Maryland

Costello Construction Breaks Ground on $25M Hotel Redevelopment Project in Columbia, Maryland

by Alex Tostado January 2, 2020

COLUMBIA, MD. — Costello Construction has entered the construction phase of the $25 million Sheraton Columbia Town Center Hotel renovation and redevelopment project. The 290-room hotel is located on the shores of Lake Kittamaqundi in downtown Columbia. Locally based Costello Construction has owned the property since December 2017. The renovation plans include a complete exterior improvement, two new structural additions to add 76 guest rooms, remodeling of all tower rooms and the addition of terraces to lakefront units. Once complete, the hotel will comprise 212 modern guest rooms and join Marriott’s Autograph Collection. The hotel will feature rooftop pool, restaurant, café, fitness center, rooftop bar and lounge and more than 10,000 square feet of indoor/outdoor event space. Costello Construction will self-perform the site work and concrete work on the project.

January 2, 2020

Acquisitions Maryland Office Southeast

Zamir Equities Buys Value-Add Office Building in Baltimore’s CBD for $26.9M

by Alex Tostado December 18, 2019

BALTIMORE — Zamir Equities has purchased 36 S. Charles St., a 25-story office building located in Baltimore’s Central Business District (CBD), from an undisclosed seller. The 314,000-square-foot building currently houses the Baltimore U.S. Attorney’s Office, The Law Offices of Peter T. Nicholl and the City of Baltimore Development Corp. One block away from Baltimore’s Inner Harbor, 36 S. Charles is situated less than a block from the Metro SubwayLink Charles Center station. The location also provides nearby access to Interstates 95 and 83 and the city’s Light RailLink system. The Camden Station of the Maryland Area Regional Commuter (MARC), which provides high-speed access to Washington, D.C. and other major East Coast cities, is less than one mile away. The office building currently features cafes, onsite storage and a parking garage. The previous ownership invested $6.5 million into base building improvements and updates to the lobby, conference center and elevators. Zamir Equities plans to make additional capital improvements, including further improvements to the elevators, upgrades to the common areas, enhanced building security and a new coffee shop.

December 18, 2019

Loans Maryland Office Southeast

JLL Secures $42M Loan for Rio Shopping Center in Suburban Maryland

by John Nelson November 26, 2019

GAITHERSBURG, MD. — JLL has arranged $42 million in financing for the western portion of Rio, a 700,000-square-foot retail property in the suburban Washington, D.C., city of Gaithersburg. Located at 9811 Washingtonian Blvd., the property is located at the intersection of Interstates 270 and 370. Chris Hew and Evan Parker of JLL Capital Markets arranged the 12-year, fixed-rate loan on behalf of the borrower, Peterson Cos., through MetLife Investment Management. Peterson, a Fairfax, Va.-based real estate developer, will use loan proceeds to refinance an existing loan and complete a multimillion-dollar capital improvement plan that includes the development of an outparcel building preleased to True Food Kitchen, as well as garage repairs, updating building facades, expanding the boardwalk, new entertainment and programming spaces and refurbishing a pedestrian bridge. Rio is 98 percent leased to a mix of retailers that includes Target, Dick’s Sporting Goods, Kohl’s and Barnes & Noble, along with restaurant tenants such as Yard House, Uncle Julio’s, Corner Bakery, Lanzhou Hand Pulled Noodles and Kung Fu Tea.

November 26, 2019

Acquisitions Loans Maryland Multifamily Southeast

M&T Provides $11.6M Fannie Mae Acquisition Loan for Multifamily Property in Frederick, Maryland

by Alex Tostado November 21, 2019

FREDERICK, MD. — M&T Realty Capital Corp. has provided an $11.6 million Fannie Mae acquisition loan for the 70-unit Vista View Apartments in Frederick. Washington D.C.-based real estate investment, development and management group The BurnBrae Cos. purchased the property at 2401 Highpoint View Court near Fort Detrick. Vista View offers two-bedroom units with five different floor plans for rent. Property amenities include three pools, two basketball courts, three parks and a barbeque/grilling area. M&T’s Matthew Hodson structured the loan, which carries a 10-year term and five years of interest-only payments, followed by a 30-year amortization schedule.

November 21, 2019

Acquisitions Maryland Multifamily Southeast

Hines REIT Acquires Apartment Community Near University of Maryland for $98M

by Alex Tostado November 18, 2019

COLLEGE PARK, MD. — Hines, an international real estate developer based in Houston, has acquired The Alloy by Alta, a new seven-story, 275‐unit multifamily asset located at 4700 Berwyn House Road near the University of Maryland in College Park. Hines purchased the asset via Hines Global Income Trust, the company’s nontraded REIT. The purchase price was not disclosed, but multiple media outlets reports Hines purchased the property for $98 million. The predominantly student-occupied apartment was 97.5 percent occupied at the time of sale. The property offers one-, two- and three-bedroom apartments units averaging 838 square feet.

