SILVER SPRING, MD. — Finmarc Management Inc. has sold Piney Branch Shopping Center, a 54,242-square-foot shopping center in Silver Spring, for $11.2 million. The buyer is an affiliate of JBGR Retail. Located at the intersection of Piney Branch Road and Flower and Greenwood avenues, the shopping center was fully leased at the time of sale to 12 tenants. Andy Stape, Mat Adler and Vito Lupo of KLNB Retail represented Finmarc in the transaction.
HYATTSVILLE AND MT. RAINIER, MD. — Marcus & Millichap has brokered the $11.9 million sale of a multifamily portfolio in Hyattsville and Mt. Rainier. The three-building portfolio totals 171 units and includes Garfield Court and Castle Manor in Hyattsville and Arundel Apartments in Mt. Rainier. A private investor purchased Garfield Court for $4.4 million, Castle Manor for $4.8 million and Arundel Apartments for $2.7 million. The buyer, which owns other multifamily properties in the north Prince George’s County submarket, plans to improve the portfolio with capital improvements in the next few years. David Weber of Marcus & Millichap’s Washington, D.C., office brokered the transaction.
FREDERICK, MD. — Matan Cos. has begun construction on Wedgewood West Business Park, a six-building, 675,000-square-foot industrial park in Frederick. The 30-foot clear warehouse facilities are situated at the corner of New Design Road and English Muffin Way. Phase I of construction comprises Buildings B and F totaling 180,000 square feet. Matan expects to complete Phase I in the summer of 2016 and deliver the remaining four facilities beginning in early 2017. M&T Bank provided construction financing for the development, and Morgan Keller is providing general contracting services.
CLARKSBURG, MD. — Lantian Development has purchased the 204-acre COMSTAT campus in Clarksburg for $11.5 million. Lantian Development acquired the 496,000-square-foot facility from LCOR in an all-cash transaction. The building was constructed in 1969 as the research facility for COMSTAT Corp., which was created by the Communications Satellite Act of 1962. COMSTAT sold the property back in 1997 in a $46 million sale-leaseback deal. The property features 3,600 feet of frontage on I-270, a vacant main building and three special purpose buildings totaling 36,000 square feet. Avison Young represented the seller in the transaction, and John Wang of RE/Max represented Lantian Development.
ELKRIDGE, MD. — NAI KLNB has brokered the sales of two industrial assets in Baltimore’s Elkridge suburb totaling $21.6 million. FRP Port Capital LLC purchased a 120,758-square-foot property at 7700 Port Capital Drive from 6601 Little River Turnpike LLC for $9.9 million, and HSRE Fund V Holding Co. LP purchased a 168,000-square-foot facility at 6685 Santa Barbara Court from Santa Barbara Court LLC for $11.7 million. Model Home Interiors fully leases 7700 Port Capital Drive, and 6685 Santa Barbara Court, which is located in the Route 100 Industrial Park, is leased to five regional tenants. Christopher Kubler of NAI KLNB represented the sellers in both transactions.
TEMPLE HILLS AND LAUREL, MD. — Federal Capital Partners (FCP) has sold two apartment communities in Prince George’s County in Maryland for a combined $88.7 million. The properties include the 390-unit South Pointe Apartments in Temple Hills and the 386-unit Montpelier Crossing in Laurel. FCP purchased both assets in 2011 and executed capital improvements to both projects during its ownership. Dean Sigmon and Robin Williams of Transwestern represented FCP in the South Pointe transaction, and Bill Roohan, Mike Muldowney and Martha Hastings of CBRE represented FCP in the Montpelier Crossing deal.
SILVER SPRING, MD. — H&R Retail has arranged a 42,000-square-foot lease transaction with Dave & Buster’s at Ellsworth Place in downtown Silver Spring, roughly six miles north of Washington, D.C. The entertainment venue and restaurant was previously located at the former White Flint Mall in Bethesda, Md. David Ward and Sean Harcourt of H&R Retail represented the landlord, Petrie Ross Ventures, in the lease transaction.
TOWSON, MD. — Retail Properties of America Inc. (RPAI), a shopping center REIT, has purchased Towson Square, a 138,000-square-foot, entertainment-based retail center anchored by a newly constructed Cinemark Theatre in Towson, roughly 12 miles north of Baltimore. RPAI purchased the center on an unencumbered basis for $39.7 million. Towson Square includes national and regional restaurant concepts such as BJ’s Restaurant and Brewhouse, World of Beer, Bobby’s Burger Palace, Bonefish Grill and Nando’s Peri-Peri. Opened in 2014, Towson Square is currently 96.6 percent leased and is located adjacent to the RPAI’s existing center, Towson Circle. RPAI expects to integrate both centers into one property as part of the larger planned redevelopment. Year to date, RPAI has completed $463.1 million of unencumbered acquisitions.
TOWSON, MD. — Klein Enterprises has broken ground on Southerly Square Apartments, a 175-unit multifamily community in Towson, roughly 10 miles north of Baltimore. The property is located on Southerly Road close to the Baltimore Beltway and adjacent to Goucher College. The apartment community will feature an integrated five-story, 361-space parking garage. Community amenities will include a private courtyard with a swimming pool, fire pit, bocce ball court, fitness center, game room with billiards, theater room, café and a rooftop balcony. Units will feature stainless steel appliances, full-sized washer and dryer units, walk-in closets, high-speed internet access, high ceilings and a patio or balcony. Columbia National Real Estate Finance LLC is providing construction financing for the project. Klein Enterprises is developing Southerly Square with Taylor Property Group. Klein expects to deliver the apartment community by spring 2017.
JESSUP, MD. — The parent company of G. Cefalu & Bro Inc., a wholesale produce supplier, and Capital Seaboard, a produce and seafood distributor, has signed a full-building industrial lease for 160,000 square feet within the Baltimore-Washington Logistics Center. The industrial park is located in Jessup, roughly halfway between Baltimore and Washington, D.C., in Howard County. The parent company, known as CGC Holdings Inc., signed the lease with the landlord, Manekin-sponsored MCA Assateague. The groundbreaking for the facility, located at 7350 Assateague Drive, is scheduled for Nov. 13, and construction is expected to wrap up in June 2016. The new facility will include an ESFR fire suppression system, LED lighting and multi-zone freezer/cooler areas.
