NORTH BETHESDA, MD. — The General Services Administration (GSA), on behalf of the U.S. Nuclear Regulatory Commission, has renewed a 347,922-square-foot lease at Two White Flint North, a 10-story office building in North Bethesda. The GSA occupies the entire property as well as its sister property, the 18-story One White Flint North. The GSA inked the lease renewal with Two White Flint North’s ownership group, Lerner Enterprises and The Tower Cos.
WOODLAWN, MD. — Knott Realty Group has begun construction on Rolling Run Technology Park, a single-story, 58,000-square-foot office building located at 2270 Rolling Run Drive in Woodlawn, a town in Baltimore County’s Windsor Mill neighborhood. The real estate development and management company expects to deliver the Class A property this fall. The Mullan Contracting Co. will serve as the general contractor for the building. The building will feature 16-foot ceilings, private office entries and a parking ratio of 4.5 spaces per 1,000 square feet. The property will be situated adjacent to the Centers for Medicare & Medicaid Services office complex and will be roughly two miles from I-695.
HEBRON, MD. — CannaMed Pharmaceuticals LLC, a prospective licensee for one of only 15 medical cannabis growing licenses to be issued in Maryland, has purchased an industrial facility in Hebron. The 47,226-square-foot property is located at 27120 Ocean Gateway and was previously leased to Matech. John McClellan of SVN | Miller Commercial Real Estate brokered the transaction. The state of Maryland is expected to issue CannaMed’s license this summer. The business plans to use 35,000 square feet of the property to house its growing facility and the remaining square footage for research and development of medical cannabis.
BALTIMORE — Beatty Development Group and its partners, Armada Hoffler Properties Inc. and The Henson Development Co., has begun construction on 1405 Point, the first apartment building in Baltimore’s Harbor Point, a mixed-use neighborhood with public spaces and commercial properties spanning 3 million square feet. The 17-story, LEED Silver-certified apartment building will feature 18,000 square feet of ground-level retail space and 289 residential units with views of Baltimore’s Inner Harbor. Units will feature floor-to-ceiling windows, stainless steel appliances, quartz countertops, wood plank flooring, modern cabinetry and an energy efficient heating and cooling system. Community amenities will include a 24/7 fitness center, 11th-floor lounge and pool, grilling stations, yoga room, entertainment and media lounge, covered parking and a newly landscaped park. The development team expects to open 1405 Point in late 2017.
BALTIMORE — Vision Properties has acquired 100 East Pratt, a 662,708-square-foot trophy office tower at 100 E. Pratt St. overlooking Baltimore’s Inner Harbor, for $187 million. Vision acquired the asset from Columbia Property Trust (NYSE: CXP). The building is the long-time headquarters of T. Rowe Price, a global investment firm that leases roughly 65 percent of the building. Other tenants of the tower, which was 98.5 percent leased at the time of sale, include PriceWaterHouseCoopers, Merrill Lynch and Tydings & Rosenberg. The property is located in downtown Baltimore near Harborplace and The Gallery, as well as a multitude of dining and retail options around the Inner Harbor and along Pratt Street. Stephen Conley, Jim Meisel, Dek Potts, Andrew Weir and Matt Nicholson of HFF represented Columbia Property Trust in the transaction, which also included the property’s 932-space parking garage. Vision Properties plans to upgrade the lobby of the 28-story building, according to reports by the Baltimore Business Journal. Columbia Property Trust intends to use the proceeds of the sale to repay a $119 million short-term bridge loan and borrowings on its unsecured credit facility. Vision Properties is a full-service real estate investment and management firm headquartered in New Jersey. The …
HYATTSVILLE, MD. — NorthMarq Capital has arranged a $25 million loan for the refinancing of Plaza Towers Apartments in Hyattsville, a suburb of Washington, D.C. Built in 1963, the 289-unit, 11-story property is located at 6700 Belcrest Road. The building features a key-controlled entrance lobby, an office with a conference room, fitness and laundry rooms and access to an adjacent pool and tennis courts. Doug Westfall and Jonathan Hiller of NorthMarq Capital arranged the refinancing through its Fannie Mae DUS program.
OWINGS MILLS, MD. — Greenberg Gibbons and Vanguard have announced 11 new tenants set to open at Foundry Row, a $140 million mixed-use development in Owings Mills. New tenants include Bar Louie, Mission BBQ, La-Z-Boy, Foundry Row Wine & Spirits, Xfinity, Massage Envy, Sleep Number, Mani Luxe, Chipotle, Hair Cuttery and Floyd’s 99 Barbershop. Foundry Row is currently 88 percent leased and is set to open in the fall. The new tenants will join a mix of previously announced retailers and restaurants such as a 130,000-square-foot Wegmans, LA Fitness, DSW, Ulta Beauty, Bagby Pizza, Panera Bread, Zoe’s Kitchen, Smashburger, Nally Fresh and LifeBridge Health.
HYATTSVILLE, MD. — Eastern Union Funding has arranged a $4 million loan for the refinancing of a net-leased BB&T bank branch in Hyattsville. The single-tenant bank is located at 3400 East-West Highway. Marc Tropp and Shai Romirowsky of Eastern Union Funding arranged the 10-year loan through a local bank on behalf of the borrower. The limited non-recourse loan features a fixed interest rate of 4 percent and a 30-year amortization schedule.
GAITHERSBURG, MD. — Elion Partners has inked long-term lease renewals with CVS and McDonald’s at Goshen Plaza, a 45,654-square-foot shopping center in Gaithersburg. Rappaport manages Goshen Plaza’s leasing strategy, physical plant and construction activities on behalf of Elion Partners. Goshen Plaza has recently undergone a capital improvement program that included upgrades to the shopping center’s exterior, landscaping and parking lots.
HYATTSVILLE, MD. — KLNB Retail has arranged the $20.5 million sale of The Shoppes at Arts District, a 36,000-square-foot shopping center located at 5331 and 5501 Baltimore Ave. in downtown Hyattsville, roughly two miles outside of Washington, D.C. The property was fully leased at the time of sale to tenants such as Busboys & Poets, Yes! Organic Market, Elevation Burger, Essential Day Spa and Big Bad Woof. Andy Stape and Vito Lupo of KLNB Retail Investment Sales represented the seller, ADH Retail LLC, and also procured the buyer, Cedar Realty Trust.
