Maryland

Wagman Construction Completes $50M Independent Living Expansion in Maryland

by John Nelson September 22, 2016

FREDERICK, MD. — Wagman Construction has completed construction of The Lodge at Willow Ponds, a new independent living expansion on the Willow Ponds continuing care retirement community (CCRC) campus in Frederick, approximately 50 miles west of Baltimore. Homewood Retirement Centers of the United Church of Christ owns the CCRC, which is located on over 100 acres. The $50 million expansion project added a four-story, 277,000-square-foot building totaling 150 apartments and patio homes. An additional 50 units may be added in the future. Noelker and Hull served as lead architect and designer on the project. Wagman is a construction firm with offices in Pennsylvania and Virginia. Homewood is a faith-based operator with communities throughout Pennsylvania and Maryland.

September 22, 2016

Maryland Retail Southeast

Wegmans to Open 109,000 SF Store at Foundry Row in Metro Baltimore

by John Nelson September 16, 2016

OWINGS MILLS, MD. — Wegmans, a supermarket chain, plans to open a 109,000-square-foot store at Foundry Row in Owings Mills on Sunday. Greenberg Gibbons and Vanguard are co-developing Foundry Row, a $140 million, 50-acre redevelopment of the site of the former Solo Cup factory on Reisterstown Road. The store will be Wegmans’ eighth location in Maryland and the second in Baltimore County. One of the first stores to open at Foundry Row, the new Wegmans will feature a Market Café with a seating area and The Burger Bar restaurant. A La-Z-Boy Home Furnishings and Décor store is also opening at Foundry Row this weekend.

September 16, 2016

Hospitality Maryland Southeast

Cordish Breaks Ground on $200M Hotel, Event Center at Maryland Live! Casino in Metro Baltimore

by John Nelson September 15, 2016

HANOVER, MD. — The Cordish Cos. of Baltimore has begun construction on a $200 million, 17-story hotel and event center at the Maryland Live! Casino in Hanover, roughly 11 miles south of Baltimore. Set to open in the fourth quarter of 2017, the 350,000-square-foot property will feature 310 guest rooms, a 1,500-seat event center, meeting spaces, restaurants, a store, 1,000 parking spaces and a day spa/salon. The project is expected to create approximately 400 jobs and 550 construction jobs. The design team includes Klai Juba Wald Architects, McLaren Engineering Group, Laurence Lee Associates, Cleo Design Corp., Selbert Perkins, Corsi & Associates, Lynne Curry Spa Consulting, Giovanetti Schulman Association and EDSA. Tutor Perini Building Corp. will serve as the hotel’s general contractor.

September 15, 2016

Maryland Multifamily North Carolina Northeast Pennsylvania South Carolina Southeast Top Stories

Morgan Properties Buys Four-State, 11-Property Multifamily Portfolio for $316M

by Nellie Day September 12, 2016

KING OF PRUSSIA, PA. — Morgan Properties has purchased an 11-property multifamily portfolio that spans four states for $316 million. The assets, collectively known as Star Portfolio, contain a total of 2,826 units across Maryland, Pennsylvania, North Carolina and South Carolina. The transaction includes the Greens at Westgate in Pennsylvania; the Waterway and Forest Oaks in South Carolina; Falls Creek and Heather Park in North Carolina; and Silver Spring Station, Westerlee, the Willows, St. Mary’s, Taylor Park and Willowood in Maryland. The assets have an average age of 29 years. All the properties are situated in high-barrier submarkets close to major development hubs and public transit. Morgan Properties plans to execute a multi-million-dollar, value-add repositioning plan at each property. The renovation strategy will include premium kitchen and bath renovations and amenity upgrades. Morgan Properties acquired Star Portfolio through an affiliated joint venture. David Oakley and Scott Melnick of Berkadia represented Morgan Properties in the transaction. Deutsche Bank represented the unnamed seller. The firm also recently purchased three separate Maryland multifamily assets, including the 325-unit Grand Pointe in Columbia; the 606-unit Avery Park in Silver Spring; and the 450-unit Henson Creek in Temple Hills. Morgan Properties owns and manages 132 apartment …

September 12, 2016

Loans Maryland Multifamily Southeast

Pacific Life Provides $60M Construction Loan to Donohoe for High-Rise in Downtown Bethesda

by John Nelson September 2, 2016

BETHESDA, MD. — Pacific Life Insurance Co. has provided a $60 million construction loan to the Donohoe Cos. Inc. for Phase II of Gallery Bethesda, a luxury high-rise apartment tower located at 4850 Rugby Ave. in downtown Bethesda. The 240,000-square-foot, 17-story tower will feature 219 residential units and 12,425 square feet of retail space, including a café and restaurant opportunities. Amenities will include a rooftop pool and outdoor lounge, outdoor kitchen, indoor sky lounge and a fitness center. Delivery is scheduled for fall 2018. The project is a partnership between The Donohoe Cos. and MPM Investment Co. Donohoe Development Co. is the developer, and Donohoe Construction Co. will serve as the general contractor for the project. Miller and Long Concrete Construction is the concrete contractor. Donohoe Real Estate is the retail broker, and Vantage Management will manage the property upon completion. Gallery Bethesda Phase II is the second of three buildings that Donohoe is developing in Bethesda, collectively known as Woodmont Central. At completion, the entire project will measure more than 580,000 square feet.

