Maryland

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

by Alex Tostado September 13, 2019

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.

September 13, 2019

Company News Maryland Southeast

NAI Global Opens New Office in Eastern Maryland

by Alex Tostado September 10, 2019

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.

September 10, 2019

Acquisitions Maryland Office Southeast

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

by Alex Tostado September 9, 2019

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.

September 9, 2019

Market Reports Maryland Multifamily Southeast Southeast Market Reports

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

by Alex Tostado September 9, 2019

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 …

September 9, 2019

Market Reports Maryland Office Southeast Southeast Market Reports

Suburban Rings Outpacing Baltimore City in Office Leasing, Construction Activity

by Alex Tostado September 5, 2019

A strong, vibrant urban core is vital to the success of the entire metropolitan region, and although currently struggling to regain its footing in some critical areas, Baltimore City will eventually return to prominence in the eyes of international investors, CEOs and the general public. Local stakeholders retain confidence in the city based on its strong fundamentals, including nationally renown hospitals, an impressive labor force (a recent CBRE survey ranked Baltimore City as the No. 11 U.S. market for tech talent) and proximity to the Nation’s Capital and continued federal government spending. The city’s infrastructure, led by Interstate 95, the Port of Baltimore and Baltimore/Washington International Thurgood Marshall Airport (BWI), is among the most highly regarded across the country. There is an overall uptick in leasing and development activity in 2019, with an emphasis on mixed-use communities with an “engaging story to tell” based on the projects design, location or both. Baltimore City inches forward Ground was officially broken on the first phase of Port Covington, the $5.5 billion mega-project planned on a 235-acre waterfront parcel in south Baltimore that is expected to be anchored by the new Under Armour headquarters. This inaugural section will include 1.3 million square feet …

September 5, 2019

Acquisitions Loans Maryland Multifamily Seniors Housing Southeast Virginia

Capital Funding Provides $36.9M Acquisition Financing for Two Mid-Atlantic Skilled Nursing Facilities

by Alex Tostado August 30, 2019

DUNN LORING, VA., AND SILVER SPRING, MD. — Capital Funding has provided $36.9 million in financing for private equity firm The Portopiccolo Group to acquire two skilled nursing facilities in Dunn Loring and Silver Spring. The properties include the Iliff Nursing and Rehabilitation Center, a 130-bed pediatric and geriatric facility in Dunn Loring, and the Fox Chase Rehabilitation and Nursing Center, a 74-bed geriatric facility in Silver Spring. Accordius Health, an operating platform of The Portopiccolo Group, manages both properties. Tim Eberhardt of Capital Funding originated the acquisition financing, which included a $30.6 million senior loan, $3.8 million mezzanine loan and a $2.5 million accounts receivable line of credit for working capital needs. The financing provided Portopiccolo with 90 percent of total transaction costs as well as a $2.7 million reserve for post-closing renovations.

August 30, 2019

Acquisitions Maryland Retail Southeast

Continental Realty Acquires Retail Center in Suburban Maryland for $23.5M

by Alex Tostado August 29, 2019

HAGERSTOWN, MD. — Continental Realty Corp. has acquired Centre at Hagerstown, a 331,000-square-foot retail center in Hagerstown, for $23.5 million. The property was 93 percent leased at the time of sale to tenants including Dick’s Sporting Goods, Bed Bath & Beyond, Marshalls, Books-A-Million, OfficeMax, PetSmart, Regency Furniture, 2nd & Charles and A.C. Moore. Centre at Hagerstown is located at 17850 Garland Grosh Blvd., three miles from downtown Hagerstown, the county seat of Washington County. Danny Finkle, Jordan Lex and John Owendoff of JLL represented the seller, WashREIT, in the transaction.

August 29, 2019

Development Loans Maryland Mixed-Use Southeast

SunTrust, Harbor Bankshares Provide $19.8M in Debt, Equity for Mixed-Use Development in Baltimore

by Alex Tostado August 19, 2019

BALTIMORE — SunTrust Community Capital (STCC) and Harbor Bankshares Corp. have provided a total of $19.8 million in financing for Village Center at Stadium Place in Baltimore. STCC provided $4.8 million of equity and $4 million in its New Markets Tax Credit (NMTC) allocation. Harbor Bankshares contributed $11 million of its NMTC allocation. Govans Ecumenical Development Corp. (GEDCO) and Commercial Development & Investments LLC (CDI) are co-developing the property, which will meld with the existing Stadium Place Adult Community Campus master plan. Village Center will include 70 discounted market-rate senior housing units and 30,000 square feet of medical office and retail space. A timeline for completion was not disclosed.

August 19, 2019

Acquisitions Hospitality Maryland Southeast Virginia

JLL Negotiates Sale of 731-Room Hotel Portfolio in Mid-Atlantic, Texas

by Alex Tostado August 16, 2019

CHICAGO — JLL has negotiated the sale of five Courtyard by Marriott hotels totaling 731 rooms. The portfolio includes Courtyard New Carrollton in Landover, Md.; Courtyard Fairfax Fair Oaks in Fairfax, Va.; Courtyard Baltimore Hunt Valley in Hunt Valley, Md.; and Courtyard San Antonio Airport and Courtyard San Antonio Medical Center in San Antonio. JLL represented the seller, Colony Capital Inc., in the transaction. The buyer was a partnership between Flynn Properties Inc. and EMA Lodging Group Inc. The sales price was not disclosed.

August 16, 2019

Acquisitions Maryland Multifamily Southeast

Blackfin, Acre Valley Acquire Apartment Complex in Metro D.C. for $21M

by Alex Tostado August 8, 2019

WHEATON, MD. — A joint venture between Blackfin and Acre Valley Real Estate Capital has acquired Earle Manor Apartments, a two-building, 140-unit complex in Wheaton, for $21 million. The garden-style community was fully occupied at the time of sale. The asset is situated at 10820 Georgia Ave., nine miles north of downtown Washington, D.C. and near the Washington Metropolitan Area Transit Authority (WMATA) Wheaton Metro Station. The seller was not disclosed.

August 8, 2019

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