Maryland

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

Hospitality Loans Maryland Southeast

Meridian Capital Arranges $13.6M Financing for Two Hotels in Aberdeen

by John Nelson April 22, 2015

ABERDEEN, MD. — Meridian Capital Group has arranged $13.6 million in bridge and construction financing for two hotels in Aberdeen, roughly 32 miles north of Baltimore via I-95. The borrower, Cross Roads Hospitality, will use the financing to reposition an existing property at 793 W. Bel Air Ave. as an 80-room LaQuinta Inn & Suites hotel and construct a new 98-room Hampton hotel. Tal Bar-Or, Beau Williams and Judah Neuman of Meridian Capital Group’s New York City office arranged the two-year bridge and construction loan through a national bridge lender. The loan features interest-only payments for the full term.

April 22, 2015

Loans Maryland Retail Southeast

Cronheim Arranges $52.7M Loan for THE AVENUE at White Marsh

by John Nelson April 17, 2015

BALTIMORE — Cronheim Mortgage Corp. has arranged $52.7 million in financing for THE AVENUE at White Marsh, a 298,000-square-foot main street lifestyle center in Baltimore’s White Marsh community. Constructed in 1997, THE AVENUE’s tenant roster includes a 16-screen AMC Theatre with an IMAX screen, Ulta Beauty, Chico’s, Old Navy, Starbucks, A.C. Moore, Staples, Carter’s, Famous Footwear and Pier 1 Imports. Andrew Stewart and Dev Morris of Cronheim arranged the seven-year, interest-only loan with a fixed interest rate of 3.35 percent on behalf of the borrower, Federal Realty Investment Trust.

April 17, 2015

Maryland Multifamily Southeast

MAC Realty Advisors Raises $22M in JV Equity for Metro Baltimore Apartment Community

by John Nelson April 7, 2015

LINTHICUM, MD. — MAC Realty Advisors LLC has placed approximately $22 million in joint venture equity for the development of Alexan Concorde Circle, a 310-unit apartment community in Linthicum, roughly 10 miles south of Baltimore. The 11.4-acre site is located off of Nursery Road and is one mile from the Baltimore Washington International Thurgood Marshall Airport, Amtrak and MARC stations. MAC placed the equity through an unnamed private equity real estate fund on behalf of the developer, Trammell Crow Residential. Trammell Crow will break ground on the project in the second quarter and will deliver the first units in the third quarter of 2016.

April 7, 2015

Industrial Maryland Southeast

Transwestern Brokers Sale of Two Industrial Assets in Maryland Totaling $23.9M

by John Nelson March 26, 2015

FREDERICK, MD. — Transwestern has brokered the sale of two industrial properties in Frederick totaling $23.9 million on behalf of the seller, Ruppert Properties. Cabot Properties purchased Stanford Trading Center, a four-building, 175,380-square-foot industrial campus, for $15.9 million. Flying Dog Brewery purchased The Brewery Building, a 46,200-square-foot asset located at 4607 Wedgewood Blvd., for $8 million. Flying Dog is the sole occupant of The Brewery Building. Transwestern’s Mark Glagola and Robert Filley, who is now with Marcus & Millichap, brokered the transaction. Bill Meissner of Ruppert Properties worked with the Transwestern team to facilitate the transaction.

March 26, 2015

Maryland Office Southeast

COPT Acquires 24-Story Office Building in Baltimore for $63.5M

by John Nelson March 23, 2015

BALTIMORE — Corporate Office Properties Trust (COPT) has acquired a 24-story office building located at 250 W. Pratt St. in Baltimore’s Pratt Street Corridor for $63.5 million. The 368,200-square-foot property was approximately 95 percent leased at the time of sale to tenants such as Pandora, University of Maryland Faculty, University of Maryland Medical Systems and GSA-U.S. Probation and Parole Office. The office building has direct access to I-95 and sits caddy-corner to Oriole Park at Camden Yards. As of Dec. 31, 2014, COPT’s portfolio consisted of 173 office properties totaling 16.8 million square feet.

March 23, 2015

Maryland Multifamily Southeast

CBRE Brokers $71.8M Sale of Apartment Community in Metro D.C.

by John Nelson March 9, 2015

BOWIE, MD. — CBRE has brokered the sale of Meridian at Bowie, a 384-unit multifamily community in Bowie, a Maryland suburb of Washington, D.C. Friedkin Realty Group purchased the apartment community from an undisclosed seller for $71.8 million. Bill Roohan, Mike Muldowney, Andy Boyer, Brian Margerum, Michael Rudolph, Jonathan Greenberg and Martha Hastings of CBRE’s multifamily investment properties team in Washington, D.C., represented the seller in the transaction.

March 9, 2015

999 Corporate Boulevard Linthicum Maryland

Maryland Office Southeast

DTZ Brokers $6.5M Sale of Class A Office Building in Baltimore-Washington Corridor

by John Nelson March 6, 2015

LINTHICUM, MD. — DTZ has brokered the $6.5 million sale of a Class A office building located at 999 Corporate Blvd. within the Airport Square Business Park in Linthicum, a city in the Baltimore-Washington Corridor. Heritage Properties purchased the 67,384-square-foot property from LNR Partners LLC. Jonathan Carpenter, Nicole Keelty and Graham Savage of DTZ’s capital markets team in Baltimore represented LNR in the transaction.

March 6, 2015

Loans Maryland Mixed-Use Southeast

Cronheim Mortgage Secures $16.2M Loan for Mixed-Use Property in Maryland

by John Nelson March 5, 2015

ELKTON, MD. — Cronheim Mortgage has secured a $16.2 million loan for a mixed-use property located on East Pulaski Highway in Elkton, a town near the Maryland-Delaware border. The property includes a 78,800-square-foot medical office building converted from a former Walmart, a 5,000-square-foot build-to-suit urgent care center and an Olive Garden pad site. David Turley and Janet Proscia of Cronheim Mortgage structured the 10-year loan with a 30-year amortization schedule on behalf of the borrower. The funding retired existing debt on the property and enabled the owner to recover equity.

March 5, 2015

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