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IndustrialLoansMarylandSoutheast

HFF Arranges $56.3M Refinancing for Industrial Complex in Suburban Maryland

by Camren Skelton

JESSUP, MD. — HFF has arranged a $56.3 million loan for the refinancing of Baltimore Washington Logistics Center, a two-building industrial complex in Jessup, located roughly halfway between Baltimore and Washington, D.C. Daniel McIntyre, Fred Wittmann and Greg LaBine of HFF arranged the loan through Citizens Bank on behalf of the borrower, a joint venture between AEW Capital Management LP and Manekin LLC. Building I at the complex is located at 7600 Assateague Drive and totals 853,503 square feet. The asset was vacant at the time of sale. Building II, located at 7540 Assateague Drive, is a 160,255-square-foot refrigerated warehouse/distribution building that is fully leased to G Cefaly & Bro, a seafood and produce food service distributor.

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IndustrialLeasing ActivityMarylandSoutheast

MRP Industrial Signs Three Industrial Leases Totaling 1.5 MSF in Northern Maryland

by Camren Skelton

ABERDEEN AND PERRYMAN, MD. — MRP Industrial has signed leases with three tenants in northern Maryland totaling more than 1.5 million square feet. Two of the leases were signed at Eastgate 95, a 250-acre logistics park located along Woodley Road in Aberdeen. Kuehne + Nagel, a logistics provider, signed a full-building lease for 656,880 square feet of warehousing and distribution space at the center. The facility will be operational in September and will create approximately 225 jobs. Kuehne + Nagel provides seafreight, airfreight, contract logistics and overland transportation solutions across sectors including retail, automotive and aerospace, among others. On the adjacent 67-acre site at Eastgate 95, MRP will construct a 600,000-square-foot building for The Container Store, a retail chain devoted solely to storage and organizational products. The new facility will serve as the retailer’s East Coast distribution hub. The third tenant, PrimeSource, a building materials distributor, signed a 250,000-square-foot lease for a new building to be constructed at 505 Advantage Ave. in Perryman. MRP is underway on construction of the facility, which will be ready for move-in by early next year. The building will include three acres of outside storage and provide loading on two sides. Bill Pellington and D. Reid …

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IndustrialLeasing ActivityMarylandSoutheast

Chesapeake, EverWest Sign Best Buy to 500,400 SF Lease at Industrial Park in Metro Baltimore

by Camren Skelton

GLEN BURNIE, MD. — Chesapeake Real Estate Group LLC (CREG) and EverWest Real Estate Investors LLC have signed a 500,400-square-foot lease with Best Buy at Brandon Woods III, a 259-acre industrial park in Glen Burnie, roughly 11 miles south of Baltimore. Matt Laraway and Scott Skogmo of CREG represented the company internally in the lease transaction, and Michael Royce of Avison Young represented Best Buy. CREG acquired the site from Exelon Corp. last year, and through a partnership with EverWest, will build up to 1 million square feet of industrial space. CREG and EverWest broke ground on the speculative facility at 7550 Perryman St. last year. Best Buy is scheduled to move into the new warehouse in March 2019, utilizing the space to distribute large products to stores throughout the Mid-Atlantic region. The building will also serve as a hub for the home delivery and installation of major appliances and large TVs, and a portion of the space will contain Best Buy service and repair technicians for consumer electronics and appliances. Best Buy plans to consolidate three existing locations throughout the Baltimore-Washington, D.C., metropolitan area to occupy the new building. In addition to the facility for Best Buy, CREG and …

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DevelopmentMarylandMultifamilySoutheast

Washington Property Co. Tops Out 20-Story Multifamily Community in Metro D.C.

by Camren Skelton

SILVER SPRING, MD. — Washington Property Co. (WPC) has topped out construction on Solaire 8250 Georgia Avenue, a 338-unit apartment community in Silver Spring. The community is located two blocks from the Silver Spring Metro station and roughly six miles north of Washington, D.C. The 20-story building will offer a mix of studio to two-bedroom units averaging 760 square feet. The building will also include three levels of below-ground parking and 15,000 square feet of ground-floor retail space. Individual units at Solaire 8520 will include quartz countertops, stainless steel appliances, wood flooring and private balconies. Community amenities will include a rooftop swimming pool, cyber café, grilling areas, fitness center, private courtyard and a game room. Lendlease is the general contractor for the project, and Baltimore-based Design Collective is the architect. Streetsense is handling the leasing assignment for the retail portion of the project. Slated to open in spring 2019, Solaire 8520 is WPC’s fourth Solaire-branded apartment community and its second in Silver Spring’s Ripley District, a former light industrial area-turned transit-oriented neighborhood. At full build-out, the Ripley District will include 2 million square feet of mixed-use development and house up to 3,000 people.

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DevelopmentLoansMarylandMultifamilySoutheast

Klein Enterprises Receives $64.5M Construction Loan to Build Apartment Community in Baltimore

by Camren Skelton

BALTIMORE — Klein Enterprises has received a $64.5 million construction loan for the development of The Woodberry, a 284-unit apartment community located at 2001 W. Cold Spring Lane in Baltimore. The loan was underwritten and serviced by AGM Financial, in partnership with the U.S. Department of Housing and Urban Development (HUD)’s Baltimore Multifamily Housing Office. The Woodberry will include a mix of one-, two- and three-bedroom, market-rate apartment units. Community amenities will include a fitness center with yoga room, game room, clubroom, bike room, pet wash, rooftop deck, saltwater pool and an exterior patio and grilling area. The project will also include 7,500 square feet of ground-floor retail. JDavis Architects is the architect for the project, and Old Town Construction is the general contractor. The development team will break ground on The Woodberry this week, with completion scheduled for spring 2020.

