Friday, November 29, 2024
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AcquisitionsMarylandMultifamilySoutheast

Donaldson Group, Declaration Partners Acquire Multifamily Community in Suburban Maryland for $53M

by Alex Tostado

SILVER SPRING, MD. — The Donaldson Group and Declaration Partners have acquired Vista at White Oaks Apartments, a 272-unit garden-style multifamily community in Silver Spring, for $53 million. The property offers one- and two-bedroom floor plans. Communal amenities include a picnic area, swimming pool, playground and a tennis court. Vista at White Oak sits on 11 acres at 11430 Lockwood Drive, 11 miles north of downtown Washington, D.C. The buyers are planning a renovation program that includes unit upgrades, common area enhancements, exterior improvements and mechanical system modernization. Maxi Leachman of CBRE originated an acquisition loan through Freddie Mac on behalf of the partnership. The seller was not disclosed.

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AcquisitionsCompany NewsHospitalityMarylandSoutheastTop Stories

Condor Hospitality Trust’s Shareholders Approve $318M Merger with NexPoint

by John Nelson

BETHESDA, MD. — Shareholders of Condor Hospitality Trust Inc., a lodging REIT based in Bethesda, have approved the proposed $318 million merger between Condor and NexPoint Hospitality Trust, a hotel REIT headquartered in Toronto. NexPoint and Condor expect the merger to close in the fourth quarter. As part of the deal, NexPoint will acquire Condor’s outstanding equity interests and operating partnership. “The transaction instantly expands [our] geographical footprint and balances NexPoint’s value-add portfolio with extended-stay hotels,” says Jim Dondero, CEO of NexPoint. “We believe the future for quality extended-stay and select-service hotels remains bright.” The shareholders of Condor (NYSE: CDOR) held a special meeting on Monday, Sept. 23 whereby 81.8 percent of the shares of Condor common stock voted in favor of adopting and approving the merger agreement, which NexPoint announced in late July. The merger allows NexPoint to enter several new markets, including Georgia, Kansas, Kentucky, Maryland, Mississippi and South Carolina. The move will also expand the REIT’s presence in Florida and Texas. Condor Hospitality Trust currently owns 15 hotels in eight states totaling more than 1,900 rooms. The hotel flags in the company’s portfolio includes Hilton, Marriott and InterContinental Hotels Group (IHG). NexPoint Hospitality Trust began operations in …

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DevelopmentMarylandMixed-UseSoutheast

Joint Venture to Develop Convenience Store, Hotel in Suburban Maryland

by Alex Tostado

FREDERICK, MD. — A joint venture between Kline Associates and Stephanie Jordan Development will develop a Royal Farms convenience store and gas station, and Tru by Hilton hotel within Gateway East Plaza in Frederick. The project is situated within an Opportunity Zone, two miles east of downtown Frederick and 47 miles west of downtown Baltimore. Ryan Minnehan and Patrick Miller of KLNB represented Royal Farms in the lease and are marketing the property to retailers for six available pad site opportunities. The KLNB team is targeting sit-down restaurants, pharmacies, banks and drive-thru restaurants to join the project. Royal Farms and Tru By Hilton are the first tenants to join Gateway East Plaza. The joint venture will break ground on Royal Farms and Tru by Hilton this month with the grand opening slated for the second half of 2020. Royal Farms is based in Baltimore and operates more than 200 stores in Maryland, Delaware, Pennsylvania, New Jersey and Virginia. Tru by Hilton is a midscale hotel that was announced in January 2016. At the beginning of 2019, there were 53 locations nationwide.

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AcquisitionsMarylandMultifamilySoutheast

Orlo Sells Apartment Complex in Suburban Maryland for $45.8M

by Alex Tostado

SUITLAND, MD. — Orlo has sold Ashton Heights, a 283-unit apartment complex in Suitland, for $45.8 million. The property was 96 percent occupied at the time of sale. Ashton Heights is located at 3901 Suitland Road, seven miles southeast of downtown Washington, D.C. The community was built in the 1970s and offers two- and three-bedroom floor plans. Communal amenities include a swimming pool, fitness center, clubhouse, playground and grilling areas. Robin Williams, Dean Sigmon, Justin Shay and Michael D’Amelio of Transwestern represented the seller in the transaction. The buyer was not disclosed.

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AcquisitionsMarylandRetailSoutheastTexasTop Stories

InvenTrust Acquires Two Grocery-Anchored Shopping Centers in Texas, Maryland for $123M

by Taylor Williams

FRISCO, TEXAS AND ROCKVILLE, MD. — InvenTrust Properties Corp., an Illinois-based shopping center REIT, has acquired two grocery-anchored properties in Texas and Maryland for $123 million. Eldorado Marketplace is a 186,068-square-foot property in Frisco, a northern suburb of Dallas, and Travilah Square is a 56,220-square-foot center in Rockville, a suburb of Washington D.C. The properties fetched sales prices of $71 million and $52 million, respectively. Market Street serves as the anchor tenant for Eldorado Marketplace, which also houses tenants such as AT&T, Jersey Mike’s, PetSmart and UPS. Trader Joe’s anchors Travilah Square, which houses tenants such as TITLE Boxing and Tropical Smoothie. InvenTrust officials cited Frisco’s emergence as a hub for corporate relocations, specifically the PGA and Keurig Dr. Pepper, as a key factor in the acquisition of Eldorado Marketplace. InvenTrust pointed to growing household income and steady population growth as the drivers behind the purchase of Travilah Square. The basic need to deploy capital before year’s end also played into the equation, says Christy David, executive vice president of InvenTrust. “InvenTrust has now acquired over $400 million of high-quality, grocery-anchored centers in key growth markets year-to-date. We remain on track to hit the company’s acquisition goals for 2019, and …

