Maryland

WashREIT Agrees to Sell Eight Retail Assets, Increases Focus on Multifamily Sector

by Alex Tostado June 27, 2019

WASHINGTON, D.C. — WashREIT (NYSE: WRE) has agreed to sell five of its retail properties for $485 million, plus an additional three power centers, as part of a strategic move to increase its investment in the multifamily sector. The buyers are two undisclosed institutional investors. The first sale agreement includes five retail properties totaling 800,000 square feet. Those assets include Gateway Overlook in Columbia, Md.; Wheaton Park in Wheaton, Md.; Olney Village Center in Olney, Md.; and Bradlee Shopping Center and Shoppes of Foxchase in Alexandria, Va. The second transaction includes three Maryland properties spanning 850,000 square feet. The properties are Centre at Hagerstown in Hagerstown, and Frederick Crossing and Frederick County Square in Frederick. WashREIT said it will disclose the sales price of the second transaction after the deal’s closure, which is expected to occur in late July. Simultaneously, WashREIT has agreed to acquire an urban-infill, value-add multifamily community for $70 million. Details about the property were not disclosed at this time. Earlier this year, WashREIT announced that it would acquire a portfolio of seven multifamily properties in the Washington, D.C. area for $461 million, thereby increasing its multifamily portfolio from 28 percent to 45 percent based on net …

June 27, 2019

Acquisitions Maryland Office Southeast

Armada Hoffler to Buy Office Building in Baltimore’s Harbor Point for $101M

by John Nelson June 19, 2019

BALTIMORE — Armada Hoffler Properties Inc. has agreed to purchase the Thames Street Wharf office building in Baltimore for $101 million from KBS Realty Advisors. Built in 2010 by Armada Hoffler Construction, the 263,426-square-foot, eight-story property was the first property built within the Harbor Point mixed-use development. The LEED Gold-certified building is fully leased to tenants including anchors Morgan Stanley and Johns Hopkins Medicine. Virginia Beach-based Armada Hoffler expects the transaction to close in the second quarter.

June 19, 2019

Development Maryland Seniors Housing Southeast

Capitol Seniors Housing Opens $27.5M Assisted Living, Memory Care Community Near D.C.

by John Nelson June 19, 2019

FULTON, MD. — Capitol Seniors Housing has opened Arbor Terrace Fulton, an assisted living and memory care community in Fulton, approximately 20 miles north of Washington, D.C. The $27.5 million, 73,000-square-foot community features 86 apartments. The location is immediately adjacent to the Marketplace at Maple Lawn, a mixed-use community anchored by Harris Teeter. Arbor Terrace Fulton is also next to Fulton Elementary, Lime Kiln Middle School and the Reservoir High School, which will add an intergenerational quality to the community. The Arbor Co. partnered with Capitol on the project, and will serve as operator. Baltimore-based BCT Architects designed the property, while Dallas-based Faulkner Design Group handled the interiors.

June 19, 2019

Acquisitions Industrial Maryland Southeast

Joint Venture Buys 12-Acre Waterfront Site in Baltimore

by Alex Tostado June 13, 2019

BALTIMORE — Greenspring Realty Partners Inc., a real estate investment firm, and the Berg Corp., a demolition company, have acquired a 12-acre waterfront site located at 4601 Newgate Ave. in Baltimore. The site is divided into three parcels and is near the Seagirt Marine Terminal, which is operated by Ports America Chesapeake LLC. The site is equipped with a 700-foot pier on the east side of the property and a 1,400-foot pier on the west side. The site has access to one of the only deep-water ports available for private use in the city. According to the Maryland Port Authority, the port’s governing body, more than 43 million tons of general cargo was unloaded at the city’s private and public ports in 2018. Vane Brothers sold the site for an undisclosed price.

June 13, 2019

Development Industrial Maryland Southeast

Merritt Properties Plans 860,000 SF Tower Logistics Center in Suburban Maryland

by Alex Tostado June 12, 2019

PERRYMAN, MD. — Merritt Properties has announced plans for Tower Logistics Center, an 860,000-square-foot industrial building in Perryman. Delivery is expected in late 2020. The building will be located at 1225 S. Philadelphia Road, about 30 miles north of the Port of Baltimore. Tower Logistics Center will feature 40-foot clear heights, 60-foot speed bays, more than 150 dock bays and 200 trailer parking spaces. Truck courts will span 130 feet and the building will include four drive-in doors. The construction team includes Powers Brown Architecture as the architect and Morris & Ritchie Associates Inc. as the civil engineer. Merritt has engaged CBRE as a listing partner, with Bill Pellington and Jon Casella of CBRE leading leasing efforts.

