Tuesday, June 17, 2025
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Creekside Logistics Center
DevelopmentIndustrialMarylandSoutheast

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

by Julia Sanders

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 sits just off Interstate 81 in an area in high demand from big box distribution tenants. The project will feature multi-modal infrastructure, low operating costs, a super-regional highway network, regional parcel and freight hubs and a concentration of third-party logistics (3PL) carriers. PCCP is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. Panattoni Development is a privately held, full-service development company based in Irvine, Calif.

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2209 Sulphur Spring Road Industrial Facility
AcquisitionsIndustrialMarylandSoutheast

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

by Julia Sanders

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 Baltimore/Washington International Thurgood Airport, the property features approximately one acre of fenced storage, heavy power, security, 35 loading docks and the potential for 56 trailer drops. Tenants of the industrial facility include Liberty Tire Recycling and Indusco Wire Rope & Fittings. Since 2013, the property received about $6.5 million of capital improvements, including a new roof, T5 and LED lighting, dock seals, 35,000-pound levers, façade accents and two new bridges. In 2018, the O’Donnell Group reached out to Dave Dannenfelser and Tyler Boykin of JLL to lease the property, which was purchased in December 2017 with a pending full-building vacancy. Within 12 months, the team brought the vacant warehouse to full occupancy with an average lease term of more than seven years. The O’Donnell Group is a …

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National Harbor
Leasing ActivityMarylandRetailSoutheast

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

by Julia Sanders

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 Cheesecake. BurgerFi is opening a 2,714-square-foot casual restaurant at National Harbor this summer. Roll by Goodyear will open in the spring in a 1,616-square-foot space. Girlkin Lashes will open its 1,311-square-foot lash and brow salon this spring. Lastly, MahoganyBooks will open its 1,408-square-foot bookstore with books for, by or about African diaspora. The Waterfront District at National Harbor provides easy access and parking, as well as riverfront location to the Potomac River. The tourist attraction is 11 miles from Washington, D.C., and typically has 14 million visitors a year. The property also features the Capital Wheel, a 180-foot observation wheel, and the Guide by Cell outdoor art gallery tour.

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Company NewsMarylandSoutheast

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

by Julia Sanders

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 where the travel and hospitality industry is suffering due to travel restrictions and the COVID-19 pandemic. According to an article by The Wall Street Journal, Capuano stated that he plans to run the Marriott in a similar way as Sorenson did. Before Sorenson was diagnosed with cancer, he would be on the road for more than 200 days a year for work.

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40TEN
DevelopmentMarylandOfficeSoutheast

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

by Julia Sanders

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 natural wood. 40TEN is part of the Collective at Canton, a mixed-use project developed by 28 Walker that features a Sprouts Farmers Market, Sola Salon and Chase Bank. Future plans include an apartment community built by Greystar and a hotel. The office building will feature a communal rooftop amenity deck free to all tenants, with half for conference facilities and kitchen space and the other half being a space to eat and relax. The property features 14-foot ceiling heights and enlarged windows to maximize the amount of natural light entering the building. The building will include a fitness center, touchless entry systems, antimicrobial finishes and specialty HVAC systems engineered to improve air quality and stimulate outdoor air flow. Free parking will be available to all tenants. Celebree …

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Marriott
Company NewsHospitalityMarylandSoutheast

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

by Julia Sanders

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 bore the brunt of the subdued demand for hotel rooms, as well as conventions and conferences. “With the global pandemic, 2020 was the most challenging year in our 93-year history,” says Stephanie Linnartz, Marriott’s group president of consumer operations, technology and emerging businesses. Linnartz, along with Tony Capuano, are overseeing Marriott’s day-to-day operations of corporate matters in the wake of president and CEO Arne Sorenson’s passing earlier this week. On April 14, 2020, the Transportation Security Administration (TSA) reported its lowest travel volume of only 87,500 passengers throughout all TSA checkpoints nationwide, representing just 4 percent of passenger volume recorded on the same weekday in 2019. Average travel volume per day between Thanksgiving and New Year’s Eve, which is typically TSA’s busiest …

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DevelopmentIndustrialLoansMarylandSelf-StorageSoutheast

