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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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AcquisitionsMarylandMultifamilySoutheast

Milestone Group Buys 564-Unit Apartment Community in Rockville, Maryland

by John Nelson

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.

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DevelopmentHospitalityMarylandSoutheast

Alfred Weissman Real Estate Completes Renovation of 298-Room DoubleTree by Hilton Hotel in Metro D.C.

by Alex Tostado

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.

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LoansMarylandOfficeSoutheast

Ready Capital Closes $19.8M Refinancing Loan for Office Building in Annapolis

by Alex Tostado

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.

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AcquisitionsIndustrialMarylandSoutheast

CBRE Global Investors Acquires 1.4 MSF Industrial Portfolio Near Baltimore

by Alex Tostado

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.

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AcquisitionsIndustrialMarylandSoutheast

Realterm, J.P Morgan Acquire 1.8 MSF Industrial Portfolio Across 28 States

by Alex Tostado

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.

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DevelopmentMarylandMixed-UseSoutheast

Weller Development to Break Ground on Next Phase of Port Covington in Baltimore

by Alex Tostado

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 …

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