Maryland

Neuman Commercial Group Negotiates $4.3M Sale of Retail Property in Metro Baltimore

by Alex Tostado July 13, 2020

OWINGS MILLS, MD. — Neuman Commercial Group LLC has negotiated the $4.3 million sale of Metro Square, a 71,896-square-foot retail property in Owings Mills. Target shadow anchors the property, which includes the former 58,668-square-foot site of a Shoppers grocery store and one outparcel. The asset is located at 11120 Reisterstown Road, 21 miles northwest of downtown Baltimore. Gil Neuman of Neuman Commercial Group represented the seller, an undisclosed publicly traded REIT, and procured the buyer, an undisclosed private investor.

July 13, 2020

Loans Maryland Multifamily Southeast

MetLife Provides $34.3M Refinancing Loan for Multifamily Community in Downtown Bethesda

by Alex Tostado July 10, 2020

BETHESDA, MD. — MetLife Investment Management has provided a $34.3 million refinancing loan for Element 28, a 101-unit multifamily community in downtown Bethesda. The loan features a floating interest rate and two one-year extensions. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a 24-hour concierge, resident lounge with complimentary coffee, temperature-controlled wine lockers, conference room, fitness studio, retractable glass-walled rooftop lounge, green roof areas, bike storage and transit screen providing real-time status of transit options. Located at 100 Commerce Lane, Element 28 is one block from the Bethesda Metro Station and less than one mile from the Capital Crescent Trail head, which connects downtown Bethesda with D.C.’s Georgetown district. The borrower is a partnership between institutional investors advised by J.P. Morgan Asset Management and Kettler. Kelly Gaines, Jennifer Keller, Jamie Leachman and Amy Lousararian of JLL arranged the loan on behalf of the borrower.

July 10, 2020

Acquisitions Hospitality Maryland NAI Southeast

Sunstone Hotel Investors Sells Renaissance Baltimore Harborplace Hotel for $80M

by Alex Tostado July 8, 2020

BALTIMORE — Sunstone Hotel Investors has sold Renaissance Baltimore Harborplace, a Marriott-affiliated, 622-room hotel in downtown Baltimore. The Buccini/Pollin Group acquired the asset for $80 million, or $129,000 per room. The hotel is situated along the Inner Harbor at 2020 E. Pratt St. The hotel features 30,000 square feet of flexible meeting and event space, three food and beverage outlets including a waterfront restaurant called Watertable, a 24-hour fitness center and a business center. This is the 17th Marriott-affiliated hotel in The Buccini/Pollen Group’s portfolio. Mark Elliott, Jay Morrow and Jeff Berkman of Hodges Ward Elliott (HWE) represented the seller in the transaction. Lawrence Britvan of HWE originated an acquisition loan on behalf of the buyer. Details of the financing were not disclosed.

July 8, 2020

Company News Leasing Activity Maryland Office Southeast

Armada Hoffler, WeWork Agree to Terminate 69,000 SF Office Lease in Baltimore

by Alex Tostado July 7, 2020

BALTIMORE — Armada Hoffler Properties and WeWork have mutually agreed to terminate WeWork’s 69,000-square-foot office lease at Wills Wharf in Baltimore’s Harbor Point neighborhood. The New York City-based coworking company was slated to occupy the top two stories of the office portion of Wills Wharf. A Canopy by Hilton hotel will be situated on the top four floors of the 12-story, 325,000-square-foot building. Armada Hoffler has begun marketing the space again to join other office tenants, which include EY, Jellyfish and Bright Horizons. WeWork also terminated its lease with landlord Columbia Property Trust at 189 Madison Ave. in New York City.

July 7, 2020

Development Maryland Retail Southeast

Republic Breaks Ground on 35,000 SF Shopping Center in Metro D.C.

by Alex Tostado July 1, 2020

WALDORF, MD. — The Republic Family of Cos. has broken ground on Waldorf Park, a 35,000-square-foot retail project in Waldorf. The development is expected to open in the first half of 2021. Committed tenants at Waldorf Park include Chick-fil-A, Jersey Mike’s and Starbucks. The property is located along Crain Highway, about 20 miles southeast of downtown Washington, D.C. Venture Construction Co. is the general contractor for Waldorf Park, and Jimmy Richards & Sons Excavating is the site contractor. The architect is Brasher Designs. Sandy Spring Bank provided construction financing.

