Maryland

New York Investors Purchase Multifamily Portfolio in Metro D.C. for $90M

by Camren Skelton August 3, 2017

ADELPHI, MD. — Besyata Investment Group and The Scharf Group, two New York-based single-family offices, have acquired The Communities at Arbor Vista, a 675-unit multifamily portfolio in Adelphi, roughly nine miles north of Washington, D.C., for $90 million. Jeff Seidenfeld of Eastern Union Funding arranged acquisition financing on behalf of the buyers. Constructed in 1960, the Class B, garden-style apartment development comprises three communities: Arbor Vista, Sienna Creek and Sienna Gardens. The portfolio features a swimming pool, playgrounds, fitness and business centers, laundry facilities and a soccer field. BH Management will manage the property and handle ongoing leasing.

August 3, 2017

Loans Maryland Office Southeast

Phillips Realty Capital Secures $30M Loan for Office Building in North Bethesda

by Camren Skelton August 1, 2017

NORTH BETHESDA, MD. — Phillips Realty Capital has secured a $30 million loan for 6116 Executive Blvd., an eight-story, 217,732-square-foot office building in North Bethesda. John Sieber, David Foulk and Patrick Kelly of Phillips Realty structured the loan on behalf of the buyer, Goodstone LLC, which acquired the vacant building in April for $9.5 million. Constructed in 1989, the building was vacated by the National Institutes of Health’s National Cancer Institute in 2013. Goodstone’s capital improvement plan features new and contemporary entries, elevators and common areas, including a fitness center, conference facility, vending café, visitor lounge and upper-floor tenant terrace. The property also includes a three-story underground parking garage. JLL will handle the office’s leasing assignment, and Cushman & Wakefield will manage the property. Occupancy is slated for availability in June 2018.

August 1, 2017

Loans Maryland Retail Southeast

Revere Capital Provides $17M Bridge Loan for Mall in Metro Baltimore

by Camren Skelton July 31, 2017

GLEN BURNIE, MD. — Revere Capital has provided a $17 million bridge loan for Marley Station Mall, an 800,000-square foot, Class B mall located at 7900 Ritchie Highway in Glen Burnie, roughly 11 miles south of Baltimore. Matt Turner of Revere Capital structured the loan. Constructed in 1987, Marley Station Mall is anchored by JC Penney, Sears and Macy’s, and is home to 120 stores including Gold’s Gym, Bath & Body Works, Men’s Wearhouse, Victoria’s Secret, Kay Jewelers, Justice and Marley Station Movies.

July 31, 2017

Maryland Retail Southeast

PREIT Signs Belk to Anchor Valley Mall in Northwestern Maryland

by Camren Skelton July 27, 2017

HAGERSTOWN, MD. — PREIT has signed a lease with Belk to join Valley Mall in Hagerstown. The Charlotte-based department store is new to the Maryland market and will occupy 123,000 square feet, taking the place of Bon-Ton, which will close in February 2018. Slated to open in October 2018, Belk will join a mix of tenants including H&M, Pandora, Torrid and Mission BBQ. Valley Mall is also home to dining and entertainment options including Primanti Brothers, Red Robin, Noodles & Co., Starbucks Coffee and Regal Cinemas.

July 27, 2017

Maryland Mixed-Use Southeast

Kimco Signs Cinépolis USA to Mixed-Use Development in Metro D.C.

by Camren Skelton July 20, 2017

GAITHERSBURG, MD. — Kimco Realty Corp. has signed a lease with Cinépolis USA, a Dallas-based movie theater chain, to bring its luxury theater concept to Kentlands Market Square in Gaithersburg, roughly 20 miles north of Washington, D.C. Kimco acquired the 250,000-square-foot, Whole Foods-anchored development in 2016 and has unveiled plans for redevelopment, including renovated facades, improved pedestrian access, upgraded lighting and landscaping and revitalization of the community’s main street. The 34,000-square-foot Cinépolis USA is the first step in the redevelopment process, and will feature 540 seats, fully reclining leather seat auditoriums, lounge-style lobby space, in-theater waiter service and a selection of beer, wine and liquor. Cinépolis Luxury Cinemas — Gaithersburg is slated to open in 2019 and will mark Cinépolis USA’s debut in the Maryland market. Cinépolis, the theater’s Mexico-based parent company, is the fourth largest movie theater exhibitor in the world.

