Maryland

KLNB Arranges $7.4M Sale of Office Building Near Baltimore

by Alex Tostado April 3, 2020

COLUMBIA, MD. — KLNB has arranged the $7.4 million sale of Rivers Corporate Centre, a two-story, 42,860-square-foot office building in Columbia. The building was fully leased at the time of sale to tenants including Peak-Ryzex Inc., Telligen and American Contracting. Rivers Corporate Centre is situated at 10330 Old Columbia Road, 19 miles southwest of downtown Baltimore. Craig Morrell, Brad Berzins and Don Schline of KLNB represented the seller, KC Rivers Development LLC, in the transaction. The team also procured the buyer, an entity controlled by Reliable Real Estate Services.

April 3, 2020

Development Industrial Maryland Southeast

Lidl Opens $100M Regional Distribution Center in Cecil County, Maryland

by Alex Tostado April 2, 2020

CECIL COUNTY, MD. — Lidl has opened a 700,000-square-foot regional distribution center in Cecil County. The German-based grocer invested $100 million in the project, which is expected to create more than 200 full-time jobs. Cecil County is situated in northeast Maryland, 53 miles from Baltimore and 60 miles from Philadelphia. Lidl officials said the center will service stores in five states. The discount grocer operates more than 85 stores in nine states on the East Coast. This is the second distribution center Lidl is developing in 2020, having broken ground on a facility in Covington, Ga. in early February.

April 2, 2020

Acquisitions Maryland Office Southeast

Bridge Investment Group Acquires 235,210 SF Office Building Near D.C.

by Alex Tostado March 26, 2020

ROCKVILLE, MD. — Bridge Investment Group has acquired 77 Upper Rock, a 235,210-square-foot office building in Rockville. The property is situated near the interchange of Interstate 270 and Shady Grove Road, 23 miles north of downtown Washington, D.C. Originally built in 2005, 77 Upper Rock recently underwent a $6.5 million capital improvement program to update the lobby, conference center, restrooms and elevators. In addition, the property’s amenity package includes outdoor seating and a new fitness center with a yoga studio, locker rooms and Peloton bicycles. Bridge plans to invest in further capital projects that include common area refurbishment, upgrading the existing amenity space and the buildout of 16,000 square feet of spec suites. Tenants at 77 UpperRock include M&T Bank Corp., Aurinia Pharmaceuticals, Cisco Systems Inc., Nutricia North America and Potomac-Hudson Engineering. Bridge Commercial Real Estate LLC, the operating company for Bridge Investment, will oversee property management and redevelopment work at 77 Upper Rock. Renovations will begin immediately. Tommy Spinosa internally represented the buyer in the transaction. Andrew Weir of JLL represented the undisclosed seller.

March 26, 2020

Market Reports Maryland Retail Southeast Southeast Market Reports

Baltimore Retail Market Stands Tall, Poised for Another Solid Year Ahead

by Alex Tostado March 23, 2020

It’s gearing up to be another solid year for Baltimore’s retail industry. Thus far, the first quarter has shown few surprises and has largely been a continuation of the success the sector saw in fourth-quarter 2019. Rent has remained relatively flat the past two years, outside of a few developments that have delivered, and we’re expecting more of the same this year. After a small bump in the road five years ago, the market has stabilized and retail vacancy in the Baltimore metro region remains tight. With limited new supply coming to market, landlords are focused on backfilling existing space. Class A and B properties continue to show healthy leasing trends, while Class C properties continue to be the value options for mostly local retailers. Baltimore metro’s primary retail corridors — York Road, Reisterstown Road, the core of downtown Baltimore, Columbia, White Marsh and Annapolis — continue to thrive. We’re also seeing strong growth along Ritchie Highway from Pasadena to Glen Burnie, buoyed by a string of new store openings at the Pasadena Crossroads Shopping Center, which is anchored by Sprouts Farmers Market, Ulta Beauty, T.J. Maxx, DSW, LA Fitness, Party City, Hobby Lobby, HomeGoods and Gardiner Wolf Furniture. In …

March 23, 2020

Development Maryland Southeast Student Housing Top Stories

Balfour Beatty Starts Construction of 557-Bed Student Housing, Innovation Center Development in Bowie, Maryland

by Alex Patton March 20, 2020

BOWIE, MD. — Developer Balfour Beatty Campus Solutions is underway on a 557-bed student housing and mixed-use development in Bowie, a northeastern suburb of Washington, D.C. The 170,000-square-foot development will house students of Bowie State University and will also be the site of the Bowie Business Innovation Center, a program for business acceleration in collaboration with the U.S. Small Business Administration. The development is slated to open in fall 2021. The project cost will be approximately $42 million. “This partnership allows the university to support its growing student body with much-needed modern housing options and provides a dedicated place for the creative leaders of tomorrow to develop their knowledge and skills as they prepare to enter the business world upon graduation,” says Bob Shepko, president of Balfour Beatty. The development will also house the university’s Entrepreneurship Academy, which will help students develop their own business opportunities and better navigate the greater business world. Other project features include a variety of amenities, including a fitness center, laundry facilities, community kitchens, parking and flexible classroom space. The project is primarily funded with tax-exempt bonds through the Maryland Economic Development Corp. Balfour Beatty Construction is and Smoot Construction are serving as contractors for …

