Maryland

Federal Realty Investment Trust to Implement Program for Contactless Exchanges at its Properties

by Alex Tostado May 1, 2020

ROCKVILLE, MD. — Federal Realty Investment Trust will implement a new program dubbed The Pick-Up at its properties beginning Friday, May 15. In the midst of the COVID-19 crisis, the Rockville-based company said the program will offer a singular service across its tenants to limit physical contact. Federal Realty will introduce the new service where permitted by local jurisdictions. When a customer places an order with a retailer or restaurant within a Federal Realty-owned property by phone or online, the customer can designate a pick-up time and will be assigned a designated parking space. Employees will then bring the order to the customer’s car. Federal Realty owns properties including Bethesda Row and Pike & Rose in Maryland, Santana Row in Northern California, and other properties in Florida, Washington, D.C., Pennsylvania, New York, Massachusetts and Illinois.

May 1, 2020

Acquisitions Healthcare Maryland Office Southeast

KLNB Arranges $9.4M Sale of Medical Office Building Near Baltimore

by Alex Tostado April 23, 2020

ELLICOTT CITY, MD. — KLNB has arranged the $9.4 million sale of North Ridge Professional Center, a 38,894-square-foot medical office building in Ellicott City. The building was 97 percent leased at the time of sale to anchor Ellicott City Ambulatory Surgery Center, Howard County Government, Seton Medical Group (a division of St. Agnes Healthcare) and Infectious Disease Associates. The property is situated at 2850 N. Ridge Road, 15 miles west of downtown Baltimore. Don Schline, Craig Morrell and Brad Berzins of KLNB represented the seller, Foulger-Pratt, in the transaction. The buyer was not disclosed.

April 23, 2020

Acquisitions Industrial Maryland Southeast

KLNB Arranges $14.5M Sale of Warehouse in Suburban Maryland

by Alex Tostado April 21, 2020

COLUMBIA, MD. — KLNB has arranged the $14.5 million sale of Mike’s Train House, a 123,000-square-foot warehouse in Columbia. The property is situated at 7020 Columbia Gateway Drive within the Columbia Gateway Business Park. Mike’s Train House is the only distribution center within the park. The building offers 20-foot clear heights and the option to add more loading doors. Chris Kubler and Don Schline of KLNB represented the seller, MPW Enterprises LLC, in the transaction. The buyer was not disclosed.

April 21, 2020

Acquisitions Maryland Office Southeast

JLL Brokers Sale of 212,153 SF Medical Office Campus in Metro D.C.

by Alex Tostado April 16, 2020

SILVER SPRING, MD. — JLL has brokered the sale of Colesville Medical Campus, a three-building, 212,153-square-foot medical office campus in Silver Spring. The asset is situated at 10720, 10750 and 10770 Columbia Pike, 10 miles north of downtown Washington, D.C. The property is positioned within a 10-mile radius of 12 hospitals with more than 3,000 beds. Trinity Health and Holy Cross Health, which operates its home care and hospice operations at the property, anchor the campus. The seller, Beckham Gumbin Ventures, acquired the asset in 2016 when it was 43 percent leased. At the time of sale, Colesville Medical was 82 percent leased. The campus features amenities such as a fitness center, conference center facility and parking for more than 789 vehicles. Ben Appel, Dave Baker, Jim Meisel, Andrew Weir and Matt Nicholson of JLL represented the seller in the transaction. Robert Carey, Daniel Turley and Evan Parker of JLL arranged an undisclosed amount of acquisition financing for the buyer, Austin, Texas-based Virtus Real Estate Capital.

April 16, 2020

Company News Maryland Restaurant Retail Southeast

Continental Realty Launches Internal ‘Eat Local’ Stimulus Plan

by Alex Tostado April 15, 2020

BALTIMORE — Continental Realty Corp. (CRC) has launched an internal program to aid the restaurant industry in the communities it serves. CRC owns and operates retail centers and multifamily properties in Maryland, Virginia, North Carolina, South Carolina, Tennessee, Alabama, Georgia and Florida. Between April 14 and May 15, any CRC employee who provides a receipt for food items bought locally will be reimbursed up to $200. “We feel extremely strongly about initiating a program that benefits our loyal and hard-working team members and supports the restaurant sector,” says Crystal Frey, senior vice president of human resources for CRC. “With restaurants reduced to handling carry-out and curbside orders, we encourage other companies to follow our lead to minimize the disruption impacting both locally owned and nationally operated locations.” CRC is based in Baltimore and focuses on value-add properties throughout the Southeast.

