Maryland

First Potomac Realty Trust Sells Flex Portfolio in Maryland for $17.8M

by John Nelson August 20, 2015

COLUMBIA, MD. — First Potomac Realty Trust has sold Rumsey Center, a 135,047-square-foot flex portfolio in Columbia, for $17.8 million. The four-building portfolio is located within Oakland Ridge Industrial Park. Finmarc Management Inc. was the buyer. Mark Glagola, Julian Etches and Joe Friedman of Transwestern’s Mid-Atlantic investment sales group represented First Potomac Realty Trust in the transaction. New York-based Time Equities Inc. purchased the property, which will become part of its 20 million-square-foot portfolio in North America and Europe.

August 20, 2015

Maryland Mixed-Use Southeast

Lantian Development, 1788 Holdings Purchase 31-Acre Site in Maryland for $50M

by John Nelson August 13, 2015

ROCKVILLE, MD. — Lantian Development LLC and 1788 Holdings LLC have formed a joint venture to acquire a 31-acre site in Rockville from TA Associates for $50 million. The tract fronts Shady Grove Road between Choke Cherry and Gaither roads. The site currently contains seven separate two-story buildings totaling approximately 450,000 square feet of Class B office space. The joint venture intends to demolish two buildings and renovate the other five buildings in the portfolio to retain the existing tenant base and increase occupancy with new tenants. The partnership will also transform the asset into a mixed-use and multi-functional project that will eventually support 1.5 to 2 million square feet of commercial office, medical office, retail, hospitality and residential space. The joint venture intends to unveil the new branding of the project, as well as architectural renderings, by early 2016. 1788 Holdings and Lantian Development expect more than $500 million to be invested in the project during the next 10 years.

August 13, 2015

Maryland Multifamily Southeast

ZOM to Build Luxury Apartment Community in Baltimore’s Inner Harbor

by John Nelson August 12, 2015

BALTIMORE — ZOM will commence construction in the third quarter on Banner Hill Apartments, a 349-unit luxury apartment community located in the Inner Harbor area of Baltimore. The project is a joint venture between ZOM and institutional investors advised by J.P. Morgan Asset Management. The general contractor is CBG Building Co. LLC, a division of Clark Construction Group. The property’s amenity package will include an e-lounge, fitness center, sports simulator, courtyards and a resort-style pool. The interior of the units will include kitchen islands, stainless steel appliances, granite countertops, stand-up showers, vinyl plank flooring, walk-in closets and private balconies. The units will range from 528 to 1,325 square feet. ZRS Management LLC will provide property management services upon completion. Pre-leasing for Banner Hill Apartments will begin in the first quarter of 2017.

August 12, 2015

Maryland Office Southeast

St. John Properties to Build Office Building in Metro Baltimore

by John Nelson August 12, 2015

ANNAPOLIS JUNCTION, MD. — St. John Properties Inc., in partnership with Somerset Construction Co., has revealed plans for the development of a new 100,000-square-foot office building at 10170 Junction Drive in Annapolis Junction, roughly 18 miles south of Baltimore. The new four-story property will be located within Annapolis Junction Town Center, a mixed-use transit-oriented development situated adjacent to the Savage Maryland Rail Commuter Rail (MARC) station. The project represents the office component of the development, which will also contain 416 luxury apartment homes, a 150-room hotel, 17,450 square feet of retail space and the recently completed MARC Station with a 700-space commuter parking garage. Southern Management Corp. and Somerset Construction Co. are developing the residential and retail portions of Annapolis Junction Town Center and are seeking a partner for the hospitality component. St. John Properties is constructing the office building to satisfy LEED Silver specifications for Core and Shell. The exterior of the building will comprise brick and glass and will feature 25,000-square-foot floorplates. St. John Properties plans to deliver the property in fall 2016. The company recently assumed control of this project, which was formerly being developed by Corporate Office Properties Trust.

August 12, 2015

Maryland Retail Southeast

Washington Property Co. Purchases Maryland Shopping Center for $9.5M

by John Nelson August 12, 2015

FREDERICK, MD. — Washington Property Co. (WPC) has acquired Ballenger Creek Plaza, a 75,527-square-foot shopping center located at 5830 Ballenger Creek Pike in Frederick, for $9.5 million. The property is fully leased to 13 tenants, including Wolf Furniture, Dollar General and Anytime Fitness. Andy Stape, Mat Adler and Vito Lupo of KLNB represented the seller, New York City-based Cohen Equities, in the transaction. WPC has tapped Paragon Commercial Property Management, the property management division of KLNB, to handle property management responsibilities.

