Maryland

Cushman & Wakefield Negotiates $160M Sale of Medical Office Tower in Metro D.C.

by Alex Tostado August 13, 2020

CHEVY CHASE, MD. — Cushman & Wakefield has negotiated the $160 million sale of the Barlow Building, an 18-story, 293,852-square-foot medical office building in Chevy Chase. Amenities at the property include valet parking, a fitness center on the top floor, deli, conference center and a courtyard that houses a Starbucks. The property is located at 5454 Wisconsin Ave., less than one mile from the Friendship Heights Metro Rail Station and six miles north of downtown Washington, D.C. The undisclosed buyer has retained the seller, Carr Properties, for third-party management services. Bill Collins, Paul Collins, Drew Flood, Eric Berkman, Shaun Collins and Shaun Weinberg of Cushman & Wakefield represented the seller in the transaction.

August 13, 2020

Company News Hospitality Maryland Southeast

Marriott Reports RevPAR Declined 84.4 Percent at its Hotels Worldwide in Second Quarter

by Alex Tostado August 11, 2020

BETHESDA, MD. — Marriott International (Nasdaq: MAR) has reported that its second-quarter revenue per available room (RevPAR) declined 84.4 percent worldwide at its hotels due to the coronavirus pandemic. RevPAR in its North American portfolio dropped 83.6 percent. Additionally, the hotelier’s occupancy rates are slowly recovering, having reached 34 percent during the week ending Aug. 1 after bottoming out at 11 percent April 11. Currently, 91 percent of the company’s hotels are open, compared to 74 percent in April. Marriott reported a net loss of $210 million in the second quarter, a significant drop from second-quarter 2019 when the company gained $525 million. The Bethesda-based company is seeing bright spots when it comes to its international recovery, especially in the area it refers to as “Greater China” (the area encompassing China, Hong Kong, Macau and Taiwan). “Greater China continues to lead the recovery,” says Arne Sorenson, president and CEO of Marriott. “As of early May, all our hotels in the region are open, and occupancy levels are now reaching 60 percent, compared to 70 percent the same time last year. While Greater China’s recovery was originally led by demand from leisure travelers, particularly in resorts and drive-to destinations, we are now seeing …

August 11, 2020

Industrial Leasing Activity Maryland Southeast

Stag Industrial Signs Book Publisher to 1 MSF Industrial Lease in Hampstead, Maryland

by Alex Tostado August 6, 2020

HAMPSTEAD, MD. — Stag Industrial has signed a book publisher to a 1 million-square-foot industrial lease at 630 Hanover Pike in Hampstead. The lease was effective Aug. 1 and will last for five-and-a-half years with three months of free rent and 3 percent annual rent escalations. The property is situated 30 miles north of downtown Baltimore. As of June 30, Boston-based Stag’s portfolio comprised 457 buildings in 38 states with approximately 91.8 million rentable square feet.

August 6, 2020

Loans Maryland Multifamily Southeast

Hunt Real Estate Provides $6.4M Refinancing Loan for Multifamily Community in Metro Baltimore

by Alex Tostado July 27, 2020

GLEN BURNIE, MD. — Hunt Real Estate Capital has provided a $6.4 million Fannie Mae refinancing loan for Glen Burnie Town Apartments, a 54-unit multifamily community in Glen Burnie. The 12-year loan features a fixed interest rate and four years of interest-only payments. In addition, the closing provides $125,000 for renovations, including resurfacing a concrete courtyard, upgrading units and improving elevated walkways. The property offers two- and three-bedroom floor plans. Communal amenities include a fitness center, community room and a courtyard. The asset is located at 201 Crain Highway N., 10 miles south of downtown Baltimore. Promark Real Estate Services LLC manages the property, which was built in 2000.

July 27, 2020

Development Maryland Mixed-Use Multifamily Southeast Student Housing

Greenberg Gibbons, Caves Valley Partners to Open Student Housing Community Within $350M Towson Row in August

by Alex Tostado July 21, 2020

TOWSON, MD. — Greenberg Gibbons and Caves Valley Partners will open Phase I of Towson Row, a $350 million mixed-use development in Towson, in August. The first phase includes Altus, a 214-unit student housing community that will include retail and restaurant space on the ground level. Gilbane Development Co. is developing and managing Altus, which is located at the corner of Susquehanna Avenue and Towson Row, one mile north of Towson University. Located on the first level of the Altus building will be a 2,860-square-foot wine and spirits store, a 2,272-square-foot nail salon and a 2,750-square-foot BurgerFi restaurant. Towson University announced it will open for in-person and online classes Aug. 24. Towson Row is a five-acre mixed-use development that will include a 45,000-square-foot Whole Foods Market, more than 75,000 square feet of retail/restaurant space, 150,000 square feet of office space, 231 apartment units, the adaptive reuse of the former National Guard armory building into Towson University’s StarTUp and a 220-room dual-branded hotel.

July 21, 2020

Development Maryland Retail Southeast

Sprouts Farmers Market to Open New Store in Baltimore on Wednesday

by Alex Tostado July 21, 2020

BALTIMORE — Sprouts Farmers Market will open a new store in Baltimore on Wednesday, July 22. The store, located at 3800 Boston St., will be the fifth location in Maryland for the Phoenix-based grocer. Sprouts is following CDC guidelines at the location, requiring employees to wear masks, promoting social distancing and installing plexiglass barriers at registers. The new Sprouts will be part of Collective at Canton, a 12-acre mixed-use development featuring multifamily units, an office building, hotel and retail and restaurant space. Developer 28 Walker is building the project. Ryan Wilner, Andrew Feldman and Mason Bernstein of KLNB are leading the retail leasing efforts for the development.

July 21, 2020

Acquisitions Maryland Retail Southeast

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

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