transaction. Partially renovated in 2019 and 2020, Plaza Towers offers studio, one-, two- and three-bedroom units averaging 826 square feet. Select units feature abundant closet space, dishwashers, built-in microwaves, plank vinyl flooring, private balconies or patios, granite countertops and stainless steel appliances. Community amenities include an outdoor pool, laundry facility with resident lounge and clubroom, fitness center, business center, playground, grilling and picnic areas and a bike storage room. Located at 6700 Belcrest Road, the property is situated within a half-mile from The Mall at Prince George’s, a shopping mall with retailers such as Five Below, Ulta Beauty, Foot Locker and T.J. Maxx. The property …

December 10, 2021

Acquisitions Maryland Mixed-Use Southeast

Armada Hoffler Buys Majority Interest of Exelon Mixed-Use Building in Baltimore for $246M

by Julia Sanders December 8, 2021

BALTIMORE — Armada Hoffler Properties Inc., a Virginia Beach-based REIT, has bought a 79 percent interest and an additional 11 percent economic interest in the 23-story mixed-use Exelon building in Baltimore’s downtown waterfront neighborhood, Harbor Point. The aggregate value of the acquisition is $246 million. Armada Hoffler expects to close the acquisition by the end of the first quarter of 2022. Beatty Development Group will retain a 10 percent ownership position in the property. In 2016, Virginia Beach-based Armada Hoffler Construction and Baltimore-based Beatty Development Group delivered the 444,000-square-foot property. Located at 1310 Point St., Exelon features mostly office space as well as 103 apartments, which were approximately 96 percent occupied around the time of sale. The mixed-use property features 38,500 square feet of retail space anchored by West Elm, as well as 750 parking spaces. The building is LEED Gold-certified and the interior is LEED Platinum-certified. The office component of the Exelon building is fully leased by Exelon, a Chicago-based investment grade clean energy provider. Exelon uses the building as its regional headquarters and has a lease at the property with a remaining term of 15 years.

December 8, 2021

Acquisitions Hospitality Leasing Activity Maryland Mixed-Use Northeast Pennsylvania Restaurant Retail Southeast Top Stories

Cordish to Sell Three East Coast Casinos in $1.8B Deal with Gaming and Leisure Properties

by John Nelson December 7, 2021

PHILADELPHIA, PITTSBURGH AND HANOVER, MD. — The Cordish Cos., a privately held retail entertainment and hospitality owner and operator based in Baltimore, has reached a sale-leaseback agreement with Gaming and Leisure Properties Inc. (NASDAQ: GLPI) for three of Cordish’s East Coast casinos. The properties include Live! Casino & Hotel Maryland, Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh. Under terms of the agreement, Cordish will immediately lease back all the properties and continue to own, control and manage all the gaming operations of the facilities. The leases will have an initial term of 39 years, with a maximum term of 60 years inclusive of tenant renewal options. The total price was approximately $1.8 billion, including applicable long-term ground leases. Consideration for the three-property real estate transactions will comprise a mix of qualified debt assumption (to be satisfied by GLPI), cash and $323 million of newly issued operating partnership units. The transaction for the three properties includes a binding partnership on future Cordish casino developments. For seven years post-closing, GLPI will co-invest with Cordish on any new gaming development projects and provide 20 percent of Cordish’s equity on those projects. (This agreement excludes existing Cordish or third-party gaming licensed facilities.) …

December 7, 2021

Development Maryland Office Southeast

Merritt Properties Completes Redevelopment of 98,640 SF Office Building in Hunt Valley, Maryland

by Julia Sanders December 1, 2021

HUNT VALLEY, MD. — Merritt Properties has completed the speculative redevelopment of Schilling Green III, a 98,640-square-foot office building in Hunt Valley, about 17.9 miles north of Baltimore. Merritt aims for the project to achieve LEED Silver certification and fully open by late February 2022. Located at 226 Schilling Circle, Schilling Green III is a three-story office building that features a community lounge, outdoor patio and surface parking. The property was formerly home to McCormick & Co., a Hunt Valley, Md.-based spice and seasoning company. Now, University of Maryland Orthopaedics has signed on as the building’s first tenant and will move into 16,800 square feet of first-floor space for the use of medical offices, 16 exam rooms and a physical therapy center. The medical practice is relocating from Timonium, a city north of Baltimore. The Schilling Green III project completes Merritt’s Class A campus development at Schilling, which includes neighboring properties Schilling Green I and Schilling Green II. Schilling Green I and II are both LEED Platinum-certified buildings. The Schilling Green business park provides amenities such as an onsite fitness center, community lounge and an outdoor courtyard.

December 1, 2021

Acquisitions Industrial Maryland Southeast

Terreno Realty Purchases Industrial Property in Hyattsville, Maryland for $8M

by Julia Sanders November 29, 2021

HYATTSVILLE, MD. — Terreno Realty Corp. has purchased an industrial property in Hyattsville for approximately $8 million. The seller was not disclosed. The industrial property is located on a 2.9-acre land parcel at 5380 Tuxedo Road. The property is situated less than one mile outside of Washington, D.C., and is adjacent to the intersection of U.S. Route 50 and the Baltimore-Washington Parkway. The property is fully leased to two undisclosed tenants. Terreno Realty Corp. is a Bellevue, Wash.-based commercial real estate company that acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C.

November 29, 2021

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