Maryland

Cambridge Property Group Sells Flex Facility in Metro D.C. for $12.9M

by John Nelson May 9, 2016

LANHAM, MD. — Cambridge Property Group LLC has sold a 142,810-square-foot flex building located at 10201 Good Luck Road in Lanham, a city roughly 13 miles outside of Washington, D.C. The Washington Metropolitan Area Transit Authority purchased the property for approximately $12.9 million. Cambridge Property Group developed the office and distribution building in 2005 as a build-to-suit for the General Services Administration on behalf of a tenant client, which occupied the property continuously until December 2015. William Czekaj, Ingo Mayr and Benjamin Eldridge Jr. of Cambridge Property Group negotiated the transaction on behalf of developer client CA/Development Associates LLC.

May 9, 2016

Maryland Multifamily Southeast

TruAmerica Multifamily Acquires Apartment Portfolio in Metro Baltimore for $187M

by John Nelson May 2, 2016

BALTIMORE — TruAmerica Multifamily, in partnership with MSD Capital LP, has purchased a 1,004-unit apartment portfolio in suburban Baltimore for $187 million. The acquisition is Los Angeles-based TruAmerica’s first purchase east of Colorado and includes the 158-unit Bayshore Landing in Annapolis, the 634-unit Sherwood Crossing in Eldridge and the 212-unit Southfield in Nottingham. Each property features resort-style pool areas, clubhouses, fitness centers and other recreational facilities. The apartment communities were built between 1984 and 1990. TruAmerica will complete an interior renovation plan started by the undisclosed seller that includes faux-wood flooring, granite countertops, updated cabinetry and new appliance packages. TruAmerica’s business plan also calls for upgrades to the portfolio’s common area amenities.

May 2, 2016

Maryland Multifamily Southeast

Armada Hoffler Invests $42M in Development of Residences at Annapolis Junction Town Center

by John Nelson April 22, 2016

ANNAPOLIS, MD. — Armada Hoffler Properties Inc., a Virginia Beach, Va.-based REIT, has invested $42 million for the development of the $102 million residential component of Annapolis Junction Town Center, a planned 18-acre mixed-use development in Annapolis. Upon completion, Annapolis Junction Town Center will feature 17,000 square feet of retail space, a 150-room hotel, 416 upscale apartment residences and 100,000 square feet of Class A office space. Scheduled to break ground in the second quarter of 2016 with estimated completion in the first quarter of 2018, the Residences will pursue LEED Silver certification and feature structured parking adjacent to the Savage MARC Commuter Rail Station. The investment agreement includes a purchase option for Armada Hoffler to acquire an 88 percent interest in the project at the developer’s cost basis, upon completion of construction. The agreement also includes a $68 million maximum price construction contract for Armada Hoffler to build the asset.

April 22, 2016

Maryland Office Southeast

U.S. Nuclear Regulatory Commission Renews 347,922 SF Lease in Metro D.C.

by John Nelson April 21, 2016

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.

April 21, 2016

Maryland Office Southeast

Knott Realty Breaks Ground on Class A Office Building in Baltimore County

by John Nelson April 19, 2016

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.

April 19, 2016

Industrial Maryland Southeast

Prospective Medical Cannabis Grower Buys Industrial Facility in Maryland for $1M

by John Nelson April 12, 2016

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.

April 12, 2016

Maryland Multifamily Southeast

Beatty Development Group Breaks Ground on High-Rise Apartment Tower in Baltimore

by John Nelson April 6, 2016

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.

April 6, 2016

Maryland Office Southeast Top Stories

Vision Properties Acquires Trophy Office Tower in Baltimore for $187M

by Katie Sloan April 4, 2016

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 …

April 4, 2016

Plaza Towers Apartments 6700 Belcrest Road Hyattsville

Loans Maryland Multifamily Southeast

NorthMarq Capital Arranges $25M Loan for Apartment Community in Metro D.C.

by John Nelson March 31, 2016

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.

March 31, 2016

Maryland Retail Southeast

Foundry Row in Maryland to Add 11 New Retailers, Restaurants

by John Nelson March 21, 2016

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.

March 21, 2016

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