Maryland

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.

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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.

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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.

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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.

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ROCKVILLE, MD. — Law firm Stein Sperling Bennett de Jong Driscoll has signed a 42,206-square-feet lease at the Tower Building, situated at 1101 Wootton Parkway in Rockville. The firm currently occupies space across five offices throughout the Mid-Atlantic region. The firm expects to occupy Tower Building by the third quarter of 2020, a move that is expected to raise occupancy of the 12-story, 290,000-square-foot office building to 86 percent. The law firm employs more than 130 workers, most of whom are expected to relocate to Rockville. Marc Balamaci and Scott Mendelson of Edge Commercial Real Estate represented the tenant, and Kevin McGloon and Peter Rosan of Cushman & Wakefield represented the landlord, The Tower Cos., in the lease transaction.

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HYATTSVILLE, MD. — The Donaldson Group, Declaration Capital and Angelo Gordon & Co. have acquired Plaza Tower Apartments, a 288-unit apartment community in Hyattsville, for $42.6 million. Plans to upgrade the property include adding a new leasing center, as well as upgrading common areas, building exteriors and interior amenities. Work on the upgrades is expected to start in late spring. The property is situated at 6700 Belcrest Road, about one mile south of the University of Maryland and about eight miles northeast of downtown Washington, D.C.

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NORTH BETHESDA, MD. — LCOR and Washington Metropolitan Area Transit Authority (WMATA) have broken ground on Arrowwood, a 294-unit apartment complex in North Bethesda. The six-story building will be located at 5410 McGrath Blvd., above WMATA’s White Flint Metro Station. This is the third residential phase within LCOR’s North Bethesda Center. Arrowwood will include 10,000 square feet of ground-level retail space, and apartment amenities will include a clubhouse, outdoor grills, fitness center and two music rooms. Design Collective designed Arrowwood, Davis Construction is the general contractor and M&T Bank is providing project financing.

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FREDERICK, MD. — The Common Market Co-op, a community-owned grocer with one store in Frederick, has announced plans to open a second Frederick location at the site of a former Safeway. The organic and natural foods grocery store will move into its new home on 7th Street following significant renovations. Details of the planned renovations were not disclosed. In addition to food options, the new store will offer amenities such as grocery pick-up, a cafe and a pet care center that offers organic pet supplies. Randy and Francy Williams founded The Common Market in 1974 and it has grown to have more than 6,600 owners. The company expects to hire 110 people at the new location and will move its corporate headquarters to the site.

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BETHESDA, MD. — ZOM Living and Mitsui Fudosan America will break ground on Maizon Bethesda, a 229-unit apartment building in Bethesda. The community will offer studio, one-, two- and three-bedroom floor plans. Amenities will include a rooftop deck, swimming pool, package services, grilling areas and a fitness center. The asset will be situated two blocks from the Bethesda Metro Station and about seven miles north of downtown Washington, D.C., and about three miles east of Capital Crescent Trail. SK+I is the designer and architect, and Balfour Beatty will serve as the general contractor. Anticipated completion is slated for October 2020.

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SARASOTA, FLA. — Consolidated-Tomoka Land Co. has sold The Shoppes at Sarasota Row, a 59,341-square-foot retail center in Sarasota, to New York Real Estate Investors for $24.6 million. Whole Foods Market and Starbucks Coffee anchor the property, which is situated less than a mile from downtown Sarasota. Other tenants include California Closets, Scout & Molly’s Boutique, Tsunami Sushi and Hibachi Grill, Nuovo Salon and Paint Nail Bar. Carson Good, Tarik Bateh and Dan Williams of JLL represented the seller in the transaction.

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