Maryland

Walker & Dunlop Provides $84.4M Refinancing Loan for Multifamily Community in Suburban Baltimore

by Alex Tostado December 2, 2020

ANNAPOLIS JUNCTION, MD. — Walker & Dunlop has provided an $84.4 million Freddie Mac refinancing loan for The Residences at Annapolis Junction. Armada Hoffler, which delivered the asset in 2017, received the 10-year, non-recourse loan with three years of interest-only payments. Proceeds will replace existing construction debt that Walker & Dunlop also provided in 2018. The property offers studio, one- and two-bedroom floor plans. Communal amenities include a saltwater pool, sundeck, fitness center, movie theater, 24-hour business center and car charging stations. The complex is situated at 10125 Junction Drive in Annapolis Junction, 18 miles southwest of downtown Baltimore. Dee McClure and Katie Runyan of Walker & Dunlop originated the loan on behalf of the Virginia Beach, Va.-based borrower.

December 2, 2020

Acquisitions Maryland Mixed-Use Southeast

Joint Venture Purchases Two Historic Mixed-Use Buildings in Downtown Baltimore Totaling 90,000 SF

by Alex Tostado November 24, 2020

BALTIMORE — A joint venture between Kemp Byrnes and Brad Byrnes of Byrnes & Associates Inc. and local entrepreneur Dave Gupta has purchased two historic buildings in downtown Baltimore for an undisclosed price. The assets, situated at 225 and 233 E. Redwood St., combine to span 90,000 square feet of office and retail space. The buyers plan to implement a $5 million renovation and rebranding into the properties. The four-story building at 225 E. Redwood St. will be known as the Vickers Building, and the 13-story building located at 233 E. Redwood St. will be dubbed the Redwood Exchange. The buyers will transform the upper floors of the Redwood Exchange, which currently houses the law office of Gordon Feinblatt LLC, into a multi-tenant space. The ground floors of both buildings will be leased to restaurant and retail users. More than $3 million has been invested in the properties over the past five years by the previous undisclosed owner to upgrade the exterior, interior common areas and HVAC system. Vickers Exchange was originally built in 1904 and includes Werner’s Restaurant, a pop-culture icon that has been featured in TV shows and movies such as “The Wire,” “Liberty Heights,” “Ladder 49,” “Tin …

November 24, 2020

Acquisitions Industrial Leasing Activity Maryland Southeast

MCB, Artemis Real Estate Acquire Distribution Center Near Baltimore in $65M Sale-Leaseback Deal with Rite Aid

by Alex Tostado November 20, 2020

ABERDEEN, MD. — A joint venture between MCB Real Estate LLC and Artemis Real Estate Partners has acquired an 890,000-square-foot distribution center in Aberdeen for $65 million. A subsidiary of Rite-Aid fully leases the center, which serves as a distribution hub for more than 1,200 Rite-Aid locations across the Northeast. Rite-Aid sold the warehouse to the joint venture in a sale-leaseback transaction. The asset is situated at 601 Chelsea Road, 35 miles northeast of downtown Baltimore and five miles from Interstate 95. Bill Shrader and John Van Buskirk of Lee & Associates represented the buyer in the transaction. Michael Katz of REF Advisory Inc. represented the seller.

November 20, 2020

Development Industrial Maryland Southeast

McCormick to Open 1.8 MSF Distribution Center in Metro Baltimore

by Alex Tostado October 29, 2020

SPARROWS POINT, MD. — McCormick & Co. Inc. will open a 1.8 million-square-foot distribution center in Sparrows Point. The facility will be the largest in the food manufacturer and distributor’s portfolio. The Baltimore-based company plans to consolidate several jobs and distribution warehouses to the new location upon completion, which is slated for the second half of 2022. The new facility will be situated within Trade Point Atlantic Industrial Park, 12 miles south of the Port of Baltimore. Other tenants within the industrial park include Under Armour, Amazon and Perdue Foods. McCormick will host a groundbreaking ceremony at the site Thursday, Nov. 12. The developer and design team were not disclosed.

October 29, 2020

Acquisitions Maryland Office Southeast

NKF Arranges Sale of Six-Building Office Portfolio in Columbia, Maryland

by Alex Tostado October 27, 2020

COLUMBIA, MD. — Newmark Knight Frank (NKF) has arranged the sale of a six-building, 253,079-square-foot office portfolio in Columbia. At the time of the sale, the properties were leased to more than 20 tenants, including Liberty Mutual Insurance, AXA, Howard Chamber of Commerce and State Farm. The portfolio is located at 6200-6250 Old Dobbin Lane, 16 miles southwest of downtown Baltimore. Richmond, Va.-based real estate investment bank John B. Levy & Co. and an affiliate of Fernau LeBlanc Investment Partners acquired the portfolio for an undisclosed price. Cris Abramson, Nicholas Signor and Ben McCarty of NKF represented the undisclosed seller in the transaction.