June 12, 2019

Development Maryland Multifamily Southeast

Washington Property Delivers 20-Story Multifamily Community in Metro D.C.

by Alex Tostado June 5, 2019

SILVER SPRING, MD. — Washington Property Co. (WPC) has delivered Solaire 8250 Georgia Avenue, a 20-story, 338-unit multifamily community in Silver Spring. The building offers studio, one- and two-bedroom floor plans, as well as 5,000 square feet of amenity space, including a rooftop swimming pool and pool deck; café with free Wi-Fi; private courtyard with grilling areas; fitness center; and an expansive residents’ club room with catering kitchen, library, flat-screen TV, indoor-outdoor fireplace and a game room. The property is situated two blocks from the Silver Spring Metro station and six miles north of downtown Washington, D.C. The building totals 470,000 square feet and includes three stories of below-grade parking. Collective of Baltimore served as the architect for the project, and Lendlease was the general contractor.

June 5, 2019

Industrial Leasing Activity Maryland Southeast

Duke Realty Signs Ace Logistics to 351,000 SF of Industrial Space in Baltimore

by Alex Tostado June 5, 2019

BALTIMORE — Duke Realty has signed Ace Logistics to two industrial leases totaling 351,000 square feet in Baltimore. The first lease, a renewal at Chesapeake Commerce Center 5900, spans 169,000 square feet. The second lease totals 182,000 square feet and is located at Chesapeake Commerce Center 6000, which is a build-to-suit building still under construction. The industrial campus comprises 177 acres and is situated off Interstate 95, one mile north of the Port of Baltimore. A construction timeline for the build-to-suit building was not disclosed, but Chesapeake Commerce Center will be fully occupied upon completion, according to Duke Realty. Peter Hajimihalis and Ben Meisels of JLL represented the tenant in the lease transactions. Justin Mohler of CBRE and Battista Orcino of Duke Realty represented the landlord.

June 5, 2019

Acquisitions Maryland Multifamily Southeast Top Stories

Star Real Estate Ventures Acquires 2,566-Unit Multifamily Portfolio in Maryland for $500M

by Kristin Harlow June 5, 2019

MARYLAND — Star Real Estate Ventures LLC has acquired a five-property multifamily portfolio totaling 2,566 units in Maryland for approximately $500 million. Most of the communities are located in suburban Baltimore. The properties include Charleston Place in Ellicott City, Morningside Heights in Owings Mills, Top Field in Cockeysville, Tamarron in Olney and Village Square in Glen Burnie. All of the communities feature pools and playgrounds, while four of the five have tennis courts. Home Properties recently operated all five communities. Financing for the transaction included five separate Fannie Mae loans for a total of $320 million, as well as equity from Related Fund Management. David Webb, Maxi Leachman, Brynn Wendel and Robert LaChapelle of CBRE arranged the financing. Bill Roohan, Michael Muldowney, Robert Dean and Malcolm McComb of CBRE represented the seller, a global private equity firm. Star Real Estate Ventures is a real estate investment and management firm that owns and manages 14,500 apartment units in 11 states. The company is headquartered in New York City with offices in Boca Raton, Fla. and Okemos, Mich. This is the firm’s second acquisition of 2019, following the purchase of an 852-unit portfolio in Cincinnati in February. Star is actively looking for …

June 5, 2019

Acquisitions Maryland Retail Southeast

New Market Properties Acquires Shopping Center in Suburban Maryland for $72M

by Alex Tostado June 4, 2019

BOWIE, MD. — New Market Properties LLC has acquired Free State Shopping Center, a 264,000-square-foot retail center in Bowie, for $72 million. The Giant Food-anchored center is situated 19 miles east of downtown Washington, D.C. Tenants include Ross Dress for Less, Tuesday Morning, Starbucks Coffee, T.J. Maxx, Office Depot and Sakura Japanese Steakhouse. Federal Investment Realty Trust sold the property.

June 4, 2019

Leasing Activity Maryland Retail Southeast

Nellis Signs Five New Retailers to Shopping Center in Metro D.C.

by Alex Tostado May 28, 2019

LANDOVER HILLS, MD. — Nellis Corp. has signed five new retail tenants to Capital Plaza Shopping Center in Landover Hills. The five retailers include Starbucks Coffee, AT&T, Tropical Smoothie Café, Quickway Hibachi and Inspire Nail Bar & Spa. The tenants will join Walmart, McDonald’s and an under-construction Royal Farms. Capital Plaza is situated at 6200 Annapolis Road, eight miles east of downtown Washington, D.C. The center offers 180,000 square feet of developed retail space. The site is under redevelopment, and Nellis Corp. expects the first of three pad sites to be delivered by the end of the year. Brian Finkelstein, John Meyer and Joe Mekulski of KLNB represented the landlord in the lease negotiations.

May 28, 2019

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