Maryland

Medical Office Tenant, Package Store Join Gateway at UTC in Metro D.C.

by John Nelson May 27, 2015

HYATTSVILLE, MD. — ECHO Realty and Bernstein Cos. have signed two new tenants to their Gateway at UTC mixed-use development in Hyattsville, a Maryland suburb seven miles northeast of Washington, D.C. The Gateway at UTC development is currently under construction and will be located along East-West Highway, between America Boulevard and Democracy Avenue. The two new tenants joining the development are MedStar Health and Town Center Wine & Spirits. MedStar will operate a primary care office and a MedStar PromptCare urgent care facility comprising 10,000 square feet on the second level of the commercial development. With the majority of parking situated on the second story, patrons will have drive-up access to both MedStar and Phenix Salon Suites, the other tenant to occupy the project’s upper level. On the first floor, Town Center Wine & Spirits will occupy 3,600 square feet at the north end of the street-level retail lining America Boulevard. The mixed-use development is currently 95 percent pre-leased to tenants such as Safeway, Unleashed by Petco and Le’s Nails. Safeway is on schedule to open this fall with other retailers opening soon thereafter.

May 27, 2015

Maryland Mixed-Use Southeast

Finmarc Management Sells Mixed-Use Building in Maryland for $6M

by John Nelson May 26, 2015

UPPER MARLBORO, MD. — Finmarc Management Inc. has sold a 108,000-square-foot mixed-use property at 9822 Fallard Court in Upper Marlboro for $6 million. The buyer, Chesapeake Lighthouse Foundation, plans to reposition the two-story asset as a new campus for Chesapeake Math and IT Academy (CMIT), a charter middle school and high school. Built in 1994, the building was previously the corporate headquarters for Mattress Discounters. Peter Burleigh and Lance Schwarz of NAI Michael represented Finmarc in the transaction. Over the past 24 months, Finmarc and its partners have acquired or sold nearly $400 million worth of properties. CMIT opened its first school in Prince George’s County in 2011.

May 26, 2015

Maryland Multifamily Southeast

Transwestern Brokers $76.3M Sale of Townhome Community in Glen Burnie

by John Nelson May 21, 2015

GLEN BURNIE, MD. — Transwestern has brokered the $76.3 million sale of The Coves at Chesapeake, a 469-unit townhome community in Glen Burnie, a city in the Washington-Baltimore corridor. Dean Sigmon and Robin Williams led Transwestern’s Mid-Atlantic Multifamily Group in representing both the buyer, Sage Management LLC, and the seller, Home Properties LP, in the transaction. This is the group’s third sale brokered in Anne Arundel County in the past nine months.

May 21, 2015

Loans Maryland Retail Southeast

NorthMarq Capital Arranges $5.3M Loan for Maryland Shopping Center

by John Nelson May 14, 2015

FREDERICK, MD. — NorthMarq Capital has arranged the $5.3 million refinance of Festival at Frederick, a 90,359-square-foot shopping center located at 430-490 Prospect Blvd. in Frederick. Todd Crouse of NorthMarq Capital’s Raleigh office arranged the 10-year loan with a 15-year amortization schedule through an unnamed life insurance company.

May 14, 2015

Maryland Retail Southeast

Greysteel Brokers $31.7M Sale of Shopping Center in Owings Mills

by John Nelson May 8, 2015

OWINGS MILLS, MD. — The Greysteel Co. has brokered the $31.7 million sale of New Town Village Center, a 117,593-square-foot grocery-anchored shopping center located at 9700-9780 Groffs Mill Drive in Owings Mills. Constructed in 1996, the shopping center was 98 percent leased at the time of sale to tenants such as Giant Food, Starbucks Coffee, Hair Cuttery, M&T Bank, Merritt Athletic and Ledo Pizza. Gil Neuman of Greysteel’s Mid-Atlantic office led the Greysteel team in representing the seller, Black Oak Associates LLC. Greysteel also procured the buyer, Inland Real Estate Group Inc.

