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DevelopmentHealthcareMarylandMixed-UseRetailSoutheast

Greenebaum, St. John Properties Break Ground on Final Three Buildings at Maple Lawn in Fulton, Maryland

by John Nelson

FULTON, MD. — A joint venture between Greenebaum Enterprises and St. John Properties has broken ground on the final three commercial buildings at Maple Lawn, a 605-acre mixed-use development in Fulton, a city in the Baltimore-Washington corridor. The properties, all of which are being developed on a speculative basis, include two medical office buildings and an inline retail building cumulatively totaling 85,000 square feet. All three buildings are positioned along Maple Lawn’s northern entrance near Maple Lawn Boulevard and Johns Hopkins Road. Upon the expected delivery in late 2025, Maple Lawn will total 1.8 million square feet of Class A offices, industrial facilities, research-and-development space, medical offices, shops and restaurants, as well as 1,300 residences. Maple Lawn is home to a variety of businesses, including Cisco Systems, DataTribe, Johns Hopkins Medicine, KBR, Kennedy Krieger, New Day, Presidio, Raytheon and Window Nation. 

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Market ReportsMarylandMultifamilySoutheastSoutheast Market Reports

Why Multifamily Investors Need to Take a Deeper Dive Into Charm City

by John Nelson

By Christine Espenshade of Newmark Baltimore is an often-overlooked gem of a city along the Northeast Corridor between Washington, D.C., and New York City. This waterfront town is home to two major sports teams, a world-class symphony and art museums that rival those in the best cities around the world.  Baltimore is more often referenced as the location for various crime TV shows rather than being known as home to two of the top medical facilities in the world — Johns Hopkins Hospital and the University of Maryland Medical System — Johns Hopkins University, and headquarters for famous companies such as Under Armour, T. Rowe Price and McCormick Spices.  The multifamily market in Baltimore is also often overlooked by investors in favor of larger cities. However, to spur the development of top-quality rental products, Baltimore City and Baltimore County offer lucrative property tax abatements for new developments.  The region continually sees consistent population growth due to the “eds and meds” nature of the economy, and the lower cost of living when compared to D.C. or Philadelphia attracts a well-educated workforce looking to enjoy the live-work-play lifestyle. The popularity of Baltimore for employers and employees is evident when considering the 35,000 …

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Leasing ActivityMarylandRetailSoutheast

Continental Realty Corp. Signs Crunch Fitness to 30,973 SF Retail Lease in Hagerstown, Maryland

by John Nelson

HAGERSTOWN, MD. — Continental Realty Corp. (CRC) has signed Crunch Fitness to a 30,973-square-foot retail lease in Hagerstown, a suburb of Washington, D.C. The fitness concept will backfill a former Bed Bath & Beyond space at Centre at Hagerstown, a nearly 300,000-square-foot regional shopping center located at 17850 Garland Groh Blvd. The lease brings the occupancy rate of the shopping center to 97 percent. Melissa Sweeney of CRC, along with Matt Copeland and Michael Patz of KLNB Retail, represented the landlord in the lease deal. Ryan Wilner of KLNB Retail represented the tenant.

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Market ReportsMarylandMixed-UseRetailSoutheastSoutheast Market Reports

Adaptive Reuse Projects, Value-Oriented Concepts Star in Baltimore’s Retail Story

by John Nelson

Mirroring sentiments expressed at the year-end ICSC conference in New York City, with the national vacancy rate hovering around 5 percent and new concepts anxious to take a foothold in the area, there continues to be tremendous optimism for the retail sector in the greater Baltimore metropolitan region.  Although ground-up development projects remain rare locally, several high-profile adaptive projects are in the works that are placing smiles on brokers’ faces because they have something to lease. Value-oriented retailers, together with quick-service restaurant (QSR) concepts, are showing the most activity.  Adaptive reuse The redevelopment of the iconic Harborplace festival marketplace (more on that later) is grabbing all the headlines in Charm City, but the adaptive reuse of Baltimore’s Penn Station — the epitome of a transit-oriented development and the renovation of a historic industrial building at Riverside in South Baltimore — are happening now.  Beatty Development Group and Cross Street Partners are partnering with Amtrak to transform the train station originally developed in 1911 into a mixed-use project combining 1 million square feet of commercial office, retail and residential space. Destination retail and restaurants are a central core of the program. Urban Pastoral and The Wilhide Family are transforming the 135-year-old …

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DevelopmentMarylandMixed-UseNAISoutheast

NAI Michael Cos. to Develop 600,000 SF Mixed-Use Project in Bowie, Maryland

by John Nelson

BOWIE, MD. — NAI Michael Cos. will develop South Lake Marketplace, a 600,000-square-foot mixed-use project within the $1.3 billion South Lake development underway in Bowie, a city in suburban Maryland that is roughly equidistant from Baltimore and Washington, D.C. Karington LLC, an affiliate of NAI Michael Cos., owns South Lake, which also features residential units being developed by Chesapeake Realty Partners. South Lake Marketplace will feature a grocery anchor, as well as other retail, restaurant, sports entertainment and hospitality concepts. The development will be situated adjacent to Liberty Sports Park, which features 10 professional sports fields and attracts 344,000 tournament attendees annually, according to NAI Michael Cos. The ceremonial groundbreaking for South Lake Marketplace is expected to take place in May or June.

