ANNAPOLIS, MD. — A joint venture between JLB Partners and Crow Holdings has sold The James, a 236-unit multifamily community in Annapolis, for $75.6 million to an undisclosed buyer. The James was delivered in 2016 and features a pool, entertainment lounge and a wellness center. The property is located about four miles west of the United States Naval Academy. Al Cissel and Ryan Ogden of Newmark Knight Frank represented the seller in the transaction.
WOODLAWN, MD. — The U.S. General Services Administration (GSA), working on behalf of the U.S. Social Security Administration, has signed a 10-year lease renewal for Social Security’s Baltimore County headquarters. The GSA signed the 717,011-square-foot lease with landlord Security Land and Development Co. LP (SLDC) at the Security West Complex in Woodlawn. The lease became effective Nov. 1, 2018 and will run through Oct. 31, 2028. According to its website, GSA provides workplaces by constructing, managing and preserving government buildings and by leasing and managing commercial real estate. The terms of the lease state that GSA can exit part of the lease after three years with a 12-month written notice to SLDC and can fully exit the lease with 24-month written notice after five years. The initial annual rent is approximately $11.8 million. Regency Affiliates, which has a 50 percent interest in SLDC, simultaneously announced it refinanced Security West Complex for $30 million. The net proceeds are being used primarily to pay off existing debt at Security West and to fund capital improvements and reserves totaling about $17 million.
GLENMONT, MD. — Elion Partners and Buchanan Partners have entered a joint venture to acquire a 164-unit multifamily community and adjacent 3.5-acre parcel in Glenmont for $34 million. The joint venture plans to renovate the existing asset and develop 254 additional units, bringing the project total to $100 million. Construction at the property, located about 12 miles north of Washington, D.C., is set to begin early next year. This is the third joint venture between Elion and Buchanan.
FREDERICK, MD. — St. John Properties has broken ground on three buildings within Arcadia Business Park in Frederick, about 50 miles west of Baltimore. The buildings will total 200,000 square feet when complete and represent Phase I of construction at the 61-acre industrial campus. Arcadia Business Park will total 600,000 square feet across eight buildings at full buildout. Phase I is expected to deliver in the summer.
COLLEGE PARK, MD. — Joint venture partners Greystar Real Estate Partners LLC and Rockpoint Group have sold University View, a 1,573-bed student housing community located adjacent to the University of Maryland in College Park. The $235 million sale marks the largest single-asset student housing trade in U.S. history, according to Greystar. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE National Student Housing, along with William Roohan and Michael Muldowney of CBRE’s Washington, D.C., office, represented Greystar and Rockpoint in the sale. The buyer was undisclosed. Charleston, S.C.-based apartment management and investment firm Greystar and Boston-based real estate private equity firm Rockpoint Group purchased University View in 2016 and have since upgraded the interiors of all 507 units, as well as the property’s common areas. “The acquisition, investment in and sale of University View exemplify the power of Greystar’s value-add strategy,” says Kevin Kaberna, executive director and leader of Greystar’s U.S. Investment platform. “We were able to perform considerable interior upgrades while maintaining affordable rents for students.” University View is connected to the University of Maryland via a pedestrian bridge crossing Paint Branch, a 14-mile tributary of the Northeast Branch that flows to the Anacostia River. The property also features …
GLEN BURNIE, MD. — Ollie’s Bargain Outlet Holdings Inc. has opened a new store in Glen Burnie to mark its 300th location. The new store is located about 10 miles south of downtown Baltimore in a former Toys “R” Us. The Harrisburg, Pa.-based company opened its first store 36 years ago in Mechanicsburg, Pa., and now has stores in 23 states. The milestone location was opened on the same day as several other Ollie’s Bargain Outlet stores, bringing the company’s total to 303. Ollie’s Bargain Outlet is one of America’s largest retailers of closeout merchandise and excess inventory, including books, groceries and household items.
PIKESVILLE, MD. — Blue Ocean has purchased the DoubleTree by Hilton Hotel and Conference Center located at 1726 Reisterstown Road in Pikesville, for an undisclosed price. Situated on 10 acres in Baltimore County, the hotel features 171 guestrooms, a 50,000-square-foot indoor tennis and fitness facility and office and retail buildings spanning 32,000 square feet. Steven Cornblatt and Gary Olschansky of Trout Daniel & Associates assisted Blue Ocean in the off-market deal. This transaction marks Blue Ocean’s first hotel acquisition. The Baltimore-based firm plans to renovate the asset in the coming years.
LANHAM, MD. — KLNB Investment Sales Group has arranged the sale of Enterprise Plaza Shopping Center, a retail property situated on 16.7 acres in Lanham, a suburb of Washington, D.C. An affiliate of Combined Properties sold the asset to East Coast Acquisitions for an undisclosed price. Aldi and T.J. Maxx anchor the 190,211-square-foot property. Aldi recently exercised a five-year renewal option on its lease to extend its occupancy until 2023. Additional tenants include Verizon Wireless, Advance Auto Parts, Dollar Tree, SunTrust Bank, Shell, Taco Bell and Wendy’s. Andy Stape and Vito Lupo of KLNB Investment Sales represented the seller and procured the buyer. Matt Skalet and Matt Copeland of KLNB were retained by the buyers as the leasing agents for the property, which is the buyer’s first acquisition in the Mid-Atlantic region.
HARFORD COUNTY, MD. — Chesapeake Real Estate Group (CREG), on behalf of TA Realty, has broken ground on a two-building warehouse/industrial project within Trimble Road Business Park in the Edgewood submarket of Harford County, approximately 30 miles northeast of Baltimore. Having acquired the site from CREG in 2018, TA Realty is moving forward with the construction of a 210,000-square-foot speculative facility at 102 Fulfillment Drive and a 140,450-square-foot building at 103 Fulfillment Drive. AGCO, a designer, manufacturer and distributor of agriculture equipment and solutions, has preleased 50,000 square feet of space within 103 Fulfillment Drive, representing 35 percent of the building’s capacity. Slated for delivery in 2019, both buildings will feature concrete tilt-up construction, 32-foot clear ceiling heights and 7-inch unreinforced concrete floor slabs to accommodate heavy loads. The facility at 102 Fulfillment Drive will feature 18 dock doors and two drive-in doors.
LINTHICUM HEIGHTS, MD. — AvalonBay Communities has purchased Alexan Concorde, a multifamily property located at 811 Concorde Circle in Linthicum Heights, about 34 miles northeast of Washington, D.C. A joint venture between Trammell Crow Residential and an affiliate of Western & Southern Financial Group sold the asset for $83 million. Situated adjacent to Baltimore-Washington International Airport and less than one mile from the Baltimore-Washington Parkway, the property features 310 luxury apartment units in a mix of studio, one-, two- and three-bedroom layouts, averaging 973 square feet. Spread across five elevator-serviced buildings, Alexan Concorde’s units include stainless steel appliances, granite countertops, chef islands, hardwood-style flooring, designer lighting packages, keyless entry and walk-in closets. On-site community amenities include a resort-style pool with a fire pit and grilling stations; a clubhouse with shuffleboard, billiards, outdoor ping-pong and multiple high-definition TVs; a community kitchen and workspace; an oversized fitness area with CrossFit gym and adjoining children’s mini-club; and a dog run. Walker Coker and Brian Crivella of HFF represented the seller in the deal.
