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.
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.
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.
EASTON, MD. — KLNB Retail Investment Sales Group has arranged the $13 million sale of Easton Marketplace, a 126,650-square-foot grocery-anchored shopping center in Easton. The asset is anchored by Weis supermarket and sits on 18.4 acres. Other tenants include McDonald’s, Ruby Tuesday, Pier 1 Imports, Hair O’ The Dog liquor store and Snifter’s Tasting Room. Andy Stape and Vito Lupo of KLNB represented the sellers, Mears Properties LLC and Easton Marketplace LLC, in the transaction. Rise Partners acquired the property and hired KLNB Management as property manager.
HAGERSTOWN, MD. — Pennsylvania Real Estate Investment Trust (PREIT) has redeveloped Valley Mall in Hagerstown. Three department stores are being replaced by four tenants that are expected to open within two years. Dick’s Sporting Goods will occupy 59,000 square feet within a former Sears. Onelife Fitness and Tilt Studio will occupy 118,000 square feet of a former Macy’s. Belk will occupy 123,000 square feet of a former Bon-Ton. In addition, Regal Cinemas will be remodeled. PREIT upgraded dining amenities at the mall with the addition of BJ’s Brewhouse and the recently executed Black Rock Bar & Grill, joining Primanti Bros., Mission BBQ and Red Robin.
CHEVERLY, MD. — New York-based Arbor Management Acquisition Co. (AMAC) has acquired Cheverly Station, a 555-unit multifamily community in Cheverly, for $66 million. Cheverly Station features one-, two- and three-bedroom floor plans, a playground, fitness center, dog park and a swimming pool. The asset is situated about eight miles east of downtown Washington, D.C. AMAC purchased the apartment community through its AMAC Fund III investment fund using a 10-year Freddie Mac loan. The acquisition brings AMAC’s portfolio in Prince George’s County, Maryland to approximately 2,500 units.
SILVER SPRING, MD. — A joint venture between The Donaldson Group, Declaration Capital and DRA Advisors has acquired Montgomery White Oak Apartments, a 592-unit, garden-style apartment community in Silver Spring, for $86.8 million. The partnership plans to renovate the property, with the main focus of the renovation being the heating and cooling systems in each unit. Montgomery White Oak Apartments is situated on 28 acres adjacent to White Oak Federal Research Campus, home to the Food and Drug Administration’s (FDA) headquarters and the U.S. Army Research Laboratory. Bill Roohan, Mike Muldowney, Brian Margerum and Martha Hastings of CBRE represented the seller, Joncon Venture LLP, in the sale. Maxi Thiels Leachman and David Webb of CBRE arranged acquisition financing through Freddie Mac on behalf of the buyers.
OXON HILL, MD. — Developer Trammell Crow Co. and financial partner Meadow Partners have opened The Medical Pavilion at National Harbor, a 95,000-square-foot medical office building located at 201 National Harbor Blvd. in Oxon Hill, about 12 miles south of downtown Washington, D.C. The office building offers front desk concierge and security, valet parking and covered patient drop-off for patients and guests. Matt Sullivan, Lindsey Groom and Kirsten Ryan of Cushman & Wakefield are leading the property’s leasing efforts. The firm is also managing the building. There is currently 30,000 square feet of space available to lease after Cushman & Wakefield signed tenants including a regional hospital system, ambulatory surgery center, primary care and several specialists, including orthopedics, radiology and dermatology. National Harbor is a planned 300-acre, riverfront community in Prince George’s County that will feature 3,300 hotel rooms; 2,500 residential units; 1 million square feet of office space; and 1 million square feet of retail, dining and entertainment space upon full buildout.
BETHESDA, MD. — With Marriott International Inc. planning to relocate its Bethesda headquarters in 2022, Erickson Living has announced plans to redevelop the 775,000-square-foot office building into a continuing care retirement community (CCRC). The acquisition of the headquarters, located in Montgomery County’s Rock Spring area, was completed in December 2018. Terms of that acquisition were not disclosed. The Maryland-National Capital Parks and Planning Commission updated the master plan for the Rock Spring area of Montgomery County in 2018. While Rock Spring has been developed over the years as a suburban office park, the updated plan encourages more residential and retail uses, according to Erickson. Erickson Living owns and/or operates 20 communities in 11 states, serving more than 27,000 residents. The company specializes in CCRCs.
HALETHORPE, MD. — Klein Enterprises has sold Patapsco Village, a 154,229-square-foot shopping center in Halethorpe. MegaMart, an owner and operator of nine Latin American-focused grocery stores in the Mid-Atlantic, purchased the property for an undisclosed price. MegaMart will open a location in the former King Food space. Other tenants include Roses Discount Store, M&T Bank, Rainbow and Shoe City. Klein Enterprises has owned Patapsco Village since developing the center in 1983. The shopping center is situated about four miles south of downtown Baltimore.