Maryland

Chesapeake Real Estate, USAA Real Estate to Build 571,000 SF Distribution Center

by John Nelson October 22, 2014

ABERDEEN, MD. — Baltimore-based Chesapeake Real Estate Group LLC and its financial partner, San Antonio-based USAA Real Estate Co., have acquired a 48.4-acre tract of land in Aberdeen for the development of Perryman Logistics Center. The 571,000-square-foot project will be located at 610 Chelsea Road. Chesapeake and USAA expect to deliver the distribution center in the summer of 2015. Bill Pellington, Toby Mink and Jon Casella of CBRE represented the buyers in the land transaction. Chesapeake and USAA have also retained the CBRE team to market and lease the property, which is being developed on a speculative basis. The seller was FO Mitchell Bro. Once complete, the property will feature 36-foot clear heights, 175 rear-loading docks, two drive-in docks, a 130-foot truck court and an adjacent 500-space parking lot.

October 22, 2014

Loans Maryland Southeast

Dougherty Funding Provides $16.5M Construction Financing for Commons at Largo

by John Nelson October 22, 2014

UPPER MARLBORO, MD. — Dougherty Funding LLC has provided a $16.5 million construction bridge loan for the Commons at Largo, a multifamily development in Upper Marlboro. When complete, Commons at Largo will include approximately 1,600 Class A multifamily units, parking structures and ground-level retail space. Dougherty Funding provided the loan to Commons at Largo LP. Dougherty serves as the lead lender, disbursing agent and servicer for the loan.

October 22, 2014

Maryland Restaurant Retail Southeast

True Food Kitchen Leases Space on Ground Floor of Upscale Bethesda Apartment Building

by John Nelson October 21, 2014

BETHESDA, MD. — Washington Property Co. has signed True Food Kitchen to occupy street-level space at Solaire Bethesda, an upscale apartment building located at the corner of Wisconsin and Woodmont avenues in Bethesda. Solaire Bethesda broke ground this summer and is expected to open in 2016. The 6,400-square-foot restaurant will be True Food Kitchen’s second property in the Washington, D.C. metropolitan area. Lee Engle of Streetsense and Joshua Gurland of WPC represented WPC in the lease transaction. Tom Papadopoulos of Papadopoulos Properties represented Phoenix-based Fox Restaurant Concepts in the transaction.

October 21, 2014

Maryland Retail Southeast

Finmarc Management Acquires Maryland Shopping Center for $28.4M

by John Nelson October 17, 2014

CALIFORNIA, MD. — Finmarc Management has purchased Wildewood Shopping Center, a 292,000-square-foot regional shopping center located in California in St. Mary’s County, for $28.4 million. The shopping center was 95 percent leased at the time of sale to tenants such as Bed Bath & Beyond, DSW Shoe Warehouse, Outback Steakhouse, JC Penney and Belk. Sandra Hunt of Scheer Partners represented the seller, SJS Wildewood LP based in New Jersey, in the transaction.

October 17, 2014

Industrial Maryland Southeast

CBRE Closes $27M Sale of Three Maryland Industrial Properties

by John Nelson October 7, 2014

JESSUP AND SAVAGE, MD. — CBRE has brokered the $27 million sale of three industrial facilities totaling 429,100 square feet in the Baltimore-Washington Corridor. The portfolio of properties is located at 8263-8265 Patuxent Range Road in Jessup and 8700 Larkin Road in Savage. An affiliate of Industrial Property Trust Inc. purchased the three assets from Colony Realty Partners. Bo Cashman, Jonathan Beard and Mike Roden of CBRE’s Baltimore office brokered the transaction.

October 7, 2014

Maryland Retail Southeast

Greysteel Arranges $12.3M Sale of Shopping Center in Baltimore City

by John Nelson October 7, 2014

BALTIMORE CITY, MD. — The Greysteel Co.’s Mid-Atlantic retail investment sales team has brokered the $12.3 million sale of Belair Edison Crossing, a grocery-anchored shopping center located at 2401 Belair Road in Baltimore City. The 204,000-square-foot asset was fully leased at the time of the sale to tenants such as Food Depot, Dollar General, Forman Mills, Maxway, B. Green Cash and Carry and the Social Security Administration. Gil Neuman of Greysteel led the team that represented the seller, 2401 Belair LLC, and procured the buyer, Belair Edison Investors LLC.

