Maryland

PCCP Provides $34.1M Acquisition Loan for Office Property in Metro D.C.

by John Nelson January 11, 2016

ROCKVILLE, MD. — PCCP has provided a $34.1 million loan for the acquisition and lease-up of Park Plaza I and II, a 264,285-square-foot office campus located in Rockville, a Maryland suburb of Washington, D.C. Park Plaza I was 86 percent leased at the time of sale to tenants such as Northrop Grumman and Monument Bank, and Park Plaza II was 14 percent leased at the time of sale, offering the only available contiguous block of Class A office in Rockville exceeding 100,000 square feet. John Campanella of Cushman & Wakefield arranged the loan through PPC on behalf of the borrower, an affiliate of Marcus Capital Partners Fund II LP.

January 11, 2016

Maryland Retail Southeast

Elion Partners Completes Renovation Program at Goshen Plaza in Gaithersburg

by John Nelson January 7, 2016

GAITHERSBURG, MD. — Elion Partners has completed a major capital improvement program for Goshen Plaza, a 45,654-square-foot shopping center in Gaithersburg. Located at the corner of Goshen and Rothbury roads, the shopping center’s tenant roster includes CVS/pharmacy, McDonald’s, Subway, Paisano’s and Pizza Hut. The capital improvement program included repaving the front parking lot and painting the shopping center. New soffit and beams wrapped in stained wood were installed under the canopy and a new light line was installed along the roof. The landscaping also received a complete overhaul. Rappaport manages the leasing strategy, physical plant and construction activities for Elion Partners at Goshen Plaza.

January 7, 2016

Maryland Office Southeast

First Potomac Realty Trust Sells Two Metro D.C. Office Buildings for $27.3M

by John Nelson January 7, 2016

TYSON’S CORNER, VA. — First Potomac Realty Trust has sold Cedar Hill I & III, two three-story office buildings in Tyson’s Corner, for $27.3 million. The properties total 102,632 square feet and were fully leased as of Sept. 30, 2015. JLL represented the office REIT in the transaction.

January 7, 2016

Maryland Seniors Housing Southeast

Mid-Atlantic Health Care Acquires Four Skilled Nursing Facilities in Maryland

by John Nelson January 6, 2016

BALTIMORE — Mid-Atlantic Health Care LLC, a Baltimore-based healthcare provider, has purchased four skilled nursing facilities in western and central Maryland for an undisclosed price. The four facilities include Northampton Manor Health Care Center in Frederick, Devlin Manor Health Care Center in Cumberland, Julia Manor Health Care Center in Hagerstown and Moran Manor Health Care Center in Westernport. The seller is The Magnolia Group, a skilled nursing owner/operator in Maryland and Pennsylvania. The company will continue to provide services to the facilities through its affiliate, Magnolia Rehabilitation Services LLC. With these acquisitions, Mid-Atlantic will now operate the largest group of facilities in western Maryland and become one of the region’s largest employers, according to the company. Adding the Magnolia facilities will increase Mid-Atlantic Health Care’s total number of locations from 17 to 21.

January 6, 2016

Piney Branch Shopping Center Silver Spring

Maryland Retail Southeast

Finmarc Management Sells Shopping Center in Maryland for $11.2M

by John Nelson January 6, 2016

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.

January 6, 2016

Maryland Multifamily Southeast

Marcus & Millichap Brokers $11.9M Sale of Apartment Portfolio in Maryland

by John Nelson December 22, 2015

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.

December 22, 2015

Industrial Maryland Southeast

Matan Cos. Breaks Ground on 675,000 SF Industrial Park in Maryland

by John Nelson December 16, 2015

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.

December 16, 2015

Maryland Office Southeast

Lantian Development Acquires Office Campus in Maryland for $11.5M

by John Nelson December 8, 2015

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.

December 8, 2015

6685 Santa Barbara Court Elkridge Maryland

Industrial Maryland Southeast

NAI KLNB Brokers Sales of Two Industrial Facilities in Metro Baltimore Totaling $21.6M

by John Nelson December 7, 2015

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.

December 7, 2015

Maryland Multifamily Southeast

Federal Capital Partners Sells Two Apartment Communities in Maryland for $88.7M

by John Nelson December 2, 2015

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.

December 2, 2015

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