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.
BALTIMORE — KLNB has brokered four retail leases totaling 9,000 square feet within The Can Company building in Baltimore’s Canton neighborhood. Ryan Wilner led the KLNB team that represented the landlord, a joint venture between MCB Real Estate, Angelo Gordon and JMC Holdings LLC, in all four transactions. The new tenants include HalfSmoke, Kisner’s Salon & Barber, uBreakiFix and AllCare Family Medicine and Urgent Care. HalfSmoke is a Washington, D.C.-based restaurant that will occupy 4,000 square feet at The Can Company building. This will be the restaurant’s first location in Baltimore and third overall. Kisner’s will occupy 1,300 square feet, marking the second location for the 14-year-old company. This will also be the first location in Baltimore City for uBreakiFix, an electronics repair store. The chain, specializing in iPhone, Samsung, PC, Mac and other phones and tablets, has 10 stores in Maryland. Lastly, AllCare will occupy 2,275 square feet. This will be the medical office’s first site in Baltimore and sixth in Maryland. The Can Company is a 205,865-square-foot mixed-use building situated at 2400 Boston St., two miles southeast of downtown Baltimore. MCB Real Estate completed renovations at the property in 2018. The asset, which was originally built in 1895, …
JESSUP, MD. — CBRE has negotiated a 205,306-square-foot industrial lease for T.J. Maxx within the Mid-Atlantic Commerce Center in Jessup. The owner, Grandview Partners, acquired the 853,250-square-foot property earlier this year. The Westport, Conn.-based company implemented upgrades at the property to include a new roof, dock doors, electrical system, lighting and a 123,000-square-foot tilt-wall expansion. The asset is situated at 7600 Assateague Drive, 11 miles southwest of Baltimore/Washington Thurgood Marshall International Airport and 15 miles southwest of the Port of Baltimore. Brian Kruger, Bobby Clements and Erik Evans of Newmark represented the landlord in the transaction. The Mid-Atlantic Commerce Center is now 92 percent leased.
RESTON, VA. AND KENSINGTON, MD. — Arcland Property Co. has opened two self-storage facilities totaling 2,414 units. The first property is located at 1808 Michael Faraday Court in Reston. The four-story building is situated 20 miles west of downtown Washington, D.C. The property offers 1,100 climate-controlled and drive-up units. According to property manager Self Storage Plus, rents at the facility range from $31 to $443 per month. The second property is located at 4900 Nicholson Court in Kensington, 12 miles north of downtown D.C. The asset offers 68 drive-up and 1,246 climate-controlled units. Rents at the location range from $28 to $434 per month. Self Storage Plus will manage both properties, marking the Washington, D.C.-based company’s 44th and 45th managed facilities.
ROCKVILLE AND BEL AIR, MD. — The JCR Cos. has acquired two shopping centers in Maryland totaling $23.8 million. The first property is Woodley Gardens Shopping Center in Rockville. The asset is situated at 1101-1125 Nelson St., 17 miles north of downtown Washington, D.C. JCR acquired the 22,797-square-foot property for $4.5 million. It was fully leased at the time of the sale to tenants including Hard Times Café, Essex Bank, Slice of Rockville, Carmen’s Ice Cream and Shanghai Taste. The second property is Bel Air Town Center, which is located 30 miles northeast of downtown Baltimore. Washington, D.C.-based JCR purchased Bel Air Town Center for $19.3 million. JCR plans to sell pad sites at the 95,229-square-foot property. The seller(s) was not disclosed.
BALTIMORE — A joint venture between Armada Hoffler Properties and Beatty Development Group has unveiled plans for T. Rowe Price’s new office headquarters in Baltimore’s Harbor Point for $250 million. Plans call for the property to span 450,000 square feet and include ground-level retail space, parking and expanded green spaces. T. Rowe Price expects to move its 1,700 employees into the space in the first half of 2024. The initial lease is for 15 years. T. Rowe Price was founded in Baltimore in 1963 and has been headquartered at 100 E. Pratt St. in downtown Baltimore since 1975. According to the Baltimore Sun, T. Rowe Price signed a 10-year lease renewal at 100 E. Pratt in 2017. The newspaper cited T. Rowe Price’s concerns over safety and traffic as the main reasons for the global investment management firm’s move away from downtown. Harbor Point is situated along Patapsco River, two miles south of T. Rowe Price’s current headquarters. Other Armada Hoffler projects within Harbor Point include office buildings Wills Wharf and Thames Street Wharf, and 1405 Point Apartments. “T. Rowe Price further validates Harbor Point as a top-tier destination for world-class companies,” says Lou Haddad, president & CEO of Armada …
ANNAPOLIS JUNCTION, MD. — Walker & Dunlop has provided an $84.4 million Freddie Mac refinancing loan for The Residences at Annapolis Junction. Armada Hoffler, which delivered the asset in 2017, received the 10-year, non-recourse loan with three years of interest-only payments. Proceeds will replace existing construction debt that Walker & Dunlop also provided in 2018. The property offers studio, one- and two-bedroom floor plans. Communal amenities include a saltwater pool, sundeck, fitness center, movie theater, 24-hour business center and car charging stations. The complex is situated at 10125 Junction Drive in Annapolis Junction, 18 miles southwest of downtown Baltimore. Dee McClure and Katie Runyan of Walker & Dunlop originated the loan on behalf of the Virginia Beach, Va.-based borrower.
BALTIMORE — A joint venture between Kemp Byrnes and Brad Byrnes of Byrnes & Associates Inc. and local entrepreneur Dave Gupta has purchased two historic buildings in downtown Baltimore for an undisclosed price. The assets, situated at 225 and 233 E. Redwood St., combine to span 90,000 square feet of office and retail space. The buyers plan to implement a $5 million renovation and rebranding into the properties. The four-story building at 225 E. Redwood St. will be known as the Vickers Building, and the 13-story building located at 233 E. Redwood St. will be dubbed the Redwood Exchange. The buyers will transform the upper floors of the Redwood Exchange, which currently houses the law office of Gordon Feinblatt LLC, into a multi-tenant space. The ground floors of both buildings will be leased to restaurant and retail users. More than $3 million has been invested in the properties over the past five years by the previous undisclosed owner to upgrade the exterior, interior common areas and HVAC system. Vickers Exchange was originally built in 1904 and includes Werner’s Restaurant, a pop-culture icon that has been featured in TV shows and movies such as “The Wire,” “Liberty Heights,” “Ladder 49,” “Tin …
ABERDEEN, MD. — A joint venture between MCB Real Estate LLC and Artemis Real Estate Partners has acquired an 890,000-square-foot distribution center in Aberdeen for $65 million. A subsidiary of Rite-Aid fully leases the center, which serves as a distribution hub for more than 1,200 Rite-Aid locations across the Northeast. Rite-Aid sold the warehouse to the joint venture in a sale-leaseback transaction. The asset is situated at 601 Chelsea Road, 35 miles northeast of downtown Baltimore and five miles from Interstate 95. Bill Shrader and John Van Buskirk of Lee & Associates represented the buyer in the transaction. Michael Katz of REF Advisory Inc. represented the seller.