October 7, 2014

Hospitality Maryland Southeast

MCR Development Completes Renovations on Two Metro Baltimore Hotels

by John Nelson October 6, 2014

HANOVER, MD. — MCR Development LLC has completed renovations on two hotels in Hanover, a suburb of Baltimore. The assets are the 130-room Hampton Inn & Suites Arundel Mills/Baltimore at 7027 Arundel Mills Circle and the 131-room Residence Inn Arundel Mills/BWI Airport at 7035 Arundel Mills Circle. The renovations include upgrades to the lobby areas and the guestrooms.

October 6, 2014

Market Reports Maryland Southeast Southeast Market Reports

Baltimore Leading a ‘Charmed' Life With Spate of New Retail Developments

by admin August 4, 2014

The center cores of Baltimore and Washington, D.C., are located approximately 40 miles apart, and talk has renewed about the possibility of connecting the two metropolises by a Maglev rail system. The Baltimore/Washington region is generally considered the fourth largest in the country, boasting nearly 9 million people in the common area. But, when it comes time to rate the demographics, quality of life and overall attributes between the two, Baltimore assumes its secondary status in most comparisons, especially among some professionals in the retail real estate industry. Yet, given the recent successes of retail ventures that have opened in Baltimore City within the past year, prospects for future developments that promise to reinvigorate oft-neglected sections of the city and planned expansions of other mixed-use projects, Baltimore is currently enjoying a “charmed” life. The iconic advertising campaign for National Bohemian beer, which referred to Maryland as “The Land of Pleasant Living,” seems like an appropriate descriptor these days. The project that still has Baltimoreans buzzing is The Shops at Canton Crossing, the 330,000-square-foot retail shopping center situated within the city’s east side that opened last fall, and could easily serve as a national model for successful brownsfield development. Abandoned warehouse …

August 4, 2014

Market Reports Maryland Southeast Southeast Market Reports

Baltimore's Industrial Fundamentals Improve Slowly, Steadily

by admin July 21, 2014

Comprising approximately 155 million square feet of industrial space, the Baltimore industrial market continues to recover, albeit gradually, from the recession. Key drivers for the Baltimore metropolitan area include the Port of Baltimore, proximity to Washington, D.C., and direct accessibility to Interstate 95 and the major population centers along the Eastern seaboard. As of the end of the first quarter, the vacancy rate for the Baltimore industrial market was 9 percent, which is down from 13.3 percent at the depth of the recession. Vacant inventory has been gradually absorbed since the recession and market fundamentals continue to improve. Industrial product continues to be a favored asset class, and Baltimore is deemed to be a “core” market among private and public institutional investors. Rental Rates Warehouse rental rates throughout the Baltimore metropolitan market have increased from 2010 to 2014 as the local and national economy continues its slow recovery. Overall asking rates on a triple-net basis have increased approximately $1 per square foot since 2010 as the average asking rate for bulk industrial product was at $5.22 per square foot as of the first quarter of this year. As the vacancy rate has dropped in recent years, landlords have held firmer …

July 21, 2014

Market Reports Maryland Southeast Southeast Market Reports

Millenials Drive Strong Apartment Growth

by admin April 21, 2014

Baltimore, long known as a city that wore its grit as a badge of honor, is now shining with high-end multifamily developments and new in-town retail destinations. This city of neighborhoods has hit Forbes’ “hipster” list thanks to a vibrant arts scene, established and trendy restaurants, vital retail destinations and world-class attractions and events. These quality amenities make it possible for residents to work, shop, play and stay in the city, appealing to a growing young professional population. Baltimore’s strong economic base of higher education and health, coupled with the unwavering trend for convenient, quality city living, is driving a strong multifamily market. Delta Associates reports that the Baltimore area economy is experiencing above average growth. Despite losses in the state and local government sector, the unemployment rate remained steady at 6.9 percent in October 2013 compared to the national rate at 7.3 percent in the same period. The region is poised to experience long-term growth as a result of growth in sectors based in the Baltimore area, namely cyber-security, education and health. From December 2012 to December 2013, Delta notes that Baltimore’s Class A rents increased an average of 6 percent and stabilized occupancy is at 95 percent. Baltimore …

April 21, 2014

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