November 18, 2019

Acquisitions Maryland Office Southeast

Frederick Health Acquires Former State Farm Campus in Suburban Maryland for $18.6M

by Alex Tostado November 12, 2019

FREDERICK, MD. — Frederick Memorial Healthcare Systems (Frederick Health) has acquired the former State Farm office campus in Frederick for $18.6 million in an effort to expand its footprint in the area. Located at 1 State Farm Drive four miles north of downtown Frederick, the campus comprises a 387,000-square-foot office building, 1,600 parking spaces and 20,000 square feet of warehouse space. The newly named Frederick Health Village will allow Frederick Health to move its call center, home healthcare services, hospice and other administrative offices to the site, plus plan for further expansion. Frederick Health currently has offices in downtown Frederick. Jim Fitzgerald and Seamus Fitzgerald of Fitzgerald Realty Group represented the buyer in the transaction. The seller was not disclosed.

November 12, 2019

Acquisitions Maryland Office Southeast Top Stories

Inland Private Capital Sells Bank of America-Occupied Office Building in Baltimore for $99.3M

by Kristin Harlow November 11, 2019

BALTIMORE, MD. — JLL has arranged the sale of 11333 McCormick Road, a two-tower, single-tenant office building in Baltimore, for $99.3 million. The 377,332-square-foot property is net leased to Bank of America. Situated on 16.3 acres, the asset is located in the Hunt Valley submarket, about 15 miles north of downtown Baltimore. The property has immediate access to I-83 and light rail access to Baltimore City, greater Maryland and Pennsylvania. Built in 1974, the eight-story property was most recently renovated in 2016. Tivon Moffitt, Peter Bauman and Jay Wellschlager of JLL represented the seller, Inland Private Capital Corp. JLL was retained to market the property after it failed to trade the prior year. An undisclosed institutional buyer purchased the asset. “Investors are actively seeking high-quality, mission-critical corporate campuses such as this asset,” says Moffit. “We continue to see a flood of capital sources from institutional investors to private capital looking to purchase these types of properties.” The Hunt Valley submarket is a highly sought-after office market due to its high-quality workforce and extensive amenity base, says Wellschlager. Inland Private Capital Corp. specializes in securitized 1031 exchange transactions. Since its inception, the company has sponsored 232 private placement programs offering more …

November 11, 2019

Acquisitions Maryland Multifamily Southeast

JLL Arranges $58.9M Sale of Multifamily Community in Metro D.C.

by Alex Tostado November 6, 2019

HYATTSVILLE, MD. — JLL has arranged the $58.9 million sale of Palette at Arts District, a 243-unit multifamily community in Hyattsville’s Arts District. The property offers studio, one- and two-bedroom floor plans averaging 870 square feet. The community also offers 4,700 square feet of ground-level retail space as well as communal amenities such as a pool, courtyard, grilling area, dog park, clubroom with pool table, cybercafé, coffee bar, fitness center and a conference room. Palette at Arts District is located at 5501 45th Ave., seven miles east of downtown Washington, D.C. Walter Coker and Brian Crivella of JLL represented the undisclosed seller in the transaction. Jamie Leachman of JLL originated a 10-year, fixed-rate Fannie Mae acquisition loan on behalf of the buyer, Harbor Group International LLC.

November 6, 2019

Acquisitions Industrial Maryland Southeast

Terreno Realty Sells Industrial Property Near Baltimore for $7.5M

by Alex Tostado November 4, 2019

JESSUP, MD. — Terreno Realty Corp. has sold an 88,438-square-foot industrial building in Jessup for $7.5 million. The property is located at 8215 Dorsey Run Road, 16 miles southwest of downtown Baltimore. The property was fully leased to Nave Communications, which supplies telecommunications equipment to its customers, at the time of sale. Terreno Realty acquired the asset in November 2013 for $6 million. The buyer was not disclosed.

November 4, 2019

Acquisitions Maryland Multifamily Southeast

Greysteel Arranges $15.2M Sale of VistaView Apartments in Suburban Maryland

by Alex Tostado October 14, 2019

FREDERICK, MD. — Greysteel has arranged the $15.2 million sale of VistaView Apartments, a 70-unit apartment complex in Frederick. Ausherman Development Corp. sold the property to an undisclosed buyer at $214,285 per unit. VistaView comprises four five-story buildings and offers two-bedroom floor plans averaging 1,336 square feet. Communal amenities include a BBQ area, and access to three swimming pools, two basketball courts and three parks. The asset was delivered in 2014.

October 14, 2019

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