July 1, 2020

Acquisitions Industrial Maryland Southeast

Terreno Sells Three Industrial Buildings Near Baltimore for $51.2M

by Alex Tostado June 11, 2020

SAN FRANCISCO — Terreno Realty Corp. has sold three industrial buildings comprising 340,000 square feet in metro Baltimore for a total of $51.2 million. The first property, a 66,000-square-foot building located at 7125 Troy Hill Drive in Elkridge, sold for $9.3 million. The asset was fully leased to three tenants at the time of sale. San Francisco-based Terreno sold the second property, which is situated at 7190 Parkway Drive in Hanover, for $25.3 million. The 159,000-square-foot building was fully leased at the time of sale to two tenants. The final building is a 115,000-square-foot asset located at 9070 Junction Drive in Annapolis Junction. Terreno sold the property for $16.6 million. The asset was fully leased at the time of sale to five tenants. The buyer(s) was not disclosed.

June 11, 2020

Acquisitions Maryland Multifamily Southeast

Byrnes & Associates Arranges $22M Sale of Apartment Building in Downtown Baltimore

by Alex Tostado June 8, 2020

BALTIMORE — Byrnes & Associates Inc. has arranged the sale of The Munsey Apartment Building, an 18-story, 149-unit apartment building in downtown Baltimore. The property offers studio, one- and two-bedroom floor plans ranging from 668 to 1,705 square feet. Communal amenities include a fitness center, business center and a community clubroom. The building was originally constructed in 1911 and is named after Frank Munsey, the publisher and owner of the Baltimore-Sun. The asset was converted to multifamily space in 2002. Brad Byrnes of Byrnes & Associates represented both the buyer, PMC Property Group, and the seller, LC3 Investors Baltimore LLC, in the transaction.

June 8, 2020

Acquisitions Industrial Maryland Southeast

Stewart Properties Sells 550,050 SF Cold Storage Facility Near Baltimore

by Alex Tostado June 4, 2020

NORTH EAST, MD. — Stewart Properties has sold Principio Commerce Center II, a 550,050-square-foot cold storage facility in North East. The asset is fully leased to KeHE Distributors LLC. Stewart Properties delivered the property in February. The building features 36-foot clear heights; LED lighting; wide column spacing; loading positions including 43 dry, 14 cold and 36 additional punch-outs; four drive-in doors; and significant freezer and cooler buildouts. Principio Commerce Center is located at 585 Principio Parkway W., 47 miles northeast of downtown Baltimore and the Port of Baltimore. Bruce Strasburg, Dave Dannenfelser, Jay Wellschlager, Tyler Boykin and Craig Childs of JLL represented the seller in the transaction. CBRE Global Investors acquired the asset for an undisclosed price.

June 4, 2020

Loans Maryland Multifamily Southeast

KeyBank Provides $66.7M Refinancing Loan for Multifamily Community Near Baltimore

by Alex Tostado June 3, 2020

ELKRIDGE, MD. — KeyBank has provided a $66.7 million Freddie Mac refinancing loan for Verde at Howard Square, a 344-unit multifamily community in Elkridge. The 16-year loan features 10 years of interest-only payments followed by a 30-year amortization schedule. The property, which was built in 2019, comprises eight four-story buildings spanning 20 acres. Communal amenities include covered parking, a business center, clubhouse, fitness center, pool, lounge deck, game room and a dog-washing room. Dirk Falardeau of KeyBank originated the loan on behalf of the borrower, Atapco Properties.

June 3, 2020

Acquisitions Maryland Office Southeast

Merritt Properties Acquires 165,000 SF Office Campus in Metro Baltimore

by Alex Tostado June 1, 2020

ELKRIDGE, MD. — Merritt Properties has acquired The Lyndwood Executive Center, a two-building, 165,000-square-foot office campus in Elkridge. BentallGreenOak’s U.S. Core Fund sold the buildings for an undisclosed amount. The assets were 98 percent leased at the time of sale to 14 tenants. The Lyndwood Executive Center is located at 6085-6095 Marshalee Drive, 14 miles southwest of downtown Baltimore. Jonathan Carpenter and Graham Savage of Cushman & Wakefield represented the seller in the transaction.

June 1, 2020

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