ROCKVILLE, MD. — CIT Group Inc. has provided a $26.6 million loan for the acquisition of Shady Grove Professional Center, a two-building medical office complex in Rockville, roughly 16 miles north of Washington, D.C. The two-building center is situated on 5.6 acres and totals more than 100,000 square feet. CIT Group arranged the loan on behalf of the borrower, a joint venture between Anchor Health Properties, MedProperties and CDC Realty.
COLUMBIA, MD. — Finmarc Management Inc. has acquired a two-building office/flex portfolio in Columbia for $10.9 million. The sold portfolio includes a single-story, 49,000-square-foot flex building at 9151 Rumsey Road and a single-story, 61,000-square-foot flex/office building at 9130 Red Branch Road. Jay Wellschlager of JLL arranged the transaction on behalf of the seller, Greenfield Partners. The portfolio was 90 percent leased at the time of sale. With this acquisition, Finmarc currently owns and manages more than 100 commercial office, flex, industrial and retail properties in the Mid-Atlantic area, as well as several residential projects. The company’s assets total just under 6 million square feet of space.
BETHESDA, MD. — For the fourth time since March, Pebblebrook Hotel Trust (NYSE: PEB) has revised its merger proposal with LaSalle Hotel Properties (NYSE: LHO). Both hospitality REITs are based in Bethesda. Pebblebrook’s offer is contingent on LaSalle breaking off its current merger agreement with Blackstone Group. Pebblebrook submitted its offer to LaSalle’s board of trustees a few weeks after Blackstone and LaSalle came to terms on their merger. Blackstone’s deal was for $4.8 billion in an all-cash transaction. While a lower total dollar amount, Pebblebrook’s $4.17 billion offer excludes a debt portion, and The Wall Street Journal reports that Blackstone’s deal was valued at $3.7 billion when excluding debt. Pebblebrook’s board of trustees has unanimously approved the new deal. “The board of Pebblebrook remains convinced that a strategic combination with LaSalle represents a value-maximizing opportunity for the shareholders of both LaSalle and Pebblebrook,” said Jon Bortz, chairman, president and CEO of Pebblebrook. The hospitality REIT’s new offer represents a 13 percent premium over the Blackstone agreement. For each LaSalle common share held, each LaSalle shareholder may elect to receive $37.80 in cash (compared to Blackstone’s $33.50 per share offer) or a fixed exchange ratio of 0.92 Pebblebrook share. The …
FORT WASHINGTON, MD. — Federal Capital Partners (FCP) has sold River Pointe, a 170-unit apartment community located at 8340 Indian Head Highway in Fort Washington, about 19 miles south of Washington, D.C. Aulder Capital purchased the property for $24.5 million. River Pointe includes a new playground, picnic area, central courtyard, pet walk and on-site maintenance and management. Robin Williams, Dean Sigmon and Justin Shay of Transwestern’s Mid-Atlantic Multifamily Group brokered the transaction on behalf of FCP.
SILVER SPRING, MD. — Phillips Realty Capital has arranged $22.5 million in permanent financing for WesTech Corner, a 41,262-square-foot shopping center in Silver Spring, about six miles north of Washington, D.C. Mark Remington of Phillips Realty Capital arranged the loan through United Bank on behalf of the borrower, Rappaport, which acquired the property in 2014. WesTech Corner was fully leased at the time of financing to tenants such as Five Guys, Chick-fil-A, Qdoba Mexican Grill, Fridays, Panera Bread, IHOP and Capital One Bank.
TOWSON, MD. — Greenberg Gibbons has kicked off construction of the $350 million Towson Row mixed-use project in downtown Towson, about 10 miles north of Baltimore. The 1.2 million-square-foot development will be built on a five-acre site bounded by York Road, Towsontown Boulevard, Washington Avenue and Chesapeake Avenue. Plans call for over 100,000 square feet of retail and restaurant space, 150,000 square feet of Class A office space, 300 student housing units, a hotel and 250 high-rise residential units. Greenberg Gibbons is leading the development in a joint venture with Caves Valley Partners, an urban infill real estate developer based in Baltimore. Gilbane Development Co. has been selected to build the student housing portion of the project, which will house students of nearby Towson University. Home to more than 20,000 students, Towson University is located in downtown Towson and is part of the University System of Maryland. Shamin Hotels will develop the hotel, the brand of which has not yet been disclosed. Towson Row is expected to generate $220 million in annual business sales, create 5,500 jobs (2,000 permanent jobs and 3,500 construction jobs) and, when fully occupied, generate $92 million in annual employee compensation. At the kickoff celebration, Greenberg Gibbons also …
ELLICOTT CITY, MD. — Morgan Properties, in a joint venture with Core Real Estate Partners, has acquired Orchard Meadows in Ellicott City for $50 million. The 240-unit community, located roughly 16 miles west of Baltimore, was constructed in two phases in 1998 and 2012. The new ownership will invest $2 million to upgrade the property. Planned renovations included kitchen upgrades, an enhanced fitness center, new grilling area and fire pit and a refreshed clubhouse, leasing office and business center. In addition, the joint venture will add a putting green, outdoor gaming area, playground, exterior fitness stations, a dog park and package rooms. Orchard Meadows features a mix of one- and two-bedroom apartment units. The transaction marks Morgan Properties’ seventh acquisition in the Mid-Atlantic with Core Real Estate Partners since 2012.
OWINGS MILLS, MD. — Kimco Realty Corp. has signed five new tenants to Mill Station, a $108 million open-air retail development in Owings Mills, located roughly 20 miles northwest of Baltimore. Lowe’s Home Improvement, Marshalls, HomeSense, Burlington and Five Below will join the anchor lineup at the development, located at the site of the former Owings Mills Mall. With the addition of the new retailers, the project is 75 percent preleased. Previously announced tenants include AMC Theatre and Costco, which is expected to open later this year. The other announced tenants are scheduled to open throughout the first half of 2019. At full build-out, Mill Station will total 620,000 square feet and will house up to 30 retailers and restaurants.
LINTHICUM HEIGHTS, MD. — Cronheim Hotel Capital (CHC) has secured a $29.2 million loan for the acquisition and repositioning of the Westin Baltimore Washington Airport — BWI. The 260-room hotel is located two miles from Baltimore/Washington International Thurgood Marshall Airport. CHC arranged the three-year, non-recourse bridge loan on behalf of the borrower, Washington, D.C.-based Frontier Development. Crestline Hotels & Resorts — Frontier’s third party management company — is managing the property. The hotel was constructed in 2007 and features a complimentary airport shuttle, fitness center, 10,850 square feet of meeting space and an indoor swimming pool.
JOPPA, MD. — KeyBank Real Estate Capital has provided a $29.3 million bridge loan for the acquisition of The Homes at Towne Plaza, a 417-unit apartment community in Joppa, a city in Harford County. A joint venture between Blue Ocean and JCR Capital acquired the property, which was constructed in 1964. The community includes a mix of one- and two-bedroom apartments, as well as two- and three-bedroom townhomes. Community amenities include an on-site leasing center, resident services center, playgrounds and a multi-purpose sports court, all of which will be renovated.