April 15, 2020

Acquisitions Industrial Maryland Southeast Top Stories

GLL Real Estate Partners Acquires 1.1 MSF Industrial Development Near Baltimore for $90M

by Kristin Harlow April 8, 2020

CURTIS BAY, MD. — Germany-based GLL Real Estate Partners has acquired Brandon Woods III, a two-building industrial development in Curtis Bay, for $90 million. Chesapeake Real Estate Group LLC (CREG) and EverWest Real Estate Investors LLC sold the buildings. The sale also includes two land parcels with the potential for another 250,000 square feet of development. The two assets span 840,000 square feet at 7550 Perryman Court and 7659 Solley Road, just south of Baltimore near the Patapsco River. The building at 7550 Perryman Court is considered the largest speculative industrial building ever constructed in Anne Arundel County, according to CREG. Best Buy leased the entire building in summer 2018 and currently employs approximately 300 workers at the facility. The building is used as a warehouse and distribution center for large products, as well as a repair site for major appliances and televisions. The other building, 7659 Solley Road, is a recently delivered, 340,000-square-foot speculative property. It features a clear height of 36 feet, 87 dock doors, four drive-in doors, a 130-foot truck court and parking for 257 cars and 61 trailers. CREG was retained to oversee the construction, leasing and management at Brandon Woods III, which should total approximately …

April 8, 2020

Company News Maryland Southeast Top Stories

Under Armour to Furlough 6,600 Workers Beginning April 12

by Taylor Williams April 6, 2020

BALTIMORE — In response to the spread of COVID-19, Under Armour Inc. (NYSE: UA) will temporarily lay off some 6,000 employees at its outlet stores around the country and approximately 600 workers at its U.S. distribution centers, effective Sunday, April 12. The Baltimore-based sports apparel retailer also said it would extend current store closures until further notice. In addition, the company’s board of directors and executive vice presidents will be taking 25 percent pay cuts during the public health crisis. Under Armour workers at distribution centers that continue to work will be paid premium bonuses. The company will cover full health benefits for employees for approximately two months during the layoff period. “In these unprecedented and challenging times, the majority of stores where Under Armour is available remain closed, contributing to a significant decline in revenue,” says Patrik Frisk, the company’s president and CEO. “While we’re thankful for the meaningful balance sheet improvements we’ve driven over the past two years and are seeing some early signs of recovery in our Asian-Pacific region, this unanticipated shock to our business has been acute, forcing us to make difficult decisions to ensure that Under Armour is positioned to participate in the eventual recovery of demand.” Prior to …

April 6, 2020

Acquisitions Maryland Office Southeast

KLNB Arranges $7.4M Sale of Office Building Near Baltimore

by Alex Tostado April 3, 2020

COLUMBIA, MD. — KLNB has arranged the $7.4 million sale of Rivers Corporate Centre, a two-story, 42,860-square-foot office building in Columbia. The building was fully leased at the time of sale to tenants including Peak-Ryzex Inc., Telligen and American Contracting. Rivers Corporate Centre is situated at 10330 Old Columbia Road, 19 miles southwest of downtown Baltimore. Craig Morrell, Brad Berzins and Don Schline of KLNB represented the seller, KC Rivers Development LLC, in the transaction. The team also procured the buyer, an entity controlled by Reliable Real Estate Services.

April 3, 2020

Development Industrial Maryland Southeast

Lidl Opens $100M Regional Distribution Center in Cecil County, Maryland

by Alex Tostado April 2, 2020

CECIL COUNTY, MD. — Lidl has opened a 700,000-square-foot regional distribution center in Cecil County. The German-based grocer invested $100 million in the project, which is expected to create more than 200 full-time jobs. Cecil County is situated in northeast Maryland, 53 miles from Baltimore and 60 miles from Philadelphia. Lidl officials said the center will service stores in five states. The discount grocer operates more than 85 stores in nine states on the East Coast. This is the second distribution center Lidl is developing in 2020, having broken ground on a facility in Covington, Ga. in early February.

April 2, 2020

Acquisitions Maryland Office Southeast

Bridge Investment Group Acquires 235,210 SF Office Building Near D.C.

by Alex Tostado March 26, 2020

ROCKVILLE, MD. — Bridge Investment Group has acquired 77 Upper Rock, a 235,210-square-foot office building in Rockville. The property is situated near the interchange of Interstate 270 and Shady Grove Road, 23 miles north of downtown Washington, D.C. Originally built in 2005, 77 Upper Rock recently underwent a $6.5 million capital improvement program to update the lobby, conference center, restrooms and elevators. In addition, the property’s amenity package includes outdoor seating and a new fitness center with a yoga studio, locker rooms and Peloton bicycles. Bridge plans to invest in further capital projects that include common area refurbishment, upgrading the existing amenity space and the buildout of 16,000 square feet of spec suites. Tenants at 77 UpperRock include M&T Bank Corp., Aurinia Pharmaceuticals, Cisco Systems Inc., Nutricia North America and Potomac-Hudson Engineering. Bridge Commercial Real Estate LLC, the operating company for Bridge Investment, will oversee property management and redevelopment work at 77 Upper Rock. Renovations will begin immediately. Tommy Spinosa internally represented the buyer in the transaction. Andrew Weir of JLL represented the undisclosed seller.

March 26, 2020

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