Saturday, April 5, 2025
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AcquisitionsIndustrialMarylandOfficeSoutheast

DSC Partners, Harbert Management Buy Industrial Portfolio in Suburban Maryland for $86.4M

by John Nelson

LANHAM, MD. — DSC Partners, in partnership with Harbert Management Corp. (HMC), has purchased Forbes Center, a 17-property, 785,000-square-foot portfolio comprising industrial, flex and office buildings in Lanham, about 12 miles northeast of Washington, D.C. The seller was not disclosed. Tenants at the property include distribution companies, government contractors, local and national service providers and medical groups. Rob Pugh, Ken Fellows, Keiry Martinez and Aaron Carroll of KLNB will lease the properties on behalf of the buyers, and Transwestern will provide property management services.

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DevelopmentMarylandMixed-UseSoutheastTop Stories

MCB Real Estate to Develop 280-Acre VIVA White Oak Mixed-Use Project Near Washington, DC

by Kristin Harlow

SILVER SPRING, MD. — MCB Real Estate has unveiled plans to develop VIVA White Oak, a 280-acre mixed-use project anchored by healthcare space in Silver Spring, approximately six miles north of downtown Washington, D.C. Plans call for 3 million square feet of lab, office, research and medical space; 525,000 square feet of retail; 3,000 square feet of hotel space; 75,000 square feet of senior living; 4,500 private residences; and 85 acres of open space. MCB is currently working with stakeholders and public officials to refine the specifics, but the healthcare component will focus on the life sciences and biohealth industries. MCB plans to break ground in the second quarter of 2025, with the first phase of retail slated to open in mid-2028. The development will offer direct access to U.S. Route 29 and is near the University of Maryland. The project site, which has been approved for 12 million square feet of mixed-use development by Montgomery County, is adjacent to the U.S. Food and Drug Administration headquarters and near the Adventist HealthCare White Oak Medical Center. According to the Washington Business Journal, VIVA White Oak was originally a $3 billion project spearheaded by Global LifeSciences Development Corp. but was long …

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DevelopmentIndustrialMarylandSoutheast

Knott Realty Group Underway on Two Baltimore Industrial Buildings Totaling 276,000 SF

by John Nelson

BALTIMORE — Knott Realty Group is underway on the development of two industrial buildings totaling 276,000 square feet at 9107 and 9114 Yellow Brick Road in Baltimore. Scheduled for completion in the second quarter of 2025, the properties will comprise 150,492 and 125,791 square feet, respectively, and feature 32-foot ceiling heights, ESFR sprinklers, high-bay LED lighting and a seven-inch concrete slab. 9107 Yellow Brick Road will offer 46 dock doors, two drive-in doors and 226 parking spaces, with 9114 Yellow Brick Road offering 38 dock doors, two drive-in doors and 160 parking spaces. An additional lot will provide the capacity for up to 29 trailer drops. Together, the buildings mark the final phase of Knott’s Yellow Brick Road business community, which will total more than 1 million square feet within nine buildings. The company is managing all marketing and leasing for the properties on an in-house basis.

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DevelopmentMarylandRetailSoutheast

MCB, Generation Properties Break Ground on 110,000 SF Shopping Center in Prince Frederick, Maryland

by John Nelson

PRINCE FREDERICK, MD. — MCB Real Estate and Generation Properties have broken ground on Armory Square, a 110,000-square-foot shopping center located at 429 Solomons Island Road in Prince Frederick, about 44 miles southeast of Washington, D.C. The retail center is situated on a 12.5-acre site in Calvert County that once housed Calvert Middle School. Armory Square’s tenant roster will include Aldi, Michaels, Sneade’s Ace Home Center, Dash-In, First Watch, Jersey Mike’s, Hangry Joe’s, Always Ice Cream, Foster’s Grille and Quickway Hibachi. The target completion date was not disclosed. In addition to Armory Square, MCB and Generation Properties broke ground earlier this month on The Shops at Fairway Village, a $115 million mixed-use development in Waldorf, Md.

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DevelopmentMarylandSoutheastStudent Housing

Meritus Health, Radnor to Develop Medical School Campus in Hagerstown, Maryland, Including 600 Student Housing Beds

by John Nelson

HAGERSTOWN, MD. — A public-private partnership between Meritus Health and Radnor Property Group has begun construction on the Meritus School of Osteopathic Medicine campus in Hagerstown. The development is located on an existing Meritus hospital campus and will include six buildings anchored by a village green, which offer residential space and house the new school of medicine. The first phase of the project will include the development of three four-story buildings offering approximately 100 units each. The development is also set to include retail and office space, as well as a library and café. Residential buildings will offer a total of 600 beds of student housing in studio, one- and two-bedroom configurations. A portion of the project, which was designed in collaboration with Design Collective, is scheduled for completion in 2025.

