Real Estate Weekly – 4/12/12
Posted: 12:35 pm Fri, April 13, 2012
GSA signs lease for space in Towson office building
The General Services Administration has leased 21,344 square feet of office space at Dulaney Center 1, a five-story, 127,628-square-foot office building at 849 Fairmount Ave. in Towson. The office will house the National Hearing Center. The GSA is the federal government’s procurement agency, responsible for leasing property that the government needs, among other duties. Douglas Brinkley, senior managing director/principal at Cassidy Turley, cited the building’s “compelling location between downtown Towson and the Baltimore beltway, abundant parking and access to amenities” as decisive factors for the tenants. Brinkley, Lizzy Sweeney and Andrew McIlvaine of Cassidy Turley’s Suburban North Office Group in Baltimore represented the landlord, Guardian Realty Management Inc., in the transaction. Jones Lang LaSalle represented GSA.
Yorkridge Shopping Center achieves 100% leasing
Yorkridge Shopping Center, a 180,000-square-foot shopping center at 20-22 W. Ridgley Road, in the Lutherville-Timonium submarket of Baltimore County, signed the last two tenants to leases, bringing it to 100 percent leased. Towson Hot Bagels & Deli and Massage Envy agreed to lease 3,079 square feet of space and 3,150 square feet, respectively. The shopping center at the intersection of York and Ridgely roads is anchored by Kohl’s Michaels and MOM’s Organic Market. Schwaber Holdings, a Pikesville-based, family-owned, real estate company, is the owner.
Historic tax credit task force schedules public meeting
The Preservation Services section of the Baltimore County Department of Planning has formed a task force to clarify a number of administrative issues relating to the types of properties and historic rehabilitation work eligible for the Baltimore County historic property tax credit. The task force’s objective is to establish clear written policies regarding these issues. The group, which held its first meeting on March 20, has scheduled the next meeting for Tuesday from 2 p.m. to 3:30 p.m. at 105 W. Chesapeake Avenue, Suite 101. The meeting is open to the public. For more information, call Karin Brown at 410-887-3495.
Rendering depicts Metro Centre plaza
Owings Mills Transit LLC, the company behind a new, mixed-use, Transit-Oriented Development called Metro Centre at Owings Mills, unveiled a rendering of the outdoor plaza area that will be the TOD’s focal and gathering point. The rendering depicts a conceptual view of the first phase of office, retail and residential buildings that will be constructed along Grand Central Avenue, the primary spine road that bisects the development. When completed, Metro Centre at Owings Mills is envisioned to contain more than 1.2 million square feet of commercial office space; 300,000 square feet of complementary retail space; 1,700 residential units; educational facilities totaling 120,000 square feet; and a hotel component offering up to 250 rooms. David S. Brown Enterprises Ltd., a full-service real estate company headquartered in Owings Mills, is managing the project.
Cardin tours site of new cancer research facility
U.S. Sen. Ben Cardin, D-Md., took a tour and received a briefing about the National Cancer Institute’s new Advanced Technology Research Facility, located at Riverside Research Park in Frederick. The ATRF is part of the NCI’s Frederick National Laboratory for Cancer Research, the only federally funded research and development center in the nation dedicated to biomedical research and development. The 330,000-square-foot facility will consolidate staff and operations now scattered among more than 30 buildings on the NCI campus of the Frederick National Lab, located within the perimeter of Fort Detrick. About 250 employees will move into the new facility when it opens, with up to 200 additional hires anticipated over the next five years.
Pebblebrook acquires San Francisco hotel
Pebblebrook Hotel Trust, of Bethesda, a real estate investment trust focused on luxury hotels in large U.S. coastal cities, said it acquired the Hotel Milano in downtown San Francisco for $30 million. Pebblebrook said it plans to invest between $8 million to $10 million over the next year in a complete renovation and repositioning of the 108-room, full-service hotel, including all guestrooms, public areas and the restaurant. It plans to rename the property upon completion of the renovation. The property will be managed by New York-based Viceroy Hotel Group, which manages two of Pebblebrook’s 21 hotels.
MDOT sees new Potomac bridge as unlikely
(AP) The Maryland Department of Transportation is throwing cold water on the prospect of a new Potomac River Bridge between Montgomery County and Northern Virginia. The Frederick News-Post reported that an MDOT spokesman said such a project could infringe on agricultural preservation efforts in Montgomery County. Spokesman Jack Cahalan said the state’s commitment to environmental protection and smart growth are other impediments to the project. Cahalan said officials of the two states discussed the topic last month at a meeting initiated by Virginia’s transportation department. Proponents say a new bridge could divert traffic from the Capital Beltway and allow drivers to bypass Washington.
Hagerstown Shopping Center acquired
(AP) Hagerstown Shopping Center is among five retail centers in four states purchased by Johnstown, Pa.-based Zamias Services Inc., an owner and developer of shopping centers. Bon Aviv Investment LLC of Englewood, N.J., is also involved in the deal, according to the Tribune-Democrat of Johnstown. The two companies paid $68 million for the properties owned by Kimco Realty Corp., of New Hyde Park, N.Y. Other properties in the package are The Center in Stockton, Calif.; Park Place in Vallejo, Calif.; Rivergate Station in Nashville, Tenn.; and Riverwalk Plaza in Charleston, W.Va. Zamias also owns the White Oaks Shopping Center in Cumberland, according to its website.
