Maryland

Job Growth, Proximity to D.C. Help Boost Baltimore Multifamily Rents, Supply

by John Nelson October 24, 2016

Historically overlooked along the East Coast, Millennial migration has symbolized the dawn of a new day in Charm City. The recent influx of a budding dynamic workforce to Baltimore’s urban core neighborhoods has driven the fourth largest increase in college-educated young professionals amongst metro areas nationwide. These young professionals followed substantial job migration resulting in a paradigm shift from Washington, D.C., and other major Mid-Atlantic employment centers. Baltimore’s labor market has demonstrated year-over-year gains since 2010. As of March 2016, Baltimore metro-area non-farm employment totaled 1.4 million, up 2.6 percent over the past year, as compared to 2 percent growth nationally over the same period, according to data from the U.S. Bureau of Labor Statistics. The professional and business services sector contributed the largest gains since March 2015, adding 13,500 jobs to Baltimore’s work force, representing a growth rate of 6 percent over the prior year. The recent surge in employment has driven sustained demand for rental housing, pushing vacancy rates to historic lows and placing upward pressure on rents. Despite its rapid ascension, Baltimore continues to benefit from its proximity to other East Coast cities, which have experienced economic expansion as well, with Baltimore remaining the most affordable of …

October 24, 2016

Maryland Multifamily Southeast

PRP Acquires Apartment Community in Maryland for $70.4M

by John Nelson October 19, 2016

GERMANTOWN, MD. — PRP LLC has acquired The Park at Kingsview Apartments, a 326-unit, Class A apartment community located in the Kingsview community of Germantown. PRP purchased the property from TA Associates Realty for $70.4 million. Built in 2001 with average unit sizes of 1,055 square feet, The Park at Kingsview features a swimming pool, clubhouse, fitness center with an aerobic studio, conference room/business center, lounge with a fireplace and a children’s play room. The community also offers walking, jogging and biking trails, tennis courts, playgrounds, a picnic pavilion and a dog park. PRP plans to implement a $3.5 million renovation of the property, including a renovated clubhouse, new pool area, in-unit renovations featuring new kitchens, stainless steel energy-efficient appliances, quartz countertops, 42-inch espresso cabinetry, nickel hardware, new lighting, new bathrooms and wide plank flooring.

October 19, 2016

Industrial Market Reports Maryland Southeast Southeast Market Reports

Baltimore Industrial Revolution Fueled by Consumer Products Sector

by John Nelson October 17, 2016

Bigger — and strategically located — continues to be better in the Baltimore metropolitan region when it comes to the industrial real estate product sector. Blink your eye these days in Charm City, and you might miss the latest 100,000- to 500,000-square-foot transaction that transpired, fueled by the seemingly insatiable appetite among retailers to warehouse consumer products near large population areas and maintain same-day or next-day delivery models. Companies involved with the production and distribution of food products and home goods are the next most prolific users of warehouse and industrial space. The avalanche of large-scale logistics-related leases first started in 2014 when Amazon.com leased a 1 million-square-foot fulfillment center with Duke Realty in Baltimore City. Recent notable activity includes RPM Warehouse (435,000 square feet at Baltimore Crossroads in White Marsh); Pier 1 Imports (644,000 square feet in Harford County); Ikea (300,000 square feet with Federal Capital Partners in Halethorpe); Canusa Corp. Fiber Group (320,000 square feet in Dundalk); Sephora Americas (320,000 square feet of renewal space in Harford County, plus an additional 620,000 feet of new space); FedEx Ground (300,000 square feet at TradePoint Atlantic); US Lumber (260,000 square feet with MCB Real Estate and One Liberty Properties); Capital …

October 17, 2016

Maryland Office Southeast

Comcast to Relocate 140 Employees to New Office at McHenry Row in Baltimore

by John Nelson October 13, 2016

BALTIMORE — Comcast Corp. has signed a lease with 28 Walker Development for 28,000 square feet of office space within McHenry Row, a 20-acre mixed-use project in Baltimore. Comcast plans to relocate 140 of its employees from a regional corporate office in the White Marsh section of Baltimore County to the new space within the project’s Banner Building, a 215,000-square-foot office building located at 1215 E. Fort Ave. McHenry Row features 300,000 square feet of office space, a Harris Teeter grocery store, retail, restaurants and 250 apartment units. Retailers opening soon at McHenry Row include Samos Greek Island Grill, Ruby 8 Noodle and Sushi and Diamondback Brewing Co., a locally owned craft brewery. Joe Dolan and David Fritz of NAI KLNB represented 28 Walker Development in the lease deal, and Richie Blue of Blue & Obrecht Realty and Jeff Flynn of JLL represented Comcast. The transaction brings the Banner Building to full occupancy. Other office tenants within the Banner Building include Under Armour, Gilbane Construction, Kimley Horn, Maryland Auto Insurance Fund, Martin-Lauer Associates, Mindgrub, Navigator Management Partners and the Ulman Cancer Fund for Young Adults.

October 13, 2016

Maryland Multifamily Southeast

Fore Property, PCCP to Develop Apartment Community in Metro D.C.

by John Nelson October 12, 2016

HYATTSVILLE, MD. — Fore Property Co. has formed a joint venture with PCCP LLC to develop The Edition, a five-story, Class A apartment community located at 3401 East-West Highway in downtown Hyattsville, roughly six miles north of Washington, D.C. Situated on a 3.7-acre site, The Edition will be part of an 11-acre mixed-use development that formerly housed a Kiplinger magazine publishing plant. The Edition’s amenities will include an outdoor recreational area with billiards, ping pong, barbecue stations and a fire pit. The community will also include a 412-space parking deck. The unit mix will consist of 72 studios, 148 one-bedroom units, 113 two-bedroom units and 18 three-bedroom units. Fore Property and PCCP are aiming for The Edition to be certified LEED Silver upon completion, which is scheduled for spring 2019.