March 20, 2020

Company News Hospitality Maryland Southeast

Marriott Reportedly Set to Furlough Tens of Thousands of Hotel Employees Amid Coronavirus Outbreak

by Alex Tostado March 18, 2020

BETHESDA, MD. — According to a report from The Wall Street Journal, Marriott International Inc. is in the beginning stages of furloughing what could be up to tens of thousands of employees. The hotel chain cited travel cancellations and government travel bans due to the worldwide COVID-19 outbreak as the basis for its decision. Through a Marriott spokeswoman, the Journal reported the jobs are from hotel managers down to housekeeping. The spokeswoman said there have not been any corporate-level furloughs, but those are being discussed. According to Marriott, the Bethesda-based company employs 130,000 people nationwide. Additionally, on Tuesday afternoon, the CEO of Marriott, Arne Sorenson, as well as CEOs from Best Western, Choice Hotels International, Hilton Worldwide, Hyatt Hotels Corp., InterContinental Hotels Group, MGM Resorts, Pebblebrook Hotel Trust, Universal and The Walt Disney Co. met with President Donald Trump and Vice President Mike Pence in an effort to work with the federal government to protect the millions of employees working in the hospitality sector. Based on current occupancy estimates, the American Hotel & Lodging Association (AHLA) says 4 million hospitality jobs have been eliminated or are on the verge of being lost in the next few weeks. The AHLA reports …

March 18, 2020

Acquisitions Industrial Maryland Southeast

Atapco Properties, Chesapeake Real Estate Sell Logistics Center in Baltimore County for $71.2M

by Alex Tostado March 18, 2020

WHITE MARSH, MD. — A joint venture between Atapco Properties and Chesapeake Real Estate Group LLC (CREG) has sold Nottingham Ridge, a two-building, 750,000-square-foot industrial complex in White Marsh, for $71.2 million. The Baltimore County property spans 52 acres at 5301 and 5300 Nottingham Drive, 14 miles northeast of downtown Baltimore and Port of Baltimore. The joint venture acquired the land from Paragon Outlets in 2018. The development took 18 months to complete. The building at 5301 Nottingham spans 165,000 square feet and was 67 percent leased at the time of sale. The asset at 5300 Nottingham was unoccupied at the time of sale. The buyer was not disclosed.

March 18, 2020

Baltimore Multifamily Rent and Occupancy Forecast March 2020

Content Partner Lument Market Reports Maryland Multifamily RED Capital Group Southeast Southeast Market Reports

Underappreciated Multifamily Markets: Maryland Edition

by Jaime Lackey March 17, 2020

Although attractive multifamily investment opportunities may still be available in gateway cities, investors increasingly are sourcing deals in secondary markets where land and asset prices are lower, cap rates a bit more generous and an unpicked gem of value-add fruit can still be found on the vine by intrepid late-cycle buyers. Parties looking to replicate past successes may not have to look too far afield as Maryland markets — overshadowed of late by Washington and Philadelphia — offer much of what they seek with perhaps a lower degree of risk. In the last decade and particularly the last three years, the catalyst for economic growth in the Capital Area has shifted from government to high-tech services. As the tide turned, the focus of commercial real estate activity moved south toward Washington’s central core and Northern Virginia. In the process, the Maryland suburbs lost some of their star power. The diminished status of Montgomery and Prince George’s counties wasn’t entirely a matter of perception. Suburban Maryland apartment performance materially underperformed national averages in 2017 and 2018, and the spread widened between cap rates applied to Maryland properties on one hand and District and Northern Virginia assets on the other. Same-store property …

March 17, 2020

Industrial Market Reports Maryland Southeast Southeast Market Reports

After Historic Industrial Leasing Year in Baltimore Region, What Comes Next?

by Alex Tostado March 16, 2020

Industrial leasing activity in the greater Baltimore metropolitan region last year began with a whimper thanks to the federal government shutdown in January and February, but quickly gathered steam and never looked back, even in the final days to close out the year. In fact, the pace was record-breaking and historic by any measurement, with more than 9.5 million square feet of space absorbed. This figure was approximately 40 percent higher than 2018, which was also a tremendous year. There is more good news locally for companies that make their living developing warehouse and industrial space, brokers who match end-users for the available spaces and related professionals. Central to this activity is that fact that lots of people live in the Combined Statistic Area of Baltimore-Washington, D.C. region, which is the fourth largest MSA in the country and is still growing. A certain Seattle-based online retail company is establishing its second headquarters just down the road in Northern Virginia and its positive impact is being felt throughout the region. The central Maryland marketplace boasts an enviable transportation network led by major north-south axis Interstate 95, is within close proximity to several major seaports (Baltimore, Wilmington and Philadelphia) and one-third of …

March 16, 2020

Acquisitions Maryland Office Southeast

Finmarc Purchases 11-Building Office Complex in Suburban Maryland for $43M

by Alex Tostado March 9, 2020

FREDERICK, MD. — Finmarc Management Inc. has purchased Frederick Corporate Park, an 11-building, 440,000-square-foot office complex in Frederick, for $43 million. At the time of sale, the property was 68 percent leased to 22 tenants, including Department of Veterans Affairs, Aeroflex, American Computer Development, Carey International, Mad Fitness and Meeting Play, Love & Co. The 11 buildings are situated three miles south of downtown Frederick and 47 miles from both Washington, D.C. and Baltimore. Los Angeles-based CIM Group sold the property. Cliff Mendelson of Metropolis Capital Advisors originated acquisition financing on behalf of the buyer. Alan Zuckerman of Highland Realty was the sole broker in the transaction. Joe Hoffman and Aaron Rosenfeld of the law firm Kelly, Drye & Warren provided the buyer with legal representation.

March 9, 2020

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