Maryland

Enterprise Community Development to Construct $14M Expansion of Eastern Maryland Affordable Housing Project

by Alex Tostado February 12, 2020

PRINCESS ANNE, MD. — Enterprise Community Development Inc. will construct Phase II of Reserve at Somerset Commons in Princess Anne. Construction on the 54-unit expansion is estimated to cost $14 million. Reserve at Somerset Commons II will offer one-, two-, three- and four-bedroom units across two three-story garden apartment buildings. Of the 54 apartments, 48 will be available to families earning between 30 percent and 60 percent of area median income (AMI) and six will be market-rate. Reserve at Somerset Commons II will complement the existing community by completing the circular drive and adding 108 parking spaces. Residents of Reserve at Somerset Commons II will share existing communal amenities at Phase I, which include a clubhouse, fitness center, great room, outdoor recreational and open space. AGM Financial Services Inc. provided the first mortgage. The Maryland Department of Housing and Community Development, Enterprise Community Investment Inc., Enterprise Community Loan Fund and the Federal Home Loan Bank of Atlanta are providing additional financing. Moseley Architects is serving as the project designer, and the general contractor is Harkins Builders Inc. R Home Property Management LLC is providing property management. Enterprise Community Development expects to complete Phase II this fall. The developer completed Phase I, a 75-unit building, in …

February 12, 2020

Acquisitions Maryland Retail Southeast

IPA Arranges Sale of 234,036 SF Shopping Center in Baltimore

by Alex Tostado February 12, 2020

BALTIMORE — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Mount Clare Junction, a 234,036-square-foot retail property in Baltimore’s Mount Clare neighborhood. The property was 82 percent leased at the time of sale to tenants including Price Rite, Family Dollar and Capital One Bank. The shopping center is situated on 16 acres at 1223 W. Pratt St., two miles west of downtown Baltimore. Christopher Burnham, Dean Zang and David Crotts of IPA represented the undisclosed seller, a New York City-based investment management firm, in the transaction. An affiliate of Carlyle Group acquired the property for an undisclosed price. Bryn Merrey is Marcus & Millichap’s broker of record in Maryland.

February 12, 2020

Acquisitions Hospitality Loans Maryland Southeast

Ready Capital Closes $7.2M Acquisition Loan for Hotel Near Baltimore Airport

by Alex Tostado February 11, 2020

LINTHICUM HEIGHTS, MD. — Ready Capital has closed a $7.2 million acquisition loan for a 182-room hotel adjacent to Baltimore/Washington International Thurgood Marshall Airport in Linthicum Heights. The undisclosed borrower has reflagged the existing Rodeway Inn to a Wingate by Wyndham. Additionally, the hotel will go from economy class to mid-scale. In conjunction with the reflagging, a property improvement plan will be implemented to further increase average daily revenue (ADR) and occupancy. Ready Capital closed the non-recourse, interest-only, floating-rate loan that features a three-year term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for the property improvement plan.

February 11, 2020

Development Industrial Maryland Southeast

Kroger, Ocado to Open 350,000 SF Customer Fulfillment Center in Suburban Maryland

by Alex Tostado January 24, 2020

FREDERICK, MD. — The Kroger Co. and Ocado, an online grocer based in England, will develop a 350,000-square-foot customer fulfillment center in Frederick. The new automated warehouse facility will service several nearby markets such as Baltimore, Philadelphia and Washington, D.C. When fully operational, the facility will house 400 employees and feature digital and robotic capabilities. The site is located at 7106 Geoffrey Way, 55 miles west of downtown Baltimore and 65 miles north of downtown D.C. The companies expect the facility to open 24 months after groundbreaking, a timeline for which was not disclosed.

January 24, 2020

Development Leasing Activity Maryland Retail Southeast

URW Unveils Renovation Plan, New Tenants at 1.4 MSF Westfield Annapolis Mall

by Alex Tostado January 16, 2020

ANNAPOLIS, MD. — Unibail-Rodamco-Westfield (URW), the owner of Westfield Annapolis mall, has unveiled plans to renovate and improve the mall, while adding new tenants. URW will convert the mall’s 110,000-square-foot former Lord & Taylor department store into a new shopping district composed of boutiques, home design stores and experience-driven offerings. The new section of the mall is slated to open to the public in 2021. URW’s mall-wide renovation program will include a new pedestrian gallery connecting the property’s Macy’s store and its Pottery Barn and Nordstrom wings. The gallery is expected to open by this September. The renovation will also create a new 40-foot architectural exterior entrance. The renovations to Westfield Annapolis come alongside new tenants arriving, including Rodizio Grill and Retro Fitness. In February of this year, Anne Arundel County’s Discoveries: The Library at the Mall, a dedicated learning space for teens and young children, is expected to open a permanent, expanded location at the mall. Shops and restaurants at Westfield Annapolis will remain open throughout the renovation process.