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DevelopmentHealthcareMarylandMixed-UseRetailSoutheast

Greenebaum, St. John Properties Break Ground on Final Three Buildings at Maple Lawn in Fulton, Maryland

by John Nelson

FULTON, MD. — A joint venture between Greenebaum Enterprises and St. John Properties has broken ground on the final three commercial buildings at Maple Lawn, a 605-acre mixed-use development in Fulton, a city in the Baltimore-Washington corridor. The properties, all of which are being developed on a speculative basis, include two medical office buildings and an inline retail building cumulatively totaling 85,000 square feet. All three buildings are positioned along Maple Lawn’s northern entrance near Maple Lawn Boulevard and Johns Hopkins Road. Upon the expected delivery in late 2025, Maple Lawn will total 1.8 million square feet of Class A offices, industrial facilities, research-and-development space, medical offices, shops and restaurants, as well as 1,300 residences. Maple Lawn is home to a variety of businesses, including Cisco Systems, DataTribe, Johns Hopkins Medicine, KBR, Kennedy Krieger, New Day, Presidio, Raytheon and Window Nation. 

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Market ReportsMarylandMultifamilySoutheastSoutheast Market Reports

Why Multifamily Investors Need to Take a Deeper Dive Into Charm City

by John Nelson

By Christine Espenshade of Newmark Baltimore is an often-overlooked gem of a city along the Northeast Corridor between Washington, D.C., and New York City. This waterfront town is home to two major sports teams, a world-class symphony and art museums that rival those in the best cities around the world.  Baltimore is more often referenced as the location for various crime TV shows rather than being known as home to two of the top medical facilities in the world — Johns Hopkins Hospital and the University of Maryland Medical System — Johns Hopkins University, and headquarters for famous companies such as Under Armour, T. Rowe Price and McCormick Spices.  The multifamily market in Baltimore is also often overlooked by investors in favor of larger cities. However, to spur the development of top-quality rental products, Baltimore City and Baltimore County offer lucrative property tax abatements for new developments.  The region continually sees consistent population growth due to the “eds and meds” nature of the economy, and the lower cost of living when compared to D.C. or Philadelphia attracts a well-educated workforce looking to enjoy the live-work-play lifestyle. The popularity of Baltimore for employers and employees is evident when considering the 35,000 …

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Leasing ActivityMarylandRetailSoutheast

Continental Realty Corp. Signs Crunch Fitness to 30,973 SF Retail Lease in Hagerstown, Maryland

by John Nelson

HAGERSTOWN, MD. — Continental Realty Corp. (CRC) has signed Crunch Fitness to a 30,973-square-foot retail lease in Hagerstown, a suburb of Washington, D.C. The fitness concept will backfill a former Bed Bath & Beyond space at Centre at Hagerstown, a nearly 300,000-square-foot regional shopping center located at 17850 Garland Groh Blvd. The lease brings the occupancy rate of the shopping center to 97 percent. Melissa Sweeney of CRC, along with Matt Copeland and Michael Patz of KLNB Retail, represented the landlord in the lease deal. Ryan Wilner of KLNB Retail represented the tenant.

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Market ReportsMarylandMixed-UseRetailSoutheastSoutheast Market Reports

Adaptive Reuse Projects, Value-Oriented Concepts Star in Baltimore’s Retail Story

by John Nelson

Mirroring sentiments expressed at the year-end ICSC conference in New York City, with the national vacancy rate hovering around 5 percent and new concepts anxious to take a foothold in the area, there continues to be tremendous optimism for the retail sector in the greater Baltimore metropolitan region.  Although ground-up development projects remain rare locally, several high-profile adaptive projects are in the works that are placing smiles on brokers’ faces because they have something to lease. Value-oriented retailers, together with quick-service restaurant (QSR) concepts, are showing the most activity.  Adaptive reuse The redevelopment of the iconic Harborplace festival marketplace (more on that later) is grabbing all the headlines in Charm City, but the adaptive reuse of Baltimore’s Penn Station — the epitome of a transit-oriented development and the renovation of a historic industrial building at Riverside in South Baltimore — are happening now.  Beatty Development Group and Cross Street Partners are partnering with Amtrak to transform the train station originally developed in 1911 into a mixed-use project combining 1 million square feet of commercial office, retail and residential space. Destination retail and restaurants are a central core of the program. Urban Pastoral and The Wilhide Family are transforming the 135-year-old …

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DevelopmentMarylandMixed-UseNAISoutheast

NAI Michael Cos. to Develop 600,000 SF Mixed-Use Project in Bowie, Maryland

by John Nelson

BOWIE, MD. — NAI Michael Cos. will develop South Lake Marketplace, a 600,000-square-foot mixed-use project within the $1.3 billion South Lake development underway in Bowie, a city in suburban Maryland that is roughly equidistant from Baltimore and Washington, D.C. Karington LLC, an affiliate of NAI Michael Cos., owns South Lake, which also features residential units being developed by Chesapeake Realty Partners. South Lake Marketplace will feature a grocery anchor, as well as other retail, restaurant, sports entertainment and hospitality concepts. The development will be situated adjacent to Liberty Sports Park, which features 10 professional sports fields and attracts 344,000 tournament attendees annually, according to NAI Michael Cos. The ceremonial groundbreaking for South Lake Marketplace is expected to take place in May or June.

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