BDC receives Parkway Theatre proposals
The Baltimore Development Corp. said it received and is reviewing three responses to its Request for Proposals for redevelopment of three properties, including the former Parkway Theatre, at the intersection of Charles Street and North Avenue. Those responding were Property Consulting Inc. (Samuel Polakoff) and Toby Blumenthal; Maryland Film Festival/Cross Street Partners (Jed Dietz); and Station North Arts Co., consisting of Kevin Brown, Gregg Mason and David Sawyer. All propose renovating the theater in combination with entertainment, retail and other uses. The properties at 1820 N. Charles St., 1 W. North Ave. and 3 W. North Ave. — the theater building — were offered for redevelopment last December.
Wind power restrictions urged in Garrett
(AP) Some Western Maryland residents are urging the Garrett County Commissioners to impose restrictions on a proposed wind farm near Frostburg. The Cumberland Times-News reported that 39 people signed a petition urging the commissioners to impose setback provisions or other rules to protect families and homes near 24 turbines the Annapolis-based Synergics Group is considering building on Four Mile Ridge and neighboring Big Savage Mountain. Garrett County lacks a countywide land use ordinance enabling it to impose such restrictions. Meanwhile, both houses of the General Assembly passed a bill that would grant Garrett County the authority to impose setback and decommissioning provisions on wind farms.
Eastern Shore farm sold
An 800-acre agricultural property in Somerset County has been sold for $3.2 million, it was announced by Ben Alder, advisor with Sperry Van Ness – Miller Commercial Real Estate in Salisbury. The buyer, described as “a local family farm,” purchased the land for agricultural uses. Located near the town of Westover, the property consists of several parcels containing 600 acres of tillable agricultural land and 200 acres of woodland. “This represents the sale of a $3 million … small business [that] produces jobs and economic benefits to our community and other small businesses throughout the region,” Alder said.
The Bozzuto Group, a Greenbelt-based real estate services organization, named Timothy Phillips Land Acquisition Manager for Bozzuto Land Co., one of its six companies. In the position, he will be primarily responsible for finding opportunities for Bozzuto’s homebuilding and apartment development subsidiaries, and will help in the pursuit of new business opportunities for all of the company’s operations. Phillips was an investment real estate broker and advisor at Marcus & Millichap, where he managed a satellite branch office and represented and advised clients ranging from individuals to REITs on property acquisition and disposition in single asset and portfolio contexts. A graduate of the U.S. Naval Academy, Phillips holds a Master of Real Estate Development from the University of Maryland, and is pursuing a research degree in Sustainable Urban Development at the University of Oxford in the United Kingdom.
MacKenzie Retail LLC of Lutherville announced the hiring of Henry A. Deford and Michael J. Gioioso as Real Estate Advisors. They join a team whose other members are Senior Vice President/Principal John F. Harrington and John R. Schultz. Prior to joining MacKenzie, both Deford and Gioioso worked at JBL Real Estate, a boutique firm specializing in downtown Baltimore properties. Both are Baltimore natives. Deford holds a B.A. degree in business administration from Elon University in North Carolina. Gioioso, who has a family background in commercial real estate, also worked at Mid-Atlantic Properties, where he was responsible for the leasing and management of more than 400,000 square feet of office properties. A graduate of Mount St. Mary’s University, Gioioso spent three years playing professional baseball in the Baltimore Orioles minor league system.
St. John Properties Inc. reported leases at Lakeshore Plaza in Anne Arundel County signed by Olympia Sports, a sporting goods and apparel retailer that operates more than 200 locations throughout the Northeast and mid-Atlantic regions; CPR Cell Phone Repair; and Executive Wireless, a Verizon Wireless authorized agent with eight stores in the Maryland area. Olympia Sports, which will open a store in the fall, signed for 4,600 square feet; CPR Cell Phone Repair agreed to lease 1,200 square feet; and Executive Wireless doubled its existing space to approximately 2,600 square feet. Lakeshore Plaza, a 161,000-square-foot retail center near the intersection of MD Route 100 and Magothy Beach Road, is 94 percent leased with more than 20 retail occupants. St. John Properties has upgraded the center at a cost of more than $3 million.
The University of Maryland Faculty Physicians Inc., the faculty practice plan of the University of Maryland School of Medicine, signed a lease for a new 8,182-square-foot physician office at the Columbia Medical Campus at 5500 Knoll North Drive in Columbia, the Baltimore office of CBRE reported. Faculty members of the University of Maryland School of Medicine’s Department of Orthopedics will occupy the space initially, and FPI plans to expand its medical service offerings in Howard County. The Columbia Medical Campus is a two-building complex totaling 155,000 square feet at the intersection of Routes 175 and 29. Built in 1982, the project underwent significant renovations in 2007 by current owner Montecito Medical Investments. CBRE’s Kim Penny and Laura Westervelt represented Montecito Medical Investments, and CBRE’s David Fields represented University of Maryland Faculty Physicians Inc. in the lease negotiations.