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AcquisitionsMarylandMultifamilySoutheast

HFF Brokers $70.3M Sale of Multifamily Property in Metro D.C.

by Camren Skelton

SILVER SPRING, MD. — HFF has brokered the $70.3 million sale of Spring Parc, a 399-unit apartment community in Silver Spring, located roughly six miles north of Washington, D.C. Walker Coker, Brian Crivella, Roland Merchant and Stephen Conley of HFF arranged the transaction on behalf of the seller, Ares Management LP. The HFF team also procured the buyer, Bridge Investment Group LLC. Spring Parc includes a mix of one-, two- and three-bedroom units and features a swimming pool, grilling area, two playgrounds, dog park with agility course and a fitness center

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DevelopmentMarylandMixed-UseSoutheast

Carr Properties Breaks Ground on 937,000 SF Mixed-Use Project in Bethesda

by Camren Skelton

BETHESDA, MD. — Carr Properties has broken ground on a 937,000-square-foot mixed-use project located at 7272 Wisconsin Ave. in Bethesda. The development will include a 360,000-square-foot office building with ground-floor retail, two residential towers housing 456 units and a shared above- and below-ground parking facility. The office portion of the project has been dubbed “The Wilson,” and the residential portion will be known as “The Elm.” The buildings will sit atop the future Bethesda Purple Line Metro station and a newly constructed tunnel for the Capital Crescent Trail, a multi-use trial that spans 11 miles from D.C.’s Georgetown district to Silver Spring, Md. WTTG-Fox 5 News will move its headquarters from Washington, D.C., to the new development in Bethesda. A construction timeline for the project was not disclosed. Bethesda-based building and civil construction firm Clark Construction Group is building the 23-story towers.

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LoansMarylandMultifamilySoutheast

Hunt Provides $33.8M Acquisition Loan for Apartment Property Near Baltimore

by Camren Skelton

PIKESVILLE, MD. — Hunt Real Estate Capital has provided a $33.8 bridge loan for the acquisition and renovation of a 208-unit multifamily community in Pikesville, located roughly 15 miles northwest of downtown Baltimore. The community includes a mix of one- and two-bedroom apartment units and features a pool, resident clubhouse, fitness center and storage space. The undisclosed borrower plans to use proceeds of the loan to renovate the property. Interior upgrades include new quartz/granite countertops, stainless steel appliances, cabinet replacement and new doors and flooring throughout. Exterior upgrades will include parking lot repaving, exterior paint, exterior lighting and clubhouse improvements. The community was 95 percent occupied at the time of sale.

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AcquisitionsMarylandMultifamilySoutheast

Broadtree Residential Acquires Three Apartment Communities in Baltimore, Pennsylvania for $137.5M

by Camren Skelton

BALTIMORE AND CAMP HILL, PENN. — Broadtree Residential Inc. has acquired three multifamily communities located in Baltimore and Pennsylvania for $137.5 million. The multifamily REIT acquired the assets from affiliates of Chesapeake Realty Partners (CRP) as part of its inaugural Umbrella Partnership Real Estate Investment Trust (UPREIT) transaction. In an UPREIT transaction, property owners contribute real estate to the fund’s operating partnership on a tax-deferred basis in exchange for equity, in the form of operating partnership units. As a result of the transaction, the sellers contributed more than $25 million of equity into the operating partnership of Broadtree. In Baltimore, the sold portfolio included 1901 South Charles and 2 East Wells. Developed in 2012 by CRP, 1901 South Charles includes 193 units and features a mix of studio to two-bedroom floor plans. Constructed in 2015, 2 East Wells includes 152 units with a mix of studio, one- and two-bedroom layouts. In Camp Hill, roughly four miles southwest of Harrisburg, Broadtree acquired The Overlook. The 288-unit community was constructed in 2014 and includes a mix of one- and two-bedroom units. Community amenities across the portfolio include fitness centers, yoga studios, swimming pools, grilling stations and resident clubhouses.

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DevelopmentGeorgiaLoansMarylandMixed-UseSoutheastTop Stories

Armada Hoffler Announces Two Mixed-Use Developments in Baltimore, Atlanta

by John Nelson

BALTIMORE AND ATLANTA — Armada Hoffler Properties Inc. (NYSE: AHH), a commercial real estate developer and investor based in Virginia Beach, is participating in two new mixed-use projects in Baltimore and Atlanta. The REIT’s wholly owned subsidiary, Armada Hoffler Construction Co., will serve as general contractor for both developments. In Baltimore’s Inner Harbor East district, Armada Hoffler is developing Wills Wharf, a 12-story mixed-use building that will anchor the 27-acre Harbor Point development. Armada Hoffler co-developed the other components of Harbor Point with Beatty Development Group, including the 500,000-square-foot Exelon mixed-use tower, the 260,000-square-foot Thames Street Wharf office building and Point Street Apartments. Situated on the waterfront of the Inner Harbor, the $117 million Wills Wharf project will span 325,000 square feet of office and retail space and will feature a 156-room Canopy by Hilton hotel on the top four floors. Armada Hoffler expects to deliver the building in the first quarter of 2020. “Wills Wharf represents the latest evolution of a relationship with the principals of Beatty Development Group that has spanned over two decades,” says Louis Haddad, president and CEO of Armada Hoffler Properties. “We are excited to continue our relationship with Beatty Development Group in leading Baltimore’s …

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