October 12, 2016

Maryland Multifamily Southeast

CBRE Global Investors Acquires Apartment Community in Baltimore

by John Nelson October 10, 2016

BALTIMORE — A fund advised by CBRE Global Investors has purchased Brewers Hill, a two-building, 440-unit apartment community located at 3700 Toone St. in Baltimore’s Canton neighborhood. Built in 2013, Brewers Hill was 92 percent occupied at the time of sale and features 16,718 square feet of retail space. Community amenities include two courtyards with a resort-style swimming pool and private cabanas; a 10,904-square-foot clubhouse with a fitness center, resident lounge, demonstration kitchen, billiard room, screening room, two game rooms and a pet washing station; and outdoor entertainment areas with grills, fireplaces and dining spaces. The seller and sales price were undisclosed.

October 10, 2016

Market Reports Maryland Retail Southeast Southeast Market Reports

Experiential Retail Emerges as Significant Driver in Baltimore Metro Area

by John Nelson October 10, 2016

Not so many years ago, the typical consumer thought of visiting the nearby regional mall or neighborhood center to go shopping — possibly for a new pair of jeans or some shoes. Like everything else in this world, the internet has significantly altered this exercise and, today, people tend to think of retail centers as places to “experience” something that cannot be easily acquired or replicated by simply tapping on a keyboard to request it. Developers and retailers alike have adapted to this behavioral change by introducing new concepts that emphasize the delivery of this experience, including new restaurants, entertainment-style concepts and health care services. This trend remains in full swing in the Baltimore metropolitan region, coupled with game-changing projects planned or rising throughout the Charm City region. Food, Medical, Entertainment The continued popularity of fast-casual restaurants is driven in large part by time-depraved families with dual-income households that seek eating options offering both quality and quickness. The “burger war” includes recent entries such as Bobby’s Burger Palace, Clark Burger and Shake Shack. Wahlburgers, operated by actor Mark Wahlberg and his brothers, might soon follow. Pizza remains a crowded, yet vibrant, category with new arrivals &pizza, Blake Pizza, MOD Pizza …

October 10, 2016

Maryland Retail Southeast

Petrie Richardson, PGIM Real Estate Break Ground on Nordstrom Rack at Woodmore Towne Centre

by John Nelson October 7, 2016

GLENARDEN, MD. — Petrie Richardson Ventures and PGIM Real Estate, co-owners and developers of the 700,000-square-foot Woodmore Towne Centre, have broken ground on a new Nordstrom Rack store. Situated on a five-acre parcel within Woodmore Towne Centre in Glenarden, the 30,000-square-foot store will serve as Prince George’s County’s first Nordstrom Rack. The parcel will also include 29,000 square feet of retail and restaurant space for tenants that will be announced in the coming months. Woodmore Towne Centre is currently 90 percent leased to tenants including Wegmans, Costco, JC Penney, Best Buy, Petco, Chipotle Mexican Grill, Subway, KBQ Barbeque, Noodles & Co. and Irie Bar & Grill. Recently opened retailers and restaurants include Hook and Reel Cajun Seafood Restaurant, Honu Hawaiian BBQ and Kumon Learning Center. Kobe Japanese Steak & Food and Wings 21 will open later this year at Woodmore Towne Centre.

October 7, 2016

Loans Maryland Multifamily Southeast Top Stories

Walker & Dunlop Originates $469 Million Refinancing for 13-Property Multifamily Portfolio

by Katie Sloan October 4, 2016

BETHESDA, MD. — Bethesda, Md.-based Walker & Dunlop (NYSE: WD) has secured a $469 million refinancing for a 13-property multifamily portfolio owned and operated by Cortland Partners. The financing is comprised of seven-year, floating-rate loans featuring two years of interest-only payments followed by 30-year amortization schedules. Stephen Farnsworth of Walker & Dunlop secured the refinancing on behalf of Cortland Partners through Freddie Mac. The 13 properties within the portfolio are comprised of 4,871 units located in Texas, Georgia and Florida. The specific multifamily communities included in the deal were undisclosed. Headquartered in Atlanta, Cortland Partners develops, owns and operates multifamily properties in Colorado, Florida, Georgia, Louisiana, North Carolina, Ohio, Texas and Virginia. Walker & Dunlop is one of the largest commercial real estate finance companies in the U.S., providing financing and investment sales to owners of multifamily and other commercial properties. The company’s stock price closed on Monday, Oct. 3, at $25.54 per share, down from $27.69 one year ago. — Katie Sloan

October 4, 2016

Maryland Multifamily Southeast

Continental Realty Acquires Apartment Community in Baltimore County for $61.6M

by John Nelson October 3, 2016

OWINGS MILLS, MD. — Baltimore-based Continental Realty Corp. has acquired Riverstone at Owings Mills, a 324-unit garden-style apartment community located in Owings Mills, for $61.6 million. Continental purchased the community via its Continental Realty Fund IV LP, marking the third multifamily purchase for the fund. Located at 4700 Riverstone Drive, Riverstone at Owings Mills consists of one-, two- and three-bedroom apartment units featuring 9-foot ceiling heights, open-style layouts, split master options, individual full-sized washer and dryers, and balconies or patios. The asset was nearly 96 percent occupied at the time of the purchase. Constructed in 2002, the property’s community amenities include a clubhouse with a fitness center, business center and resident lounge, as well as an outdoor swimming pool, hot tub and a tennis court. Continental Realty plans to continue the on-going renovation program, which includes the installation of granite countertops and stainless steel appliances. CBRE represented the seller, CIM Group, in the transaction.

October 3, 2016

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