Maryland

Enterprise Homes, SunTrust Team Up for $24.6M Renovation of Affordable Housing Project

by John Nelson January 14, 2015

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.

January 14, 2015

Maryland Mixed-Use Southeast

Retail Properties of America Acquires Retail Portion of Downtown Crown in Metro D.C. for $162.8M

by John Nelson January 13, 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.

January 13, 2015

Industrial Maryland Southeast

Tribune Media Sells Printing Facility in Baltimore for $46.5M

by John Nelson December 22, 2014

BALTIMORE — Tribune Media Co. has sold its printing facility at 300 E. Cromwell St. in Baltimore for $46.5 million. The 60-acre property holds the printing facility for The Baltimore Sun, a Tribune-owned newspaper that currently has a long-term lease on the property. The net proceeds after transaction costs and taxes are slated to be roughly $30 million. The buyer was undisclosed.

December 22, 2014

Maryland Multifamily Southeast

Federal Capital Buys Maryland Apartment Community for $21.8M

by John Nelson December 2, 2014

FORESTVILLE, MD. — Federal Capital Partners has acquired Regency Square, a 366-unit apartment community in Forestville, for $21.8 million in an off-market transaction. Federal Capital will invest roughly $8 million of upgrades to Regency Square’s common areas and building systems after closing. The property is Federal Capital’s ninth apartment community acquisition in 2014. Federal Capital has retained Gates Hudson to manage the property. Robin Williams, Dean Sigmon and Justin Shay of Transwestern represented the undisclosed seller in the transaction. Capital One Bank provided acquisition and renovation financing on behalf of Federal Capital.

December 2, 2014

Maryland Multifamily Southeast

UIP, Criterion Acquire Two Apartment Complexes in Maryland for $39.3M

by John Nelson November 20, 2014

LAUREL AND GLEN BURNIE, MD. — Urban Investment Partners (UIP) and Criterion Holdings have acquired two apartment communities in Maryland totaling 385 units for $39.3 million. The properties include the 235-unit Laurel Pines at 14601 Bowie Road in Laurel and the 150-unit Country Club Apartments at 7491 E. Furnace Branch Road in Glen Burnie. An affiliate of Starr Cos. provided equity for the transaction, making Starr Cos. a part of the new ownership group. CBRE’s Mid-Atlantic multifamily investment sales team represented the seller, a partnership between Boston-based Intercontinental Real Estate and Sawyer Realty Holdings, in the transactions. UIP Property Management Inc. will manage the day-to-day operations at both communities, and UIP Asset Management will oversee capital improvements at both properties.

November 20, 2014

Industrial Maryland Southeast

Chesapeake Real Estate Group Breaks Ground on Warehouse/Distribution Center in Baltimore County

by John Nelson November 19, 2014

WHITE MARSH, MD. — Chesapeake Real Estate Group LLC has begun construction on a speculative 100,685-square-foot warehouse/distribution center located at 11501 Pocomoke Court in White Marsh, an unincorporated community in Baltimore County, roughly 12 miles northeast of Baltimore. The property will be located in the Baltimore Crossroads @95 business community, a 1,000-acre mixed-use business park. Carpet Consultants, a provider of residential and commercial flooring products, signed a lease with Chesapeake for roughly 18,000 square feet of space, or 20 percent of the building. The company will relocate its entire operation to the project upon completion. The property will feature 28-foot clear heights, 21 rear-loading docks, two drive-in doors, a 125-foot truck court and a surface parking lot. Chesapeake plans to deliver the property in the first quarter of 2015.

November 19, 2014

Maryland Multifamily Seniors Housing Southeast

Cassidy Turley Brokers Sale of Seniors Housing Community in Maryland

by John Nelson November 10, 2014

BERLIN, MD. — Cassidy Turley has brokered the sale of Gull Creek Senior Living Community in Berlin. The 86-unit seniors housing property is composed of 39 independent living units, 37 assisted living units and 10 memory care units. Allen McMurtry, Megan Fetter and David Kliewer of Cassidy Turley represented the undisclosed seller in the transaction. The buyer was an affiliate of WMD Asset Management LLC.

November 10, 2014

Maryland Retail Southeast

Greysteel Arranges $2.5M Sale of The Shops at Federal Hill in Baltimore

by John Nelson November 7, 2014

BALTIMORE — The Greysteel Co. has brokered the $2.5 million sale of The Shops at Federal Hill, a 5,750-square-foot retail property located at 1100 Light St. in Baltimore’s historic Federal Hill neighborhood. The property is fully leased to Unleashed by Petco and Dunkin’ Donuts. Gil Neuman led the Greysteel’s Mid-Atlantic retail investment sales team in representing the seller, 28 Walker Development, as well as procuring the buyer, Federal Hill Shops LLC.

November 7, 2014

Maryland Office Southeast

CSG Partners Acquires Office/Flex Portfolio in Owings Mills for $13M

by John Nelson October 30, 2014

OWINGS MILLS, MD. — Baltimore-based CSG Partners LLC has purchased Owings Mills Business Center and Owings Mills Corporate Center, a four-building office/flex portfolio spanning 180,000 square feet in Owings Mills. CSG Partners purchased the single-story properties from First Potomac Realty Trust for $13 million. The buildings are 50 percent leased on average. Jonathan Carpenter, Nicole Keelty and Graham Savage of Cassidy Turley represented the seller. CSG Partners was self-represented in the transaction. CSG Partners will rebrand Owings Mills Business Center as Cronhill Corporate Centers I and II, and Owings Mills Corporate Center will become Cronridge Corporate Centers I and II. CSG Partners has selected Colliers International to market and lease Cronridge Business Center and Cronhill Corporate Center.

October 30, 2014

Healthcare Maryland Southeast

Scheer Partners Arranges Full-Building Healthcare Lease

by John Nelson October 24, 2014

ROCKVILLE, MD. — Scheer Partners has arranged a full-building, 33,800-square-foot lease at 9708 Medical Center Center Drive in the Center for Life Science | Shady Grove campus in Rockville. GlycoMimetics signed the lease with the building’s owner and operator, BioMed Realty Trust Inc. The property recently underwent extensive renovations, including the addition of a fitness center, shared conferencing facilities, covered walkway, upgraded landscaping, campus lighting, exterior finishes and campus signage. Henry Bernstein and Nathan Crowe of Scheer Partners represented BioMed Realty Trust in the lease transaction.

October 24, 2014

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