Maryland

Hersha Hospitality Trust Sells Two Hotels in Metro D.C. for $62M

by John Nelson January 16, 2017

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.

January 16, 2017

Maryland Office Southeast

Rubenstein, Trammell Crow Ink 33,000 SF of Leases at Maryland Trade Center in Metro D.C.

by John Nelson January 16, 2017

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.

January 16, 2017

Maryland Office Southeast

Howard Hughes Corp. Acquires Two Office Buildings in Downtown Columbia for $38.8M

by John Nelson January 13, 2017

COLUMBIA, MD. — The Howard Hughes Corp. has acquired two office buildings in downtown Columbia for a combined $38.8 million. The firm purchased The American City Building, which is adjacent to a Whole Foods Market on Little Patuxent Parkway, for $16.5 million and One Mall North, a fully leased, four-story office building, for $22.3 million. Both purchases were underwritten in view of their future development potential. Howard Hughes plans to demolish the mostly vacant American City Building to make way for a mixed-use development with multifamily, retail and restaurant components. The company hasn’t unveiled plans for One Mall North, but the site is zoned for retail, office or multifamily use of up to nine stories. The redevelopment opportunity for these sites will aid in the city’s goal to revamp downtown Columbia. The Howard County government recently approved a $90 million tax increment financing (TIF) to fund public infrastructure improvements and a new parking garage in downtown Columbia’s Merriweather District, a 5 million-square-foot mixed-use development. Currently downtown Columbia has nearly 14 million square feet of vertical entitlements, including the Merriweather District.

January 13, 2017

GSK Global Vaccine Centre, Rockville, Md.

Maryland Southeast Top Stories

BioMed Realty Sells 635,058 SF Research Facility in Maryland for $337.5M

by Jeff Shaw January 9, 2017

ROCKVILLE, MD. — BioMed Realty has sold the GSK Global Vaccine Centre, a three-building, 635,058-square-foot vaccine research and development facility in the Washington, D.C. suburb of Rockville, for $337.5 million. The buyer was not disclosed. Originally built in 2003, the facility is situated on a 28-acre site in the heart of the Interstate 270 corridor, known as “DNA Alley” for its high density of biotech companies. The location is near the National Institutes of Health, the National Cancer Institute Headquarters, the U.S. Food and Drug Administration, the University of Maryland Shady Grove Life Sciences Center and Johns Hopkins University Belward Campus. The GSK Global Vaccine Centre is fully leased to GSK, a subsidiary of British pharmaceutical company GlaxoSmithKline, which announced its move into the property in December 2016. The campus will house up to 450 scientists and support staff working on 12 vaccine development programs, including potential vaccines for shingles, dengue fever, respiratory syncytial virus and Group B Streptococcus. The property is GSK’s third global vaccine center, following its existing facilities in Italy and Belgium. HFF’s Jim Meisel, Dek Potts, Andrew Weir, Stephen Conley and Matt Nicholson represented BioMed in the sale. Kevin MacKenzie, Cary Abod and Lee Redmond, also …

January 9, 2017

Maryland Retail Southeast

Greysteel Brokers $19.9M Sale of Shopping Center in Metro Baltimore

by John Nelson January 5, 2017

REISTERSTOWN, MD. — Greysteel has arranged the $19.9 million sale of Chartley Park-Landmark Shopping Center, a 144,000-square-foot retail property located at 1 Chartley Drive and 501 Main St. in Reisterstown. Gil Neuman of Greysteel represented the seller, Chartley and Landmark Shopping Center LLLP, and procured the buyer, MD Equities LLC. Situated in Baltimore County, Chartley Park-Landmark was 94 percent leased at the time of sale to tenants such as Brick Bodies, M&T Bank, Family Dollar, Boost Mobile, Citgo, ATI Physical Therapy and Metro PCS.

January 5, 2017

Loans Maryland Retail Southeast

Natixis Provides $26.5M Loan for Shopping Center in Bethesda

by John Nelson December 23, 2016

BETHESDA, MD. — Natixis has provided a $26.5 million, floating-rate loan for Shops of Wisconsin, a 71,748-square-foot neighborhood shopping center in Bethesda. The borrower, Douglas Development, will use the proceeds to refinance the property and provide funds for the tenant improvements of the new Target Express. In addition to the new Target Express, the center also contains nine other national and local tenants, including Trader Joe’s, Gymboree, Jenny Craig and H&R Block.