May 8, 2015

Maryland Multifamily Seniors Housing Southeast

$11M North Street Senior Residences Opens in Maryland

by John Nelson May 4, 2015

ELKTON, MD. — The Community Builders Inc. (TCB) and Home Partnership Inc. have completed construction on the $11 million North Street Senior Residences at 214 North St. in Elkton. Several local officials, including Elkton Mayor Robert J. Alt and Cecil County Executive Tari Moore, attended the opening of the new affordable seniors housing community. The new development, built from a former historic county jail which was most recently a community center, brings 53 new units to Elkton area seniors. The one-bedroom apartments average over 600 square feet of living space with monthly rents ranging from $434 to $675. The two-bedroom apartments offer nearly 900 square feet with monthly rents ranging from $755 to $795 depending on resident income. North Street Senior Residences, which is managed by Habitat America, is the first TCB development in Maryland.

May 4, 2015

Odenton Meade Center All American Steakhouse & Sports Theatre

Maryland Mixed-Use Southeast

Baybridge Properties Breaks Ground on Mixed-Use Project in Metro Baltimore

by John Nelson April 30, 2015

ODENTON, MD. — Baybridge Properties has kicked off construction on Phase I of Meade Center, a mixed-use project in Odenton, roughly 20 miles south of Baltimore. Phase I comprises the All American Steakhouse & Sports Theatre, which is slated for a fall 2015 opening. Phase II includes a 29,800-square-foot center with roughly 14,300 square feet of ground-level retail space and 15,500 square feet of second-floor office space. Phase II is expected to be completed by the second quarter of 2016. Klein Enterprises/Metropolitan Management LLC will lease the asset. The Meade Center location in Odenton will be All American Steakhouse & Sports Theatre’s eighth location, according to owners George Jones and Brock Anderson.

April 30, 2015

TownePlace Suites by Marriott Arundel Mills BWI Airport

Hospitality Maryland Southeast

MCR Development Completes Renovation of Metro Baltimore Hotel

by John Nelson April 28, 2015

HANOVER, MD. — MCR Development LLC has completed the renovation of the TownePlace Suites by Marriott Arundel Mills BWI Airport in Hanover, roughly four miles from the Baltimore/Washington International Thurgood Marshall Airport. The 109-room hotel is located at 7021 Arundel Mills Circle. The renovation included updating the lobby with new furniture and carpeting, installing new lighting fixtures and updating the hotel’s signage. This is the eighth hotel in the metro Baltimore area that MCR Development has renovated in the past 10 months.

April 28, 2015

Maryland Retail Southeast

CBRE Brokers $19.5M Sale of Grocery-Anchored Center in Gaithersburg

by John Nelson April 24, 2015

GAITHERSBURG, MD. — CBRE’s National Retail Investment Group has brokered the $19.5 million sale of Goshen Crossing, a 78,456-square-foot grocery-anchored shopping center in Gaithersburg. Giant Food anchors the center and master ground leases the entire property on a long-term triple-net basis, occupying the majority of the center and subleasing the remaining portion to a mix of national and local tenants. The center was fully leased at the time of sale. Jeffrey Dunne, David Gavin, Bill Kent and Ryan Sciullo of CBRE represented the seller, GC Gaithersburg LLC, an entity controlled by Ceruzzi Properties. The CBRE team also procured the buyer, a private investor based in New York that acquired the asset as part of a 1031 tax-deferred exchange.

April 24, 2015

Maryland Multifamily Southeast

Wood Partners to Break Ground on $45M Multifamily Community in Downtown Columbia, Md.

by John Nelson April 22, 2015

COLUMBIA, MD. — Wood Partners LLC plans to break ground this month on Alta Wilde Lake, a $45 million, 230-unit multifamily community in downtown Columbia. The property will be located on 2.8 acres at 5420 Lynx Lane and be a component of the redevelopment at Wilde Lake Village Center. The property will feature two five-story apartment buildings connected via a three-level sky bridge over Lynx Lane. The property will feature a clubhouse with a sports lounge, café, business center, conference room, pet spa, bicycle storage and maintenance room, resort-style saltwater pool, fire pit, outdoor kitchen, grilling stations, fitness center and an aerobic studio. Alta Wilde Lake will also feature 5,000 square feet of ground-floor retail space. JDavis Architects designed the project, and Wood Residential Services will manage the property upon completion. Apartments will be available for lease in summer 2016.

April 22, 2015

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