Maryland

HFF Brokers Sale of 366-Unit Apartment Community Near D.C.

by Alex Tostado May 6, 2019

ROCKVILLE, MD. — HFF has arranged the sale of Hanover Shady Grove, a 366-unit apartment complex in Rockville. The five-story building was completed in 2016 and offers studio, one-, two- and three-bedroom floor plans averaging 970 square feet. Community amenities include a swimming pool, outdoor grilling areas, 24-hour fitness center, private media room, conference room and a catering kitchen. The property was 95 percent occupied at the time of sale. The property is situated at 9305 Corporate Blvd., 24 miles north of downtown Washington, D.C. Walter Coker and Brian Crivella of HFF and Stephen Conley, a private real estate agent based in Maryland, represented both the sellers, Hanover Co. and Berkshire Residential Investments, and the buyer, Equity Residential. The sales price was not disclosed.

May 6, 2019

Acquisitions Maryland Multifamily Southeast

Sage Management Acquires Apartment Community in Suburban Maryland for $119M

by Alex Tostado May 3, 2019

LAUREL, MD. — Sage Management has acquired the 484-unit Modera Westside Apartments in Laurel, according to CBRE, which arranged the sale. Dallas-based developer Mill Creek Residential sold the property for $119 million, or $245,868 per unit. Modera Westside is situated 20 miles northeast of downtown Washington, D.C., and 20 miles southwest of downtown Baltimore. The asset offers one-, two- and three-bedroom floor plans, as well as a clubhouse with a coffee bar, business lounge, swimming pool, game room, fireside lounge, pet spa, jogging trail and barbecue grills.

May 3, 2019

Development Maryland Retail Southeast

Whole Foods Market to Anchor $350M Mixed-Use Development in Metro Baltimore

by Alex Tostado April 30, 2019

TOWSON, MD. — Developers Greenberg Gibbons and Caves Valley Partners have signed Whole Foods Market to anchor the retail component of Towson Row, a $350 million mixed-use development in downtown Towson. Whole Foods will occupy 45,000 square feet and include a 6,200-square-foot mezzanine and outdoor dining terrace. Construction on the store is expected to begin this winter and take 18 months to complete. Amenities will include a two-story parking deck and covered walkways leading to the store. Towson Row is currently under construction on a five-acre site, 10 miles north of downtown Baltimore. The 1.2 million-square-foot development will include over 75,000 square feet of retail/restaurant space, 150,000 square feet of Class A office space, 300 student housing units, 200 luxury high-rise residential units and a 220-room hotel.

April 30, 2019

Acquisitions Healthcare Maryland Southeast

Avison Young Brokers $20.6M Sale of Medical Office Building in Metro D.C.

by Alex Tostado April 23, 2019

BRANDYWINE, MD. — Avison Young has brokered the $20.6 million sale of a Class A medical office building located in the Washington, D.C. suburb of Brandywine. Maryland-based investment firm Foulger-Pratt sold the property to Milwaukee-based Hammes Partners. The 61,614-square-foot building was completed in 2016 and was 92 percent leased at the time of sale to healthcare providers such as Johns Hopkins and Physicians Reliance. Jim Kornick, Chip Ryan, Mike Wilson, Erik Foster, Mark Johnson and Georgianna Condoiu of Avison Young represented the seller in the transaction.

April 23, 2019

Development Maryland Southeast Top Stories

Greenberg Gibbons, Seritage Growth Partner for $150M Redevelopment Project at Metro Baltimore Mall

by David Cohen April 12, 2019

COCKEYSVILLE, MD. — Greenberg Gibbons has formed a joint venture with Seritage Growth Properties to redevelop a 13.8-acre parcel at Hunt Valley Towne Center in Cockeysville. Greenberg Gibbons owns the property, a mixed-use shopping center situated at 118 Shawan Road, 18 miles north of downtown Baltimore. Initial plans for Phase I of the $150 million redevelopment include renovations to the former two-story Sears building and Sears Auto Center. Michael’s and HomeGoods are open on the first floor, while more retail and entertainment concepts are being targeted for the second floor. “[This venture is] an example of our strategy to partner with successful local developers to unlock value at our properties through intensive redevelopment and site densification,” says James Bry, executive vice president of development and construction at Seritage Growth Properties. Wegmans, Regal Cinemas and Marshalls anchor the center. Other tenants include Jos. A. Bank, Dick’s Sporting Goods, Francesca’s Collection, DSW and Ann Taylor Loft. — David Cohen