MD Energy Provides $3M CPACE Loan for Former Printing Facility Conversion in Baltimore County

by Julia Sanders

PIKESVILLE, MD. — MD Energy Advisors has provided a $3 million commercial property-assessed clean energy (CPACE) loan to Garver Development Group to fund renovations to the former Port City Press printing facility in Baltimore County. The 177,000-square-foot property is located at 1323 Greenwood Road in Pikesville. Garver Development acquired the facility in 2020. The former owner, a Pennsylvania-based entity doing business as 1323 Greenwood LLC, closed the plant in early 2018 and the site has remained vacant. CPACE is a financing structure in which building owners borrow money for energy efficiency, renewable energy, or other projects and make repayments via an assessment on their property tax bill, according to the U.S. Department of Energy. CPACE loans are non-recourse debt products on a 20- to 25-year term and amortization schedule and feature a fixed interest rate routinely under 6 percent. Garver Development plans to convert approximately two-thirds of the building into a use that will support self-storage under the Self Storage Plus brand, as well as storage options for cars and small recreational vehicles. The balance of the space, representing approximately 32,000 square feet, will be transformed into an area that can be used for various light industrial and warehouse applications. …

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DevelopmentHawaiiMarylandMixed-UseMultifamilyNevadaSoutheastTexasTop StoriesWestern

Howard Hughes Corp. to Add 2 MSF of New Development Across Four Master-Planned Communities

by Kristin Harlow

HOUSTON — The Howard Hughes Corp. (NYSE: HHC) has unveiled plans to add approximately 2 million square feet of new development across four of its master-planned communities in Las Vegas; Cypress, Texas; Columbia, Md.; and Honolulu. At Summerlin, which is located along the western rim of the Las Vegas valley, Howard Hughes has planned 1700 Pavilion, a 10-story office building. The Class A property will span 267,413 square feet and offer views of the entire valley. Additionally, the company will build Tanager Echo, the second phase of the Tanager luxury apartments. The 295-unit apartment complex will be situated on nearly three acres. Touchless entry and enhanced air filtration will be featured throughout both projects, which will be built simultaneously. Construction is expected to begin in the second quarter with completion slated for late 2022. At Bridgeland in Cypress, Texas, Howard Hughes has started construction of Starling at Bridgeland. The 358-unit apartment project is the first multifamily development to be built in Bridgeland Central, the 900-acre future town center. Starling at Bridgeland will incorporate extensive fitness features and will be located within walking distance of Josey Lake. Completion is slated for summer 2022. Howard Hughes is set to break ground this …

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DevelopmentIndustrialMarylandSoutheast

Cabot Properties, MRP Industrial to Develop 86,840 SF Industrial Building in Metro D.C.

by John Nelson

UPPER MARLBORO, MD. — Cabot Properties Inc. and MRP Industrial are co-developing a speculative 86,840-square-foot warehouse/industrial building in Upper Marlboro, a Washington, D.C., suburb in Maryland’s Prince George’s County. The site is located on an approximate seven-acre parcel within Collington Park, with delivery expected to occur in the fall. Late last year, Cabot Properties acquired the development site from MRP Industrial for an undisclosed price. The property will be a single-story concrete tilt-wall building with 32-foot clear heights, 23 dock and two drive-in doors, LED lighting, a 120-foot truck court to support the movement of large tractor trailers and segregated parking fields for employee and visitor parking for nearly 100 vehicles. The large, open-space floorplate is suitable for a range of light manufacturing, warehouse, logistics and last-mile operations and can accommodate both a single- and multi-tenant use. Located 20 miles from Washington, D.C., and 40 miles from the Port of Baltimore, Collington Park is situated close to Interstate 495 and MD Route 301 and has more than 4 million square feet of industrial/warehouse space, with a current vacancy rate under 3.7 percent. Target and Amazon combined occupy more than 1 million square feet within the park. Other tenants include FedEx, …

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AcquisitionsDevelopmentIndustrialMarylandSoutheast

JLL Arranges Sale of 70-Acre Industrial Development Site in Hagerstown, Maryland

by John Nelson

HAGERSTOWN, MD. — JLL has arranged the sale of a 70-acre industrial development site that is located at the intersection of Interstates 81 and 70 in Hagerstown, near the Pennsylvania and West Virginia borders. JLL worked on behalf of the seller, Washco Management. Penzance, a real estate investment firm in the greater Washington, D.C., metropolitan area, purchased the fully entitled site. Additionally, JLL has been engaged to source construction financing and lease the property on behalf of the developer, which will begin construction of an 825,000-square-foot Class A distribution building on the site this spring. The property is part of the I-81 Corridor Industrial market, which encompasses Berkeley County, W.Va.; Frederick and Winchester Counties in Virginia; and Washington County, Md. The site is close to four major seaports on the East Coast and will have auto and trailer parking upon completion. The JLL Capital Markets Investment Advisory team representing the seller included Jay Wellschlager, Bruce Strasburg, Craig Childs and Elizabeth Runge. Dave Dannenfelser and Tyler Boykin of JLL provided local market expertise, and Michael Moorehead of JLL provided guidance on site and development costs. Rob Carey, Susan Carras and Paul Spellman of JLL’s debt placement team is arranging financing on …

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