ELKTON, MD. — Rittenhouse Realty Advisors has arranged the $21.9 million sale of The Apartments at Iron Ridge, a 156-unit multifamily community in the northern Maryland city of Elkton. The community offers a mix of one-, two- and three-bedroom units and features a fitness center, pool, playground and a tennis court. The names of the buyer and seller were not disclosed.
BETHESDA, MD. — HFF has brokered the sale of Flats at Bethesda Avenue, a 162-unit apartment community in Bethesda. Stephen Conley, Sue Carras, Walter Coker, Brian Crivella, John Owendoff and Jordan Lex of HFF arranged the transaction on behalf of the seller, a joint venture between StonebridgeCarras, PN Hoffman, Buvermo and Northwestern Mutual. The HFF team also procured the buyer, a fund managed by BlackRock Real Assets. Flats at Bethesda Avenue, constructed in 2015, includes more than 40,000 square feet of ground-floor retail space that is fully leased to Pottery Barn, Pottery Barn Kids, PassionFish, Silver, Paul, Chop’t and Long & Foster Real Estate. Community amenities include a rooftop deck with a kitchen, lounge, fire pit and bar; fitness center; two-level clubhouse with fireplace; billiards and kitchen; coffee lounge; and a terraced outdoor patio that connects to the Capital Crescent Trail, an off-road rail-trail that stretches 11 miles from Washington, D.C.’s Georgetown district to Silver Spring, Md.
COLUMBIA, MD. — Feldman Bergin Properties, in a joint venture with Fortified Property Group, has acquired Columbia Business Center, a nine-building mixed-use complex in Columbia, for $25.6 million. Don Schline of MacKenzie Commercial Real Estate Services arranged the transaction on behalf of the seller, an institutional investor. The single-story portfolio located along Dobbin Road includes 106,255 square feet of office, laboratory, research and development and retail space. The portfolio was 84 percent leased at the time of sale to tenants including Chiron Technology Services, DSM Nutritional Products, the Motor Vehicle Administration, Sherwin-Williams and Sushi King. The new owners plan to immediately execute a capital improvement program, including exterior cosmetic renovations and modernized amenities. David Fritz, Spence Daw and Ryan Minnehan of NAI KLNB will handle Columbia Business Center’s leasing assignment, and MacKenzie Commercial Real Estate Services will manage the property.
NEW YORK AND BETHESDA, MD. — New York-based Annaly Capital Management Inc. (NYSE: NLY) has agreed to acquire Bethesda-based real estate investment trust MTGE Investment Corp. (NASDAQ: MTGE) for $900 million in cash and stock. The transaction values healthcare real estate specialist MTGE at $19.65 per share. Under the deal, MTGE shareholders will have the option to receive cash, stock or a combination of the two. In addition, Annaly will assume the existing $55 million in MTGE preferred stock. The transaction is expected to close in the third quarter. “The acquisition of MTGE adds complementary assets, deepens the breadth of our investment alternatives, is accretive to earnings and provides immediate cost savings and efficiencies to shareholders,” says Kevin Keyes, chairman, CEO and president of Annaly. MTGE invests in and manages a portfolio of mortgage-backed securities and investments in triple net leased healthcare real estate. The company is externally managed and advised by MTGE Management LLC, an affiliate of AGNC Investment Corp. As of Dec. 31, MTGE’s portfolio included $6.6 billion in assets. With approximately $104.3 billion in assets as of March 31, Annaly’s portfolio includes securities, loans and equity in the residential and commercial markets. The transaction marks Annaly’s third …
COLUMBIA, MD. — The Howard Hughes Corp. has broken ground on a 350,000-square-foot office building within Merriweather District, a new mixed-use neighborhood in downtown Columbia. Tenable Inc. will anchor the new building, occupying approximately 150,000 square feet on floors seven through 12. The cyber security company will make the move from its current Columbia Gateway location to the new building at 6100 Merriweather Drive in late 2019. The new building will join One and Two Merriweather, two existing mixed-use office buildings within the development. At full build-out, Merriweather District will include 2,300 residences, a 250-room hotel, more than 1.5 million square feet of office space, 314,000 square feet of street-level retail and a central park. The Merriweather District will be powered by STEER technology, the first fully autonomous parking solution that transforms everyday cars into driverless vehicles that park themselves. The technology will make the district the first city in the country to be built for automated self-parking cars, according to the Howard Hughes Corp. In addition, Merriweather District will be LEED v4-certified — the highest level of LEED certification— making it the first development in Maryland to achieve this designation, and the fifth in the United States. Merriweather District …
BETHESDA, MD. — Cushman & Wakefield has secured a 168,000-square-foot lease for the Henry M. Jackson Foundation, a nonprofit organization dedicated to the advancement of military medicine, at SkyBridge Towers in Bethesda. The two-building property totals 427,000 square feet and is located at 6720 Rockledge Drive. Ben Powell and Gwen Fraker of Cushman & Wakefield arranged the lease on behalf of the building owner, an affiliate of Bridge Investment Group, which recently acquired the building. The lease represents a 22,000-square-foot expansion for the foundation, which also signed a long-term lease extension. Bridge is renovating SkyBridge Towers with modernized coworking space, conference centers and a 9,000-square-foot tenant amenity center with a lounge, coffee bar, gaming area, indoor/outdoor bar and an entertainment concept.