December 23, 2016

Maryland Multifamily Southeast

StoneBridge Investments Acquires Apartment Community in Maryland for $25.5M

by John Nelson December 22, 2016

COLUMBIA, MD. — Washington, D.C.-based StoneBridge Investments has purchased Beech’s Farm, a 135-unit apartment community located in Columbia, roughly 21 miles southwest of Baltimore. StoneBridge acquired the asset from an entity controlled by McDowell Properties for $25.5 million. Built in 1985 along Eden Brook Drive, the apartment community is situated across the street from King’s Contrivance Village Center, a Harris Teeter-anchored shopping center. StoneBridge plans to renovate the property’s apartment interiors and add a fitness center. ZRS Management, an affiliate of StoneBridge, currently manages Beech’s Farm. CBRE’s Mid-Atlantic multifamily represented the seller in the transaction.

December 22, 2016

Maryland Multifamily Southeast

Federal Capital Partners Sells Multifamily Portfolio in Metro D.C. for $328M

by John Nelson December 12, 2016

CHEVY CHASE, MD. — Federal Capital Partners (FCP) has completed the largest multifamily transaction in the Washington, D.C., metropolitan area in 2016 with the $328 million sale of a five-community apartment portfolio. The portfolio includes: • Cypress Creek in Hyattsville, Md. (760 units) • Penn Landing in Forestville, Md. (598 units) • Cambridge Apartments at New Carrollton Station in New Carrollton, Md. (466 units) • Summerlyn Place in Laurel, Md. (424 units) • Toledo Plaza in Hyattsville, Md. (242 units) FCP sold the 2,490-unit portfolio through the firm’s Funds I and II. CBRE represented FCP in the portfolio sale to the undisclosed buyer.

December 12, 2016

Maryland Multifamily Southeast

Klein Enterprises Delivers Apartment Community in Maryland

by John Nelson November 23, 2016

BEL AIR, MD. — Klein Enterprises has delivered The Park at Winters Run, a 288-unit apartment community located on a 17-acre parcel in Bel Air. Units feature 9-foot ceilings, walk-in closets, Energy Star appliances, granite countertops, washers and dryers, patios or balconies, elevator access and internal access to garage parking for many units. Community amenities include a 24-hour fitness center; saltwater swimming pool; pet wash area; clubhouse with an entertainment kitchen; game room with billiards, shuffleboard and card tables; playground; outdoor patio with a grill and fire pit; 24-hour business center; free Wi-Fi in common areas; and 24-hour maintenance. A future retail component is planned for the property. The Dolben Co. Inc. manages The Park at Winters Run on behalf of Klein Enterprises.

November 23, 2016

Conference Coverage Maryland Southeast

Nearly 300 Professionals Participate in Annual Saul Ewing Real Estate Conference

by John Nelson November 22, 2016

BALTIMORE — Highlighted by a presentation from Marc Weller of Sagamore Development Co. and Demian Costa of Sagamore Industries LLC, who provided an update on the development activities occurring at Under Armour’s Port Covington development in South Baltimore, nearly 300 professionals from around the country attended the 8th-annual Saul Ewing Real Estate Conference at the Baltimore Convention Center. The half-day seminar also featured educational sessions focusing on placemaking principles being utilized in current real estate projects, technology tools that are employed to improve marketing and communication and a discussion of the equity and debt marketplace, especially as affected by the recent presidential election. “Based on feedback from the attendees, we achieved each of our goals at this year’s event, including the presentation of an educational forum that stimulated insightful comments and thoughts about the current real estate environment,” said Howard Majev, a partner in the real estate practice with Saul Ewing and the lead organizer of the annual conference. “Our clients and partners invest time at this conference each year because they value the outstanding networking opportunities, the exchange of ideas and the information benefits they receive from interacting with their peers and thought leaders of our industry.” Commentary from the …

November 22, 2016

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