April 12, 2019

Acquisitions Maryland Retail Southeast

Neuman Commercial Arranges $18.2M Sale of Grocery-Anchored Shopping Center in Baltimore

by Alex Tostado April 9, 2019

BALTIMORE — Neuman Commercial Group has arranged the $18.2 million sale of Alameda Marketplace, a 124,000-square-foot shopping center anchored by Shoppers Food in Baltimore. The asset was 90 percent leased at the time of the sale to 15 tenants including Walgreens, Family Dollar, Rent-A-Center, Planet Fitness, Fresenius Medical, Rainbow and Bank of America. Gil Neuman of Neuman Commercial represented the sellers, Atlantic Realty Co. and Walton Street Capital, in the transaction. The buyer was a private regional investment group. This is the second time that Neuman Commercial has represented the seller in selling Alameda Marketplace. In 2014, Continental Realty Co. sold the property to Atlantic Realty for $11.3 million.

April 9, 2019

Development Maryland Multifamily Southeast

AvalonBay to Develop 437-Unit Residential Project at Foundry Row in Metro Baltimore

by Alex Tostado April 8, 2019

OWINGS MILLS, MD. — AvalonBay Communities Inc. will develop Avalon Foundry Row, a 437-unit multifamily community within Foundry Row in Owings Mills, a suburb of Baltimore. Avalon Foundry Row will offer studio, one-, two- and three-bedroom floor plans. Amenities will include a fitness center, clubroom, coworking space, dog parks and a pool. AvalonBay expects to break ground this spring. Greenberg Gibbons and Vanguard are developing Foundry Row, a mixed-use project which includes a 110,000-square-foot Wegmans Food Market, LifeBridge Health, Old Navy, DSW Shoe Warehouse, LA Fitness, Ulta Beauty, HomeGoods, La-Z-Boy, Mission BBQ, Chipotle Mexican Grill and Panera Bread.

April 8, 2019

Loans Maryland Multifamily Southeast

Hunt Real Estate Capital Provides $15.7M Green Acquisition Loan for Apartment Community in Baltimore

by Alex Tostado April 8, 2019

BALTIMORE — Hunt Real Estate Capital has provided a $15.7 million Fannie Mae acquisition loan for Park Raven Apartments, a 253-unit community in Baltimore. The 15-year loan includes eight years of interest-only payments and a 30-year amortization schedule. The asset was built in 1949 and renovated in 2006. The property comprises 23 two-story, garden-style buildings. The borrower, Park Raven DNB LLC, plans to implement on-site water and energy conservation measures as part of Fannie Mae’s Green Reward program. The goal is to save more than 30 percent of the combined water and energy usage, including a minimum of 15 percent energy savings. The seller was Park Raven Holdings LLC.

April 8, 2019

Development Industrial Maryland Southeast

Smithfield Foods to Open $74M Distribution Center in Maryland

by Alex Tostado April 3, 2019

NORTH EAST, MD. — Smithfield Foods Inc., a pork producer and meat packing company, will open a 420,000-square-foot distribution facility within Principio Business Park in North East. The Baltimore Sun reports the center will cost $74 million to build. According to a press release from Gov. Larry Hogan’s office, the new facility will create 240 jobs in Cecil County. Stewart Properties’ Principio Business Park is home to tenants including Amazon, Lidl and Medline. According to Baltimore Business Journal, the State of Maryland will give Smithfield $800,000 in loans through the Advantage Maryland program and, pending review, Cecil County will pitch in $80,000. A timeline for construction was not disclosed.

April 3, 2019

Acquisitions Maryland Office Southeast

EDGE Brokers $15.9M Sale of Maryland Office Building

by Alex Tostado March 28, 2019

FREDERICK, MD. — EDGE Commercial Real Estate has brokered the $15.9 million sale of Patrick Center, a seven-story office building located at 30 W. Patrick St. in downtown Frederick. Lee Development Group bought the 67,000-square-foot building from West-End Atlas. Patrick Center was 90 percent leased at the time of the sale to tenants including Bank of America Merrill Lynch, Miles & Stockbridge, Morgan Stanley and PNC Wealth Management. The asset, which was developed in 1987 and underwent renovations in 2015, includes a two-story atrium lobby and marble flooring. Joe Friedman of EDGE represented the buyer in the transaction, and Julian Etches and Joe Donegan of Scheer Partners represented the seller.

March 28, 2019

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