Real Estate Weekly – 9/28/12
Posted: 4:18 pm Fri, September 28, 2012
Continental Realty Corp. expands Virginia portfolio
Continental Realty Corp., a Baltimore-based commercial real estate development and management company, has acquired Chase Heritage, a 236-unit apartment community in Sterling, Va. The property, purchased for $42.5 million, or approximately $180,000 per unit, was acquired on behalf of a real estate fund sponsored by an affiliate of the company. The acquisition marks the fourth real estate purchase completed for the fund in the past 18 months, and the second apartment home community bought in the Northern Virginia marketplace. “We continue to be impressed with the strength of the Northern Virginia apartment environment,” said Gene Parker, Continental Realty’s president. Anthony Liberto and Jeff Pacey of Cushman Wakefield represented the seller, ML Casa II L.P., in the transaction. Henderson Global Investors is the general partner that owns the limited partnership.
Kamenetz announces formation of neighborhood response teams
The formation of four new Neighborhood Response Teams within the Baltimore County Department of Planning was announced this week by County Executive Kevin Kamenetz. Part of a planned reorganization, the teams are designed to improve coordination of community planning, housing and neighborhood investment services. Each Neighborhood Response Team will include designated staff experts who can engage additional planning department specialists in the areas of community planning, housing policy and finance, and commercial revitalization. Teams will work directly with neighborhood residents, community associations and local business districts to assess and meet community needs, and bring a coordinated approach designed to maximize the impact of federal, state and county services and funding.
Downtown Columbia Master Plan wins national award
The Washington, D.C.-based International Downtown Association recognized Howard County Government with a Downtown Merit Award for its work and initiatives related to the multi-year planning effort to revitalize downtown Columbia. The Downtown Columbia Master Plan, an effort led by the county’s Department of Planning and Zoning, was among 10 qualified entries in the category of planning. This category recognizes planning efforts that establish a strategic position for downtown with elements of the plan having already been approved, ratified or implemented. The judges were impressed with the Downtown Columbia Master Plan’s focus on civic engagement, environmental sustainability, and balanced and phased growth. “The Downtown Columbia Master Plan is a shining example of excellent downtown management that delivers real results,” said IDA President and CEO David Downey.
Allegany County counts costs of bay restoration proposal
(AP) Some Allegany County officials say a state proposal for reducing Chesapeake Bay pollution would make it harder to build homes and businesses in the Western Maryland mountains. The Cumberland Times-News reported on Tuesday that the County Commissioners have directed their staff to draft comments critical of so-called “growth offsets” proposed by the Maryland Department of the Environment. The proposed policy would require additional tree plantings, expanded sewage treatment and other measures to offset the environmental impact of new development. The county’s planning engineer said Allegany County has little land suitable for development. She also said the proposal doesn’t account for the county’s distance from the bay — more than 200 miles along the Potomac River.
Walker & Dunlop unit arranges apartment financing
Walker & Dunlop Inc., of Bethesda, a real estate lender focused on multifamily loans, said its subsidiary, Walker & Dunlop LLC arranged $67.5 million in financing for Huntington Gateway Apartments, a high-rise residential community located in Alexandria, Va. The loan was provided by New York Life Insurance Co. and structured with a 10-year term and a 30-year amortization for the borrower, Huntington Apartment Associates L.P. The 443-unit high-rise building features studio, one- and two-bedroom floor plans as well as more than 30,000 square feet of retail space within its 447,712 square feet of indoor space.
Howard County’s Moderate Income
Housing Unit program taking applications Howard County Housing is accepting applications for the October open enrollment period for the county’s Moderate Income Housing Unit (MIHU) program. The enrollment period runs through October. The MIHU program is an inclusionary zoning program that requires developers of new housing in certain zoning districts to sell or rent a percentage of the new dwelling units to households of moderate income. The program offers quality new homes at reduced sale prices and rents to income-eligible families. A free workshop to explain the program’s eligibility requirements and application process for prospective homebuyers and renters will be held on Oct. 17 from 6-7:30 p.m. at the Gateway Building, 6751 Columbia Gateway Drive in Columbia. For more information or to register for the workshop, contact the MIHU coordinator at 410-313-6497.