January 16, 2020

Acquisitions Maryland Office Southeast

Hubris Capital Purchases Two Downtown Baltimore Office Properties for $29.2M

by Alex Tostado January 9, 2020

BALTIMORE — JLL Capital Markets has arranged the $29.2 million sale of two office properties in downtown Baltimore. An investment group led by Dallas-based Hubris Capital purchased both 100 South Charles-Tower II and 201 North Charles in two separate transactions. Jay Wellschlager, Andrew Finkelstein and Elizabeth Runge of JLL represented both undisclosed sellers in the two deals. 100 South Charles-Tower II is a 160,754-square-foot, eight-story office building situated atop a three-story podium containing the retail space and common lobby of the 100 South Charles development. Tower II was 74.6 percent leased at the time of sale to tenants including Liberty Mutual Group, Jacobs Engineering Group Inc., Behavioral Health System and four federal government departments. The property recently underwent nearly $2 million of capital upgrades, while the complex’s common areas were renovated separately. The 28-story, 251,943-square-foot 201 North Charles office building is one of the tallest office properties in downtown Baltimore. Located within walking distance of the Lexington Market Metro station, the property was 77.2 percent leased at the time of sale. The building features 52 underground parking spaces, a café, fitness center with showers and a locker room and 24-hour building security.

January 9, 2020

Loans Maryland Multifamily Southeast

JLL Secures $62M Refinancing for Apartment Community in Metro D.C.

by Alex Tostado January 7, 2020

ROCKVILLE, MD. — JLL Capital Markets has arranged a $62 million loan for the refinancing of The Daley at Shady Grove, a 333-unit apartment community in Rockville with nearly 15,000 square feet of ground-floor retail space. Jamie Leachman, Eric Tupler and Josh Simon of JLL arranged the seven-year loan on behalf of the borrower, Denver-based Black Creek Group, through a life company lender. The loan features interest-only payments for half of the term and a fixed 3.2 percent interest rate. The Daley at Shady Grove is located at 8010 Gramercy Blvd. within EYA’s Westside at Shady Grove master-planned community, which is less than one mile from the Shady Grove Metro Station. Built in 2017, the apartment community’s amenities include a pool, grilling station and a fitness center. Starbucks anchors the community’s retail portion.

January 7, 2020

Development Hospitality Maryland Southeast

Costello Construction Breaks Ground on $25M Hotel Redevelopment Project in Columbia, Maryland

by Alex Tostado January 2, 2020

COLUMBIA, MD. — Costello Construction has entered the construction phase of the $25 million Sheraton Columbia Town Center Hotel renovation and redevelopment project. The 290-room hotel is located on the shores of Lake Kittamaqundi in downtown Columbia. Locally based Costello Construction has owned the property since December 2017. The renovation plans include a complete exterior improvement, two new structural additions to add 76 guest rooms, remodeling of all tower rooms and the addition of terraces to lakefront units. Once complete, the hotel will comprise 212 modern guest rooms and join Marriott’s Autograph Collection. The hotel will feature rooftop pool, restaurant, café, fitness center, rooftop bar and lounge and more than 10,000 square feet of indoor/outdoor event space. Costello Construction will self-perform the site work and concrete work on the project.

January 2, 2020

Acquisitions Maryland Office Southeast

Zamir Equities Buys Value-Add Office Building in Baltimore’s CBD for $26.9M

by Alex Tostado December 18, 2019

BALTIMORE — Zamir Equities has purchased 36 S. Charles St., a 25-story office building located in Baltimore’s Central Business District (CBD), from an undisclosed seller. The 314,000-square-foot building currently houses the Baltimore U.S. Attorney’s Office, The Law Offices of Peter T. Nicholl and the City of Baltimore Development Corp. One block away from Baltimore’s Inner Harbor, 36 S. Charles is situated less than a block from the Metro SubwayLink Charles Center station. The location also provides nearby access to Interstates 95 and 83 and the city’s Light RailLink system. The Camden Station of the Maryland Area Regional Commuter (MARC), which provides high-speed access to Washington, D.C. and other major East Coast cities, is less than one mile away. The office building currently features cafes, onsite storage and a parking garage. The previous ownership invested $6.5 million into base building improvements and updates to the lobby, conference center and elevators. Zamir Equities plans to make additional capital improvements, including further improvements to the elevators, upgrades to the common areas, enhanced building security and a new coffee shop.

December 18, 2019

Loans Maryland Office Southeast

JLL Secures $42M Loan for Rio Shopping Center in Suburban Maryland

by John Nelson November 26, 2019

GAITHERSBURG, MD. — JLL has arranged $42 million in financing for the western portion of Rio, a 700,000-square-foot retail property in the suburban Washington, D.C., city of Gaithersburg. Located at 9811 Washingtonian Blvd., the property is located at the intersection of Interstates 270 and 370. Chris Hew and Evan Parker of JLL Capital Markets arranged the 12-year, fixed-rate loan on behalf of the borrower, Peterson Cos., through MetLife Investment Management. Peterson, a Fairfax, Va.-based real estate developer, will use loan proceeds to refinance an existing loan and complete a multimillion-dollar capital improvement plan that includes the development of an outparcel building preleased to True Food Kitchen, as well as garage repairs, updating building facades, expanding the boardwalk, new entertainment and programming spaces and refurbishing a pedestrian bridge. Rio is 98 percent leased to a mix of retailers that includes Target, Dick’s Sporting Goods, Kohl’s and Barnes & Noble, along with restaurant tenants such as Yard House, Uncle Julio’s, Corner Bakery, Lanzhou Hand Pulled Noodles and Kung Fu Tea.

November 26, 2019

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