September 2, 2016

Maryland Office Southeast

Washington Property Opens CubeSmart in Maryland, Buys Adjacent Office Building for $17M

by John Nelson September 2, 2016

ROCKVILLE, MD. — Washington Property Co. (WPC) has completed the conversion of an 82,000-square-foot office building at 4 Research Place in Rockville to a CubeSmart self storage facility, which is now open for business. The Bethesda-based company has also acquired an adjacent office building, known as One Research Court, in a joint venture with Baltimore-based Alex. Brown Realty Inc. for $17 million. The four-story CubeSmart features 715 climate-controlled storage units, and the top two floors have elevator access, while the lower two levels are at grade. One Research Court is a 113,620-square-foot office building constructed in 2001. The property was 89 percent leased at the time of sale to 14 tenants. The joint venture plans capital improvements at the property, including upgrades to the lobby, bathrooms, elevators and fitness center, as well as the addition of a conference center in the building. WPC is now leasing and managing the project.

September 2, 2016

Maryland Retail Southeast

H&R Retail Arranges Hobby Lobby’s 57,497 SF Lease in Maryland

by John Nelson August 25, 2016

CALIFORNIA, MD. — H&R Retail has represented Hobby Lobby in its 57,497-square-foot lease for a new store at Laurel Glen Shopping Center. The asset is located at 45315 Alton Lane in California. David Ward and Ben Hoskins of H&R Retail, along with The Keith Corp., brokered the transaction. Shanri Holdings Corp. owns the new store, which is set to open in early 2017.

August 25, 2016

Maryland Multifamily Southeast

S.L. Nusbaum Realty Breaks Ground on $50M Apartment Community in Maryland

by John Nelson August 23, 2016

FREDERICK, MD. — S.L. Nusbaum Realty Co. has broken ground on The Fred, a $50 million, 240-unit apartment community located within the Waverly View Planned Neighborhood Development in Frederick. Norfolk, Va.-based S.L. Nusbaum partnered with the Maryland Community Development Administration, AGM Financial Services Inc., Wells Fargo Bank N.A. and Boston Financial Investment Management to develop The Fred. The general contractor, Morgan-Keller Construction Co., expects to deliver the project by early to mid-2018. Thomas Johnson III and Richard Counselman are leading S.L. Nusbaum’s development team.

August 23, 2016

Maryland Retail Southeast

Greysteel Brokers $28.6M Sale of Grocery-Anchored Shopping Center in Baltimore

by John Nelson August 9, 2016

BALTIMORE — Greysteel has arranged the $28.6 million sale of Catonsville Plaza, a nearly 280,000-square-foot grocery-anchored shopping center located at 5457 Baltimore National Pike in Baltimore. The property was 99 percent leased at the time of sale to tenants such as Shoppers Food Warehouse, Dollar General, Planet Fitness, Planet Aid, Merchant’s Tire & Auto Centers, Forman Mills, Salontra Suites, DaVita Dialysis, Dunkin’ Donuts, Subway and Metro PCS. Gil Neuman led Greysteel’s retail team in representing the seller, an affiliate of Hutensky Capital Partners, and procuring the buyer, Mosaic Realty Partners.

August 9, 2016

Industrial Maryland Southeast

Chesapeake Real Estate, Thompson Creek Window Sell Two Industrial Facilities in Maryland for $33M

by John Nelson August 3, 2016

HANOVER, MD. — A partnership between Chesapeake Real Estate Group LLC and Thompson Creek Window Co. has sold two industrial buildings totaling nearly 300,000 square feet in Hanover. PGIM Real Estate purchased the properties from the partnership for $33 million. The assets are located within Penn 95 Commerce Center and include a 167,500-square-foot spec warehouse building at 8210 Penn Randall Place and a 117,000-square-foot build-to-suit warehouse and manufacturing facility leased to Thompson Creek Window at 8300 Pennsylvania Ave. Brook Furniture Rental Inc. recently leased 66,606 square feet at the spec warehouse building.

August 3, 2016

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