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IndustrialMarket ReportsMarylandSoutheastSoutheast Market Reports

Land Scarcity in Baltimore Driving More ‘Smart Growth’ for Industrial Sector

by Alex Tostado

Continuing a trend that started approximately 10 years ago, the Central Maryland region remains an extremely attractive area for warehouse and industrial development with vacancy rates hovering in the 7 percent range, more than 3 million square feet currently underway and an additional 5 million square feet of space expected to break ground over the next 18 months. But new challenges are also starting to emerge in this marketplace, driven by barriers-to-entry such as land scarcity and increased government regulations. On the positive side, rental rates continue to inch upwards and end-user requirements in the 30,000- to 100,000-square-foot range, long the bread and butter of this region, have returned. Over the past decade, numerous local and national developers have been enjoying the high life in the Interstate 95 corridor spanning from Harford County north of Baltimore City, through Howard County and touching Prince George’s County, which is considered a suburb of Washington, D.C. A who’s who of retail royalty have signed substantial leases such as Amazon, Best Buy, FedEx, Floor & Décor, The Container Store, The Home Depot, Pier 1 Imports, Sephora Cosmetics, XPO Logistics and Under Armour. While many touched 1 million square feet of space, what previously was …

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AcquisitionsMarylandRetailSoutheast

Finmarc Management Sells Trader Joe’s-Anchored Shopping Center in Rockville, Maryland for $52.3M

by Alex Tostado

ROCKVILLE, MD. — Finmarc Management Inc. has sold Travilah Square, a 61,500-square-foot, Trader Joe’s-anchored shopping center in Rockville. Finmarc acquired the property in 2015 and renovated it to include new brick and steel exterior façades, as well as a new canopy, LED lighting and signage throughout the center. The company also demolished a former office building and freestanding Burger King and replaced it with a new structure that was subsequently leased by Trader Joe’s, which opened in September 2018. InvenTrust Properties Corp. acquired the property, which was originally built in 1988. Ryan Sciullo and Bill Kent of CBRE represented the seller in this transaction.

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Company NewsMarylandSoutheast

NAI Global Opens New Office in Eastern Maryland

by Alex Tostado

SALISBURY, MD. — NAI Global has opened NAI Coastal, a new office in Salisbury that will serve the coastal region of Maryland, Delaware and Virginia. Chris Davis; Bradley Gillis, CCIM; Joey Gilkerson; and Chris Gilkerson are the principals of NAI Coastal, which also includes a team of eight advisers. The NAI Coastal team specializes in buyer and tenant representation focusing on the hospitality, multifamily, medical, office, retail and industrial sectors. NAI Coastal also works in conjunction with Gillis Gilkerson, a local construction and development firm. The partnership allows the NAI Coastal team to advise clients in the process of commercial real estate development from concept to completion.

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AcquisitionsMarylandOfficeSoutheast

JLL Arranges Sale of 327,000 SF Office Complex in Metro D.C.

by Alex Tostado

ROCKVILLE, MD. — JLL has arranged the sale of Executive Plaza, a 327,000-square-foot office complex in Rockville. The property comprises two eight-story buildings located at 6120 and 6130 Executive Blvd., about 15 miles north of downtown Washington, D.C. The buildings were recently renovated to include a new fitness center, 3,500-square-foot conference center, cyber café and an outdoor plaza. Jim Meisel and Matt Nicholson of JLL represented the seller, a partnership between Monument Realty and Angelo, Gordon & Co., in the transaction. MC Real Estate and an institutional partner acquired the asset for an undisclosed price. MC Real Estate has retained The Polinger Co. to provide onsite property management services and Bob Dickman of Avison Young as the leasing agent.

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Market ReportsMarylandMultifamilySoutheastSoutheast Market Reports

After Urban Construction Boom, Baltimore Multifamily is Moving to the ’Burbs

by Alex Tostado

The multifamily real estate landscape is booming across the Baltimore metro with exciting new development popping up throughout this burgeoning market. Luxury apartment developers have focused their attention on Baltimore City’s urban waterfront neighborhoods by creating a distinct live-work-play environment. At the same time, suburban developers have focused their efforts along the Interstate 95 corridor, drawn to affluent neighborhoods supported by top ranked school districts. While an increase in development has led to a rise in urban vacancy rates, the influx of tech startups, coupled with the city’s employment drivers — medical and educational institutions — has helped to stabilize these rates. TIF investment has also helped paint a bright future in Baltimore for mixed-use ventures like the East Baltimore Development project around Perkins Homes and the 250-acre Port Covington development in south Baltimore. Both projects are anticipated to support new multifamily housing in these areas. Development boom Vacancy rates have increased following a nearly 20,000-unit spike in new construction from 2014 to 2018. More than 3,900 new units were completed in 2018 alone, and another 6,400 units were underway at the start of 2019. The boom is expected to taper off in 2020 and has already caused a decrease …

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