ANNAPOLIS JUNCTION, MD. — Terreno Realty Corp. has purchased a 115,000-square-foot distribution center in Annapolis Junction for approximately $10.4 million. The industrial property is located at 9070 Junction Drive approximately three miles from Fort Meade in the central Baltimore/Washington corridor. The property consists of 25 dock-high loading bays and five grade-level loading positions. The building is currently 38 percent leased to two tenants.
GAITHERSBURG, MD. — Phillips Realty Capital (PRC) has structured a $51 million construction/permanent loan for the next phase of the 125-acre Watkins Mill Town Center in Gaithersburg. The Majestic at Watkins Mill will be a five-story structure with 243 residential units, 10,500 square feet of retail space, landscaped terraces with fountains, a dog wash and theater room. The design team includes developer BP Realty Investments LLC — a joint venture between Kline & Associates and Henry Investments — and Donohoe Construction Co. Stephen Shaw, Jr. and Daniel Shiff of PRC arranged the loan through Cardinal Bank and Burke & Herbert Bank on behalf of BP Realty Investments.
BALTIMORE — HREC Investment Advisors has brokered the sale of the 104-room Wyndham Baltimore in Baltimore’s Mt. Vernon district. Kevin Hanley, Ketan Patel and Geoff Davis of HREC represented the seller, Mt. Vernon Square Inc., in the transaction. The property is situated adjacent to the Walters Art Museum, Peabody Institute of Music at The John Hopkins University and the Washington Monument.
BALTIMORE — St. John Properties Inc. has plans to initiate construction on three new speculative office buildings totaling approximately 90,000 square feet at Baltimore Crossroads, a master-planned, 1,200-acre mixed-use park in the White Marsh section of Baltimore County. Baltimore Crossroads is configured to support more than 5 million square feet of office, research & development/flex, warehouse, industrial, retail and hotel space. St. John Properties leased more than 100,000 square feet of office/flex space to eight Baltimore Crossroads tenants in the fourth quarter of 2014. The new tenants include Pro Transport, Social Solutions, All-Pro Team Sports, Sovereign, Evolution Physiotherapy, Performance Contracting, Skillforce, The Mallow Bar and 24-Hour Dependable Medical Supplies.
WHITE MARSH, MD. — American Tire Distributors has signed a 138,240-square-foot lease with Chesapeake Real Estate Group LLC for warehouse and distribution space at 11503 Pocomoke Court, a new building under construction in the Baltimore Crossroads @95 business community near White Marsh in Baltimore County. The international tire supplier expects to take occupancy upon completion of the building in fall 2015. Baltimore Crossroads @95 is a 1,000-acre mixed-use business community configured to support more than 6 million square feet of Class A office, R&D/flex, warehouse and industrial and retail space, as well as residential components that include a luxury apartment complex, condominiums, townhomes and single-family homes.
BELCAMP, MD. — DTZ has arranged a 100,000-square-foot lease renewal of warehouse space at Riverside Distribution Center in Belcamp, roughly 26 miles northeast of Baltimore along I-95. Exeter Property Group owns the 599,000-square-foot Riverside Distribution Center. The tenant, Aaron’s, a furniture and home appliances retailer, will use the warehouse for distribution and fulfillment purposes for the Mid-Atlantic region. Michael Walsh, Kirk Diamond and Erin Smith of DTZ represented Aaron’s in the lease transaction.
BETHESDA, MD. — HFF has secured $103 million in refinancing for an 11-story, 274,526-square-foot office building located at 7200 Wisconsin Ave. in downtown Bethesda. HFF secured the four-year, floating-rate loan with a one-year extension option through SunTrust Bank on behalf of the borrower, The JBG Cos. The office building’s tenants include Edens, Linowes & Blocher, Singapore Economic Development, University Research, Enviva and StonebridgeCarras. Sue Carras, Walter Coker, Brian Crivella, Neil Campbell and Nicole Snarski of HFF made up the debt placement team. The JBG Cos. plans to use the loan to fund tenant and capital improvements, leasing commissions and the construction of additional street-level retail, according to HFF.
BALTIMORE — Pro Transport Inc., a private transportation and logistics company, has signed a lease for 51,120 square feet of industrial space within Baltimore Crossroads, a master-planned 1,200-acre mixed-use business park in the White Marsh area of Baltimore County. Pro Transport will occupy 100 percent of the R&D/flex facility located at 11630 Crossroads Circle, which is currently under construction. The company will relocate to the property upon completion in the spring. The single-story property is being constructed to achieve LEED Gold certification. The landlord, St. John Properties Inc., was internally represented by Matt Lenihan in the lease transaction. Lenihan also represented Pro Transport.
FREDERICK, MD. — Enterprise Homes and SunTrust Bank are teaming up on the $24.6 million renovation of Taney Village Apartments in Frederick. Constructed in 1978, the building features 130 one-bedroom affordable homes designated for seniors and adults with disabilities earning up to 60 percent of the area median income. Thirteen of the apartments are reserved for residents with disabilities. The renovation will include new energy-efficient windows, heating and air conditioning, kitchens, appliances and bathrooms. Common areas including hallways, corridors and lobbies, the community room, fitness room and laundry facilities will also undergo renovations with new lighting, flooring, paint and furniture. New elevators will also be installed. The development cost will be funded through a combination of Low-Income Housing Tax Credit equity and loans provided by SunTrust Bank, as well as loans from Wells Fargo Bank, Bank of America, the Maryland Department of Housing and Community Development and Frederick County. The design team includes general contractor Plano-Coudon, architect Grimm + Parker and property manager Habitat America. Renovations will be completed by fall 2015.
GAITHERSBURG, MD. — Retail Properties of America Inc. (RPAI) has purchased the retail portion of Downtown Crown, a Class A, mixed-use development in Gaithersburg, a suburb of Washington, D.C. RPAI purchased the 258,000 square feet of retail space from The JBG Cos. and JBGR Retail for $162.8 million. The retail component includes a Harris Teeter-anchored neighborhood center and a lifestyle center housing tenants such as Coastal Flats, Ted’s Montana Grill, Old Town Pour House and Ruth’s Chris Steakhouse. The retail portion of Downtown Crown opened in phases beginning in the fourth quarter of 2013 and is currently 77.5 percent leased.