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Maryland

White Marsh
AcquisitionsIndustrialMarylandSoutheast

Merritt Properties Purchases Former GM Facility in Metro Baltimore for $34.5M, Plans Industrial Redevelopment

by Julia Sanders

WHITE MARSH, MD. — Merritt Properties has purchased 10301 Philadelphia Road in White Marsh for $34.5 million. The property is a former GM Baltimore Global Propulsions Systems site that opened in 2000 to produce transmissions and electric motors before it closed in 2019. Bo Cashman and Jonathan Beard of CBRE represented the unnamed seller in the transaction. Located off Interstate I-95 near Interstate 695, the 56-acre project will be known as White Marsh Interchange Park. White Marsh Interchange Park is located within Merritt’s Baltimore County east portfolio, which has been 97 percent occupied since 2016. Baltimore-based Merritt Properties plans to construct up to nine, one-story buildings totaling approximately 750,000 square feet, which will create space for 50 to 100 businesses, leasing from 2,700 to 50,000 square feet or more. The company anticipates that these businesses will provide jobs for 1,200 to 1,500 people. Merritt Construction Services, the construction division of Merritt Cos., will manage future construction.

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AcquisitionsMarylandMultifamilySoutheast

Harbor Stone Advisors Arranges $10.3M Sale of Apartment Community in Odenton, Maryland

by Julia Sanders

ODENTON, MD. — Harbor Stone Advisors has arranged the $10.3 million sale of Highland Court Apartments, a 78-unit garden-style complex in Odenton. Justin Verner and Brooks Healy of Harbor Stone Advisors served as exclusive advisor and agent to the seller, Bethesda-based Outlier Realty Co., in addition to sourcing the buyer, Willow Creek Partners. The property sold for $132,051 per unit. Constructed in 1962, Highland Court Apartments includes one- and two-bedroom units with white or black appliances, wood cabinets, formica countertops, some dishwashers and garbage disposals. Community amenities include four onsite laundry rooms, a surface parking lot and a patio or balcony for each unit. Highland Court Apartments is located at 1221 Scotts Manor Court and is 16 miles away from Annapolis, 23 miles from Baltimore, 30 miles from Washington, D.C. and 15 miles from Columbia. The property is also less than four miles from Fort George G. Meade, Maryland’s largest employer, according to Harbor Stone Advisors.

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Manokeek Village Center
AcquisitionsMarylandRetailSoutheast

JLL Brokers $17.4M Sale of Manokeek Village Center in Metro D.C.

by Julia Sanders

ACCOKEEK, MD. — JLL has brokered the $17.4 million sale of Manokeek Village Center, a 74,470-square-foot, grocery-anchored shopping center in the Washington, D.C., suburb of Accokeek. Bill Moylan, Jordan Lex and Daniel Naughton of JLL marketed the property on behalf of the seller, The JCR Cos. Evan Park of JLL arranged a 10-year, fixed-rate acquisition loan on behalf of the buyer, AmCap Necessity Retail Fund LLC. Completed in 2003, Manokeek Village Center is 96 percent leased to Giant, along with a mix of other tenants, including Starbucks and Advance Auto Parts. The site has a potential expansion and development opportunity with an undeveloped 1.3-acre pad site included in the sale. Manokeek Village Center is situated on 15.8 acres at 7025 Berry Road.

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Tribeca
AcquisitionsMarylandMultifamilySoutheast

Excelsa Properties Acquires Multifamily Community in Camp Springs, Maryland for $64M

by Julia Sanders

CAMP SPRINGS, MD. — Excelsa Properties has acquired Tribeca at Camp Springs, a multifamily property located at 4701 Old Soper Road in Camp Springs, for $64 million. This is the seventh multifamily property acquisition for the Excelsa US Real Estate I LP investment vehicle. The seller was not disclosed. Tribeca features 224 apartments and over 18,000 square feet of retail space. Completed in 2006, Tribeca’s units feature nine-foot ceilings, poured concrete construction and structured parking. The property is located adjacent to the Branch Avenue Metro station. Excelsa and its undisclosed joint venture partner intends to invest more than $2 million in property upgrades at Tribeca, including improvements to unit interiors, common areas and amenities.

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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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