October 27, 2020

Acquisitions Maryland Retail Southeast

Neuman Commercial Group Arranges $13.2M Sale of Retail Center in Hagerstown, Maryland

by Alex Tostado October 22, 2020

HAGERSTOWN, MD. — Neuman Commercial Group LLC has arranged the $13.2 million sale of Hagerstown Shopping Center, a 124,000-square-foot shopping center in Hagerstown. The property was fully leased at the time of sale to 16 tenants including Aldi, Family Dollar, Mr. Tire, AutoZone, McCormick Paints, Super Shoe and Papa John’s. Hagerstown Shopping Center is situated at 503 Dual Highway, less than one mile from downtown Hagerstown and eight miles south of the Maryland-Pennsylvania state border. Gil Neuman of Neuman Commercial Group represented the seller, Bon Aviv Investments, in the sale. Neuman also procured the buyer, an undisclosed private family management office.

October 22, 2020

Development Maryland Multifamily Southeast Student Housing

Gilbane Starts Construction of 978-Bed Student Housing Complex Near University of Maryland

by Alex Tostado October 21, 2020

COLLEGE PARK, MD. — Gilbane Development Co. has started construction on Tempo, a 978-bed student housing complex near the University of Maryland in College Park. The community will comprise 296 units with studio to five-bedroom floor plans. Units will be fully furnished and will feature stainless steel appliances, granite countertops, washers and dryers, walk-in closets and flat-screen TVs. Communal amenities will include study lounges, a fire pit, clubhouse, pool, sundeck, fitness center, multisport simulator and a computer lab. The two-acre site will be situated at 8430 Baltimore Ave., less than one mile from campus. Providence, R.I.-based Gilbane Development expects to deliver the asset in August 2022. Gilbane Development is the project development, financing and ownership arm of Gilbane Inc., a private holding company.

October 21, 2020

Loans Maryland Multifamily Southeast

MAC Realty Advisors Arranges $72.5M Loan for Multifamily Development in Metro D.C.

by Alex Tostado October 21, 2020

NORTH BETHESDA, MD. — MAC Realty Advisors has arranged a $72.5 million construction-to-permanent loan for East Village at North Bethesda Gateway, a 335-unit multifamily community in North Bethesda. The borrower/developer, a partnership between Foulger-Pratt and Promark Partners, expects to deliver the asset by the end of 2020. The property is located at 5616 Nicholson Lane, 11 miles north of downtown Washington, D.C., on the former site of White Flint Mall. Andrew McAllister, Nick Rubenstein and Pate Hardison of MAC Realty originated the loan on behalf of the borrower through an undisclosed national lender.

October 21, 2020

Development Maryland Multifamily Seniors Housing Southeast

Brightview Opens 96-Unit Seniors Housing Community in Bethesda, Maryland

by Alex Tostado October 13, 2020

BETHESDA, MD. — Brightview Senior Living, an owner and operator of senior living communities, has opened Brightview Grosvenor, an assisted living and memory care community in Bethesda, approximately 10 miles north of downtown Washington, D.C. The community is situated on shares the land of Wild Acres, the former home of National Geographic president, editor and photojournalist Gilbert Grosvenor. Brightview Grosvenor features 58 assisted living, 26 memory care and 12 “enhanced care” apartments on three acres. Enhanced care apartments are designed for residents with conditions that require special attention, such as Parkinson’s disease or ALS.

October 13, 2020

Acquisitions Maryland Multifamily Southeast

JLL Negotiates Sale of 538-Unit Multifamily Community Near D.C.

by Alex Tostado October 6, 2020

GAITHERSBURG, MD. — JLL has arranged the sale of Cadence at Crown, a 538-unit multifamily community in Gaithersburg. JRK Property Holdings acquired the asset for an undisclosed price. The property offers studio to three-bedroom floor plans averaging 863 square feet. Communal amenities include a pool, sundeck, 24-hour fitness center, internet café, conference room, gaming lounge, pet spa and electric car charging stations. The community is situated at 113 Ellington Blvd., 21 miles north of downtown Washington, D.C. Walter Coker, Brian Crivella and Robert Jenkins of JLL represented the undisclosed seller in the transaction.

October 6, 2020

Newer Posts

Older Posts