August 12, 2015

Maryland Office Southeast

DTZ Arranges $7.4M Sale of Office Building in Baltimore’s CBD

by John Nelson August 11, 2015

BALTIMORE — DTZ has brokered the $7.4 million sale of a 61,655-square-foot office building located at 300 W. Pratt St. in Baltimore’s central business district (CBD). Baltimore-based Valstone Partners purchased the property from Guggenheim Real Estate LLC. The office building was 55 percent leased at the time of sale. Jonathan Carpenter, Nicole Keelty and Graham Savage of DTZ’s Baltimore capital markets team represented the seller in the transaction.

August 11, 2015

Industrial Maryland Southeast

Ridgeline Property Group to Develop Distribution Center in Metro Baltimore

by John Nelson August 5, 2015

HANOVER, MD. — Ridgeline Property Group has plans to develop Hanover Business Center, a 100,000-square-foot, Class A distribution center in Hanover, a southwest suburb of Baltimore. The property will be located on a 7.9-acre site at 1520 Stoney Run Road adjacent to the Baltimore-Washington International Airport. Construction is set to begin in the second quarter of 2016 and wrap up in the first quarter of 2017. Ridgeline Property Group’s capital partner on the project is Cabot Properties Inc. Upon completion, Hanover Business Center will feature 28-foot clear heights, ESFR sprinklers, a 120-foot truck court and separate entrances for cars and trucks. Since its inception in 2014, Ridgeline has developed projects totaling 5.9 million square feet.

August 5, 2015

Loans Maryland Office Southeast

HFF Arranges $66.3M JV Equity for Acquisition of Office Building in Bethesda

by John Nelson August 3, 2015

BETHESDA, MD. — HFF has arranged $66.3 million in joint venture financing for the acquisition of Atrium at Rock Spring Park, a three-story, 237,000-square-foot office building in Bethesda. Located at 6555 Rock Spring Park Drive, the office asset was 86 percent leased to seven tenants at the time of sale, including The National Institute of Health and SAIC. Dek Potts, Stephen Conley, Jim Meisel, Andrew Weir and Matthew Nicholson of HFF arranged the equity venture between affiliates of Meritage Properties and an unnamed institutional equity investor.

August 3, 2015

Maryland Office Southeast

Finmarc Management Buys Office Portfolio in Columbia for $15.8M

by John Nelson July 31, 2015

COLUMBIA, MD. — Finmarc Management Inc. has acquired a four-building flex portfolio comprising 135,000 square feet in Columbia for $15.8 million. Finmarc purchased the portfolio, which was near full occupancy at the time of sale, from First Potomac Realty Trust. Built in 1980, the all-brick, single-story flex portfolio is located at 9150 and 9180 Rumsey Road, near I-95 and Maryland Routes 100 and 29. Mark Glagola and Joe Friedman of Transwestern represented the seller in the transaction.

July 31, 2015

Maryland Office Southeast

HFF Arranges $29.4M Sale of Three Office Buildings in Metro D.C.

by John Nelson July 29, 2015

GAITHERSBURG, MD. — HFF has arranged the $29.4 million sale of three office buildings located at 25, 35 and 45 W. Watkins Mill Road in Gaithersburg, a Maryland suburb of Washington, D.C. The three office/lab buildings span 139,938 square feet and were cumulatively 95 percent leased at the time of sale to tenants such as MedImmune and Amplimmune, which are both wholly owned subsidiaries of AstraZeneca. Jim Meisel, Dek Potts, Andrew Weir, Stephen Conley and Matthew Nicholson of HFF represented the seller, an affiliate of Equus Capital Partners Ltd., in the transaction. In addition, HFF arranged $19.2 million in acquisition financing on behalf of the buyer, Tritower Financial Group. Cary Abod led HFF’s debt placement team to arrange the 10-year, fixed-rate loan through an unnamed life insurance company.

July 29, 2015

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