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IndustrialLeasing ActivityMarylandOfficeSoutheast

St. John Properties Signs Clinical Research Firm to 116,000 SF Lease Expansion in Frederick, Maryland

by John Nelson

FREDERICK, MD. — St. John Properties has signed a lease extension and expansion with Precision for Medicine at Riverside Tech Park, a 70-acre business and research and development (R&D) property in Frederick. Precision for Medicine, a clinical research organization, has occupied space at the park since 2006. Precision for Medicine currently occupies 75,000 square feet at 8425 Precision Way. With the new agreement, the tenant will occupy an additional 41,040 square feet at 8440 Broadband Drive, a new 52,080-square-foot flex R&D building at the development, utilizing the building for office and laboratory space. St. John Properties recently completed construction at Riverside Tech Park, which comprises more than 750,000 square feet across 14 buildings. The development is located adjacent to the National Cancer Institute (NCI) and is within a mile of the Frederick Municipal Airport.

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AcquisitionsHospitalityMarylandSoutheast

JLL Brokers Sale of 154-Room Hampton Inn Hotel in Metro D.C.

by John Nelson

OXON HILL, MD. — JLL’s Hotels & Hospitality group has brokered the sale of Hampton Inn & Suites National Harbor/Alexandria Area, a 154-room hotel located at 250 Waterfront St. in Oxon Hill. The sales price was not disclosed, but Washington Business Journal reports the asset traded for $47 million. Situated along the Potomac River about 11.5 miles south of Washington, D.C., the 11-story hotel is located across the street from The Gaylord National Resort and Convention Center. The hotel features a business center, fitness center, complimentary breakfast, indoor pool and meeting space. Ketan Patel, Phil White and Vasilis Halakos of JLL represented the seller and procured the buyer. Both parties requested anonymity.

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LoansMarylandRetailSoutheast

JLL Secures $22M Refinancing for Arundel Plaza Shopping Center in Glen Burnie, Maryland

by John Nelson

GLEN BURNIE, MD. — JLL has secured a $22 million loan for the refinancing of Arundel Plaza, a 282,039-square-foot shopping center located at 6620 Governor Ritchie Highway in Glen Burnie, a southern suburb of Baltimore. Michael Klein, Jon Mikula, Evan Parker and John Cumming of JLL arranged the five-year, fixed-rate loan through a life company lender on behalf of the Singapore-based borrower, United Hampshire U.S. REIT. Arundel Plaza was fully leased at the time of financing to tenants including Lowe’s Home Improvement, Giant Food, Jersey Mike’s, FedEx, Hook & Reel, Panda Express and Chipotle Mexican Grill. The six-building property was built in 1967 and renovated in 2017.

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DevelopmentMarylandMixed-UseSoutheastStudent Housing

LV Collective to Develop 299-Unit Student Housing Project Near University of Maryland

by John Nelson

COLLEGE PARK, MD. — LV Collective has announced plans to develop a 299-unit student housing development at 8133 Baltimore Ave. near the University of Maryland campus in the Lakeland neighborhood of College Park. The property is set to include 13,000 square feet of retail space, alongside a ground-level coffee shop and second-floor coworking space. The project will also feature a community center developed in collaboration with the Lakeland Civic Association and the Lakeland Community Heritage Project. The space will include a library and large flexible space for functions including presentations, art galleries and gatherings. The development team for the project, which is scheduled for completion in fall 2027, includes WDG Architecture, Bohler Engineering, John Moriarty & Associates and US-EcoLogic. Further details on the community were not disclosed. The development is LV Collective’s first in the state of Maryland.

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DevelopmentMarylandRestaurantRetailSoutheast

Slim Chickens Signs Franchise Deal for Seven New Restaurants in Maryland

by John Nelson

FAYETTEVILLE, ARK. — Fayetteville-based fast casual restaurant chain Slim Chickens has signed a franchise deal for seven new restaurants in the state of Maryland. Franchisee DDR Holdings, a venture between brothers Darrin and Dennis Atlas, will open the units. DDR Holdings currently owns and operates two Slim Chickens stores in the state. The Slim Chickens brand has opened in more than 255 locations across the United States and the UK, with more than 1,200 stores currently in development.

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