BOWIE, MD. — MRP Industrial has signed La-Z-Boy to a 220,800-square-foot, full-building lease at 16101 Queen’s Court, located within Bowie’s Collington Park industrial development. Delivered in 2016, the facility is located roughly 18 miles northeast of Washington, D.C. The national furniture manufacturer will transfer its distribution and logistics operation, currently located in Odenton, Md., to the new facility this fall. Lisa Goodwin of MRP Industrial and Lance Schwarz of NAI Michael arranged the lease on behalf of the building owner, a partnership between MRP Industrial and AEW Capital Management LP. Rob Tamillo, Zak Mirkowski, Todd Hughes and Greg Ferraro of JLL represented La-Z-Boy. Situated on 13 acres, 16101 Queen’s Court features 32-foot clear heights, 40 dock doors, two overhead drive-in doors, a 185-foot truck court and seven-inch, unreinforced concrete flooring. La-Z-Boy currently operates five manufacturing plants and six regional distribution centers throughout the country. The Bowie location will contain manufacturing, delivery and repair services, and will also offer customers the option to pick up furniture purchases instead of having their orders delivered.
UPPER MARLBORO, MD. — Avanath Capital Management LLC has acquired two multifamily properties in Upper Marlboro, roughly 20 miles southeast of Washington, D.C., for a combined $29.3 million. The firm acquired Largo Center, a 100-unit community located at 520 Largo Center Drive, for $14.3 million, and Vistas at Lake Largo, a 110-unit seniors housing community located at 500 Harry S. Truman Drive, for $15 million. The properties were purchased through Avanath’s institutional fund, Avanath Affordable Housing III. The names of the sellers were not disclosed. Largo Center features a swimming pool, clubhouse and in-unit washers and dryers. Vista at Lake Largo features a theater, courtyard, community room and laundry facilities. Avanath plans to renovate both properties with upgraded clubhouses and fitness centers, keyless entry, LED lighting, exterior paint, landscaping improvements and renovated common area hallways.
PIKESVILLE, MD. — Peak Management LLC has acquired Annen Woods, a 131-unit apartment community in Pikesville, for $24.5 million. The community is located at 1 Harness Court, roughly 20 miles northwest of Baltimore. Peak Management, an affiliate of Hill Management Services Inc., acquired the asset from Harbor Group Management. Annen Woods includes a mix of one- to three-bedroom units and was 96 percent occupied at the time of sale. Community amenities include a swimming pool with sundeck, lighted tennis court, fitness center and a fenced-in dog park. Peak Management plans to upgrade the community by renovating approximately 90 percent of units with the addition of stainless steel appliances, granite countertops, Nest light fixtures and new bathroom vanities and countertops. In addition, the company will remodel the leasing office and fitness center and install low-flow plumbing fixtures in each unit to reduce water consumption.
BALTIMORE — Hertz Investment Group has acquired Wells Fargo Tower, a 24-story office building located at 7 St. Paul St. in Baltimore’s central business district, for $36.8 million. According to the Baltimore Business Journal, Bethesda, Md.-based special servicer CWCapital Asset Management sold the asset less than a year after acquiring it following foreclosure by the previous owner. Natixis provided a $29.3 million acquisition loan on behalf of Hertz. The 378,010-square-foot tower was 67 percent leased at the time of sale to tenants such as Wells Fargo Bank and law firms Whiteford Taylor & Preston, Anderson Coe King and Wright, Constable & Skeen. Wells Fargo Tower was originally constructed in 1985, and recently underwent renovations including an updated lobby and replacement of water pumps, chillers and cooling tower.