July 20, 2017

Maryland Retail Southeast

Marcus & Millichap Brokers $9M Sale of Harris Teeter-Occupied Property in Suburban Maryland

by Camren Skelton July 19, 2017

GERMANTOWN, MD. —Marcus & Millichap has arranged the $9 million sale of a 43,245-square-foot retail property leased to Harris Teeter in Germantown, about 27 miles northwest of Washington, D.C. Josh Ein and Dean Zang of Marcus & Millichap facilitated the transaction on behalf of the seller, a private local investor. The buyer, a local private family office, procured an 11-year, non-recourse CMBS loan for the acquisition. Constructed in 1997, the grocery store sits on a 10.6-acre parcel of land on Darnestown Road. Harris Teeter is a wholly owned subsidiary of The Kroger Co.

July 19, 2017

Maryland Office Southeast

JBG Smith to Relocate Headquarters to 300,000 SF Planned Office Building in Bethesda

by Camren Skelton July 13, 2017

BETHESDA, MD. — JBG Smith, the REIT formed from the merger of The JBG Cos. and Vornado Realty Trust, will relocate its corporate headquarters to 4747 Bethesda Ave., a 300,000-square-foot office building being developed by JBG in downtown Bethesda. The building is slated for completion in the third quarter of 2019. JBG Smith will be the initial anchor tenant of the Class A building, occupying 95,000 square feet of space on the lower floors. The company will move from 4445 Willard Ave. in Chevy Chase, Md.

July 13, 2017

Maryland Multifamily Southeast

Morgan Properties to Begin $25M Renovation of Multifamily Portfolio in Metro Baltimore

by Camren Skelton July 12, 2017

WINDSOR MILL, MD. — Morgan Properties has unveiled plans to launch a $25 million renovation of a six-property portfolio consisting of 1,979 units in Windsor Mill. Known as Rolling Road, the portfolio underwent a rebranding and property consolidation into three communities: The Townhomes at Diamond Ridge, The Glens at Diamond Ridge and The Apartments at Diamond Ridge. Pennsylvania-based Morgan Properties purchased the assets, located roughly 30 miles northwest of Baltimore, from Harbor Group International for $247 million in February. The renovations will take place over a five-year period and include improvements to common area amenities, in-unit kitchen and bathroom upgrades, clubhouse upgrades and the addition of dog parks, playgrounds, outdoor grilling areas, fire pits, putting greens, sport courts and outdoor fitness stations.

July 12, 2017

Healthcare Maryland Office Southeast

Avison Young Arranges $24M Sale of Medical Office Building in Metro D.C.

by Camren Skelton July 11, 2017

SILVER SPRING, MD. — Avison Young has negotiated the $24 million sale of Forest Glen, a 62,379-square-foot medical office building situated on the Holy Cross Hospital campus in Silver Spring, roughly six miles north of Washington, D.C. Jim Kornick, Chip Ryan, Mike Wilson, Erik Foster and Mark Johnson of Avison Young arranged the sale on behalf of the buyer, Healthcare Realty. The Nashville-based REIT purchased the asset from a joint venture between Washington, D.C.-based developer Foulger-Pratt and a global investment firm.

July 11, 2017

District of Columbia Maryland Office Southeast Top Stories

Government Properties Income Trust to Acquire First Potomac Realty Trust for $1.4B

by Nellie Day June 28, 2017

BETHESDA, MD. — Government Properties Income Trust (NASDAQ: GOV) has agreed to purchase all of the outstanding shares of First Potomac Realty Trust (NYSE: FPO) in a deal that is valued at $1.4 billion. The all-cash transaction, which includes the assumption of debt, is expected to close before the end of 2017. First Potomac shareholders will receive $11.15 in cash per share, or about $683 million in aggregate, at the close of the transaction. This represents a premium of about 9.3 percent to First Potomac’s 30-trading day volume weighted average price, based on a period ending April 24, 2017. The remaining transaction value includes the expected repayment of about $418 million of FPO debt and an assumption of about $232 million of FPO mortgage debt, as well as the payment of transaction fees and expenses. FPO has agreed it will not pay any distributions to its shareholders before the transaction closes. GOV’s distributions to its shareholders will not be impacted by the transaction. First Potomac maintains an office and industrial portfolio of properties that are located primarily in the metropolitan Washington, D.C., area. FPO’s portfolio includes 39 properties (74 buildings) with about 6.5 million square feet that was 92.2 percent …

June 28, 2017

Newer Posts

Older Posts