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, …
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 …
ROCKVILLE, MD. — An affiliate of The Milestone Group has purchased The Villages at Decoverly, a 564-unit garden-style apartment community located in Rockville. Decoverly is located at 9901 Gable Ridge Terrace, approximately 24 miles from Washington, D.C. Decoverly was developed in stages in 1991 and 2006. The community features a variety of one-, two- and three-bedroom floor plans and common area amenities including two pools, two fitness centers, tennis courts, an outdoor grilling and entertainment area and a children’s play area. Steve Collins, Water Coker, and Brian Crivella and Robert Jenkins of JLL Capital Markets represented the seller, an undisclosed foreign investor, in the transaction. The sales price was not disclosed.
GAITHERSBURG, MD. — Alfred Weissman Real Estate LLC has completed the renovation of DoubleTree by Hilton Washington, D.C. North/ Gaithersburg, a 298-room hotel in Gaithersburg. The renovations included reconfiguring the lobby, introducing farm-to-table restaurant Knife & Fork, adding a Hertz car rental office on the premises and reconfiguring parking to eliminate certain parking restrictions. The developer also upgraded the hotel’s 16,356 square feet of meeting space with new vinyl flooring, carpeting and lighting. The hotel also features a 24/7 fitness center, pool and dry-cleaning services. Marshall Hotels & Resorts manages the property.
ANNAPOLIS, MD. — Ready Capital has closed a $19.8 million refinancing loan for the renovation and lease-up of a 120,000-square-foot office building in Annapolis. The financing will be used to retire existing debt, execute a tenant improvement plan and fund light capital improvements. The non-recourse loan features a 36-month term with interest-only payments and a floating interest rate. The borrower was not disclosed.
ABERDEEN, MD. — A fund sponsored by Los Angeles-based CBRE Global Investors has acquired a two-building, 1.4 million-square-foot industrial portfolio in Aberdeen for an undisclosed price. The two buildings are located at 521 and 531 Chelsea Road, 34 miles northeast of the Port of Baltimore and five miles east of Interstate 95. The buildings serve as warehouse/distribution centers and were fully leased at the time of sale to tenants including cosmetics retailer Sephora and home appliance manufacturer Electrolux. The building housing Electrolux spans 692,000 square feet and was originally developed in 2012. The building at 531 Chelsea Road totals 655,800 square feet and was completed in 2014. Both properties are LEED Silver-certified and feature 40-foot clear heights, 50-foot-by-50-foot column spacing and truck and car parking. Bo Cashman and Jonathan Beard of CBRE represented the undisclosed seller in the transaction.
ANNAPOLIS, MD. — A joint venture between Realterm and J.P Morgan Asset Management has acquired a 54-property, 1.8 million-square-foot industrial portfolio. The properties are located in 28 states and are in markets including Atlanta, Chicago, Dallas, New York, Philadelphia and New Jersey. The portfolio spans a total of 717 acres and features 2,090 doors. The sales price was not disclosed, though funding was provided through the Realterm Logistics Income Fund (RLIF) in a 50/50 joint venture with institutional investors advised by J.P. Morgan Asset Management. Annapolis-based Realterm will manage the portfolio. Avison Young represented the undisclosed seller in the transaction.
BALTIMORE — Weller Development Co. plans to break ground on what it calls Chapter 1B of Port Covington in Baltimore in February. The development team, which also includes Goldman Sachs and Sagamore Ventures, received $650 million in financing for this phase, including $137 million in tax increment financing (TIF) bonds. In conjunction with the closings, the Port Covington development team funded more than $9 million to the South Baltimore 7 Coalition as part of its Community Benefits Agreement (CBA), which is the largest CBA payout in the history of Baltimore. The latest phase will comprise five buildings totaling 1.1 million square feet that is expected to start delivering in late 2022. The planned buildings in Chapter 1B include: Building E1: 162 residential units and 40,000 square feet of retail space; Building E5A: 212,000 square feet of office space and 9,500 square feet of retail space; Building E5B: 40 residential units, 81 extended stay rooms and 6,000 square feet of retail space; Building E6: 254 residential units and 16,000 square feet of retail space; and Building E7, dubbed Rye Street Market: 228,000 square feet of office space and a 45,000-square-foot retail market. In addition, 89 of the residential units in Chapter …
LAUREL, MD. — Edge has brokered the $15.7 million sale of a 106,000-square-foot flex warehouse and office building in Laurel. The building was constructed in 1984 as the headquarters for Ritz Camera, which filed for bankruptcy in 2012. Earlier this year, Edge brokered a 37,000-square-foot lease at the property for Advanced Collision, an auto body repair shop. Other tenants at the time of sale included Rolling Green Landscaping and Sans Institute. Edge handled leasing activities on behalf of the seller, an affiliate of Bethesda, Md.-based Bristol Capital Corp., since 2016. The building is located 17 miles northeast of downtown Washington, D.C. Joe Friedman, Kenneth Fellows and Rob Pugh of Edge represented the seller in the transaction. The team also procured the buyer, an undisclosed 1031 exchange investor that Mid-Pacific Advisors represented in the sale.
FREDERICK, MD. — The NHP Foundation (NHPF) has purchased Overlook Manor, a 63-unit townhome community in Frederick. The Low-Income Investment Fund, a national nonprofit financial institution, provided a $10 million acquisition loan to the New York City-based buyer. NHPF plans to preserve the property as affordable housing. Units will include new kitchen and bathroom components, HVAC systems, water heaters, windows, lighting fixtures and flooring. NHPF also expects to upgrade the exterior, including installing new roofs, patching the parking lot and expanding the first floors of the three end units to install units in compliance with the American Disability Association (ADA). The renovations are slated to begin in the third quarter of 2021. NHPF will utilize a $20 million loan from several sources, such as HUD, short-term tax-exempt bonds and Low-Income Housing Tax Credits. Originally built in 1985, Overlook Manor is located at 1208 Alban Court, equidistant to Baltimore and Washington, D.C. The seller and sales price were not disclosed.