Maryland

St. John Properties Begins Construction on Retail Space at Office Park in Baltimore County

by John Nelson July 7, 2015

MILFORD MILL, MD. — St. John Properties Inc. has started construction on 9,500 square feet of additional retail space within Windsor Office Park in Milford Mill, a city in Baltimore County. The speculative inline space is located at 2835 N. Rolling Road, adjacent to an existing Wawa gas station. The retail space will address the need for restaurants and shopping that can be accessed during lunch hours by the existing business community in the area. St. John Properties expects to have the space available for occupancy in late 2015.

July 7, 2015

Affordable Housing Loans Maryland Multifamily Southeast

KeyBank Provides $18.5M Loan for Affordable Housing Community in Maryland

by John Nelson July 1, 2015

FORT WASHINGTON, MD. — KeyBank Real Estate Capital has provided an $18.5 million acquisition loan for Henson Creek Manor, a 210-unit affordable housing community in Fort Washington. Caleb Marten of KeyBank arranged the Freddie Mac loan on behalf of the undisclosed buyer. The apartment community was constructed in two phases between 1994 and 1998. The older part of the development is limited to residents with 50 percent of the average median income and the second portion is limited to residents with 60 percent of area median incomes.

July 1, 2015

Industrial Maryland Southeast

CBRE Arranges 122,044 SF Industrial Lease in Metro Baltimore

by John Nelson June 11, 2015

COLUMBIA, MD. — CBRE has arranged a lease on behalf of Deutsche Asset & Wealth Management for 122,044 square feet at Gateway Commerce Center in Columbia, a suburb of Baltimore. The property is situated near I-95, Baltimore/Washington International Thurgood Marshall Airport and Columbia Town Center. National Retail Systems Inc., which includes Keystone Freight Corp. and National Retail Transportation Inc., will utilize the property at 8700 Robert Fulton Drive to provide logistics support for T.J. Maxx. Built in 1971 and remodeled in 1997, Gateway Commerce Center spans more than 48.7 acres with a total of 700,945 square feet and features dock and drive-in loading, an ESFR sprinkler system and 28- to 50-foot clear heights. John Wilhide and Ed Harris of CBRE represented the landlord in the lease transaction.

June 11, 2015

Maryland Office Southeast

HFF Brokers $63.5M Sale of, Arranges Financing for Downtown Bethesda Office Building

by John Nelson June 5, 2015

BETHESDA, MD. — HFF has brokered the $63.5 million sale of Bethesda Office Center, a 174,449-square-foot, Class A office building located at 4520 East-West Highway in downtown Bethesda. The office property is located at the intersection of East-West Highway and Waverly Street, one block from the Bethesda Metrorail Station. Jim Meisel, Dek Potts, Andrew Weir, Stephen Conley, Matthew Nicholson and Robert Jenkins of HFF represented the seller, AEW Capital Management LLC, in the transaction. HFF also arranged acquisition financing on behalf of the undisclosed buyer. Cary Abod and Robert Carey of HFF arranged the fixed-rate loan through JP Morgan Chase Bank, NA.

June 5, 2015

Baltimore Washington Logistics Center Jessup

Industrial Maryland Southeast

Manekin, AEW Purchase 730,000 SF Distribution Center for $45.3M

by John Nelson May 27, 2015

JESSUP, MD. — A joint venture between Columbia, Md.-based Manekin LLC and Boston-based AEW Capital Management has purchased the 60-acre Baltimore Washington Logistics Center. The 730,000-square-foot property is located at 7600 Assateague Drive in Jessup, roughly halfway between Baltimore and Washington, D.C. The Baltimore Business Journal reports that the joint venture, named MCA Assateague JV LLC, purchased the facility for $45.3 million from Madison-SP Assateague LLC, a joint venture between New York Life Real Estate Investors and Mosaic Realty Partners. The facility was formerly occupied by Giant Food and was used as the grocer’s main dry-goods warehouse until 2013. In addition to expanding the existing building by 120,000 square feet, the new ownership plans to speculatively develop an additional 160,000-square-foot industrial building on the site. Once the expansion is complete, the site will still be able to accommodate at least 400 trailer parking spaces, which is one of the largest counts in the region. Manekin LLC’s Owen Rouse and John Graham put the deal together as investment advisors and also represented the ownership group in the acquisition, while Cris Abramson and Brian Kruger with Cushman & Wakefield represented the seller. The new ownership has selected Michael Elardo, Jared Ross and …

May 27, 2015

Maryland Mixed-Use Southeast

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

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