GLEN BURNIE, MD. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $18.4 million sale of Cromwell Field Shopping Center, a 233,486-square-foot retail property located in the Baltimore suburb of Glen Burnie. Tenants at the 88 percent occupied center include Giant Foods, Roses Discount Store, BB&T Bank, Dollar General, McDonald’s, House of Tropicals and Dunkin’ Donuts. Dean Zang and Christopher Burnham of IPA represented the seller, an affiliated partnership of Klein Enterprises, in the transaction. Tim McCann, Alex Staneski and Alex Topchy represented the buyer, an affiliate of Broad Street Realty, in-house.
BALTIMORE — Enterprise Homes has opened Mulberry at Park Apartments, a $22.3 million multifamily community located in downtown Baltimore’s Bromo Tower Arts & Entertainment District. Managed by Habitat America LLC, the property features 34 one-bedroom units, 27 two-bedroom units and seven three-bedroom units with average rents at roughly $750 per month. The design team for the LEED Silver-certified community includes architect Marks, Thomas Architects and general contractor Harkins Builders Inc. Sustainable features of Mulberry at Park include efficient plumbing fixtures, advanced insulation and air sealing, green roofing, low VOC finishes and Energy Star windows, HVAC systems, lighting and appliances. Community amenities include a cyber café, clubroom, study room, fitness center and an outdoor terrace area. Bank of America provided $15.8 million in construction financing, tax credit equity and permanent financing for the project. Additional financing included $1.5 million from the Maryland Department of Housing and Community Development, $870,000 from Baltimore City and $500,000 from the Federal Home Loan Bank of Atlanta.
BALTIMORE — KeyBank Real Estate Capital has provided a $56.1 million HUD 221(d)(4) loan for the construction of Center/West, a 33-acre multifamily redevelopment project in southwest Baltimore. The 221(d)(4) product is HUD’s flagship program for financing the construction and redevelopment of market-rate and affordable housing communities. Phase I of Center/West, known as PSH 1 LLC, will be developed by La Cite Development LLC and BRP Development Corp. Situated in front of the historic Poe House, Phase I will comprise a six-story, 262-unit apartment complex with 19,000 square feet of ground-floor retail space, neighborhood services and a dog park. Roughly 20 percent of Center/West’s units will be designated for households earning at or below 50 percent of the area median income. La Cite Development worked closely with the City of Baltimore and the University of Maryland BioPark for the redevelopment project. KeyBank’s execution of the 221(d)(4) loan was the fastest firm commitment for new construction financing in the history of HUD, according to KeyBank.
GREENBELT, MD. — ACORE Capital has provided a $46.6 million acquisition loan for Capital Office Park, a seven-property office portfolio totaling 806,531 square feet in the Greenbelt suburb of Washington, D.C. Cary Abod and Michael Gigliotti of HFF worked on behalf of the borrower, Morning Calm Management, to arrange the floating-rate loan. Located at 6301-6421 Ivy Lane, the portfolio is currently 60 percent leased to tenants including Bozzuto & Associates, Whiting Turner and the U.S. District Attorney’s Office. Morning Calm, who will be moving its primary office to Capital Office Park, plans to upgrade the property’s lobbies, elevators, windows and amenity spaces.
COLUMBIA, MD. — Kimco Realty Corp. has completed the $18.1 million redevelopment of Wilde Lake Village Center, a mixed-use development in Columbia that features 230 residential rental units, 30,000 square feet of office space, 41,000 square feet of retail space and 20,000 square feet of restaurants. As part of the redevelopment, Kimco is remerchandising the center and has recently executed leases with three tenants. Starbucks Coffee is opening both a café and a drive thru in the fall, Dynamic Dental Care LLC opened in December and Salons by JC is scheduled to open early this fall above David’s Natural Market.
HYATTSVILLE, MD. — Greysteel has arranged the $8.9 million refinancing of Madison Park, a 91-unit apartment community located at 5902 31st Ave. in Hyattsville, about six miles northeast of Washington, D.C. Built in 1962, Madison Park’s units average 873 square feet. The borrower, Madison Park LLC, will use the loan proceeds to refinance a maturing CMBS loan. Greysteel arranged the 10-year loan with a fixed 4.65 percent interest rate and three years of interest-only payments followed by a 30-year amortization schedule.
LANHAM, MD. — A partnership between Chesapeake Real Estate Group and Thompson Creek Window Co. has purchased a six-story, 122,000-square-foot office building located at 4200 Parliament Place in Lanham, a Maryland suburb of Washington, D.C. The partnership acquired the Class A office building and an adjoining land parcel from Mack-Cali Realty Corp. for $6.3 million. The partnership plans to immediately design and permit an additional development on the adjacent land parcel, which can house up to 120,000 square feet of commercial space. Built in 1989, the office building was roughly 33 percent leased at the time of sale. Thompson Creek plans to relocate its corporate headquarters to the property this year, which will increase the occupancy to approximately 48 percent. The company designs, builds and installs replacement windows, doors and siding on existing residential homes throughout the Mid-Atlantic region. Christopher Murray of Chesapeake Real Estate Group will be responsible for managing and leasing the project.
NORTH EAST, MD. — Amazon plans to open a new 1.2 million-square-foot fulfillment center in North East, a town in northeast Maryland near the Delaware border. The e-commerce giant currently employs more than 3,000 associates at its fulfillment and sortation centers in Baltimore and plans to create 700 new positions at its new facility, the company’s third fulfillment center in Maryland. Situated within Principo Commerce Center I, the Amazon facility is a joint venture development between Trammell Crow Co. and Diamond Realty Investments. The joint venture broke ground on the project last May and plans to open the Amazon facility in the second quarter of this year.
ALEXANDRIA, VA. AND GREENBELT, MD. — Hersha Hospitality Trust has sold the 203-room Courtyard by Marriott in Alexandria and the 120-room Residence Inn in Greenbelt for a combined $62 million. The two suburban Washington, D.C., hotels have an average age of 13 years. The Philadelphia-based lodging REIT sold the hotels to the undisclosed buyers at a 7.4 percent cap rate, based on the hotels’ net operating income for 2016. The company’s current portfolio spans 51 hotels totaling 7,675 rooms in New York, Boston, Philadelphia, Miami, select markets on the West Coast and Washington, D.C.
GREENBELT, MD. — Rubenstein Partners LP and partner Trammell Crow Co. (TCC) have closed nearly 33,000 square feet of leases at Maryland Trade Center III, a 192,000-square-foot office building in the Washington, D.C., suburb of Greenbelt. The Class A building is located at the intersection of the Capital Beltway and MD 295. The transactions include a 18,280-square-foot lease renewal with The Retina Group, a healthcare firm specializing in retinal and macular practices; a new 4,214-square-foot lease with Allstate Insurance Co.; and three additional leases totaling roughly 10,000 square feet. Since purchasing Maryland Trade Center III in 2012, Rubenstein and TCC have upgraded the building’s lobby, restrooms and mechanical systems and installed a new HVAC system. Niel Beggy of Avison Young, Bill Zonghetti of Newmark Grubb Knight Frank and Todd Bosley and Tim Jaeger of CBRE provided tenant representation for the transactions.