Kamenetz hails progress of Robert E. Lee Park improvements
Baltimore County Executive Kevin Kamenetz, joined by members of the Robert E. Lee Park Nature Council, on Thursday celebrated the completion of a $142,000, 40-foot-by-60-foot pavilion and a $280,000 pedestrian bridge deck replacement at the park in the Mount Washington community. The projects are part of a major $6 million renovation to the 415-acre park, which the county acquired from Baltimore city in 2009. “This park has been a wonderful addition to our Baltimore County park system,” said Kamenetz. “With its access to Lake Roland, the walking trails, the Paw Point dog park and the boardwalk to the Light Rail station, it gives area residents a great place to walk their dogs, take a jog, paddle a kayak and enjoy nature at its finest.”
CSG Partners brings new investor to Philadelphia-area business center
CSG Partners LLC, a Baltimore-based commercial real estate firm focused on industrial, flex and warehouse properties in the mid-Atlantic region, announced that the Davis Cos., a Boston-based real estate investment, development and management firm, has become a new investor in its Chester Creek Business Center. The three-building development is located in Delaware County, a sub-market of the Philadelphia metropolitan area. Constructed in 2007 and 2008, the business center consists of two 57,600-square-foot flex buildings, a 64,000-square-foot light industrial building, and a 7-acre land parcel that can accommodate up to 100,000 square feet of warehouse space. Tenants include major firms BDP International, FXI, Alloy Surfaces and the Allegis Corp.
Steve Wolf, a community association manager with Owings Mills-based WPM Real Estate Group, recently passed the Professional Community Association Manager case study and has been awarded the PCAM designation, one of the most respected credentials in association management. Wolf, a retired police officer who joined WPM in 2006, manages a portfolio of eight associations with more than 800 units. “The PCAM credential is the capstone recognition of professionalism in our industry and is only held by about 2,600 people in the country,” commented Barry Yatovitz, president of the Association Division of WPM Real Estate Group.
Cushman & Wakefield said it has been given the exclusive listing agent assignment for the largest warehouse available in Maryland, Giant Food’s former dry goods warehouse at 7600 Assateague Drive, in the Maryland Wholesale Food Center in Jessup. The project includes a main building of 720,384 square feet, with loading on three sides and truck courts measuring 400 feet deep. The building is divisible to 300,000 square feet with separate building and site entrances for two tenants. The property also includes a vehicle maintenance building and guard shack with full perimeter fencing. In addition to its 30-foot-clear ceilings, wide column spacing and more than 113 dock positions, the complex offers 60 acres of impervious surface for more than 340 trailer spaces and nearly 500 car spaces. Cushman & Wakefield’s Baltimore industrial team of Michael Elardo, Jared Ross and Michael Kimmel and capital markets team of Cris Abramson, Brian Kruger and Nick Signor will coordinate the leasing and disposition efforts on behalf of a multi-market team that also includes Gerry Blinebury and Pat McBride in C&W’s Pennsylvania office, Jules Nissim in New Jersey and J.R. McDonald in Boston.
Manekin named leasing agent for Village of Cross Keys offices
Columbia-based Manekin LLC’s brokerage team was selected to lease office space at the Village of Cross Keys — a prestigious, 293,000-square-foot, mixed-use development located off Falls Road in Baltimore’s Roland Park neighborhood. Approximately 42,000 square feet of space is available to lease in the nearly 200,000-square-foot office component, which spans three buildings: Village Square I and Village Square II at 5100 Falls Road, and the Quadrangle at 2 Hamill Road. The site offers ample free surface and covered parking, 74,000 square feet of retail space, a hotel (the Radisson at Cross Keys) and a 30,000-square-foot tennis club, together with a high-rise condominium and townhouses, all in an 18-acre landscaped setting. Originally developed by the late James W. Rouse as the first planned community in Baltimore, Cross Keys was acquired by General Growth Properties Inc. when it bought the Rouse Co. General Growth recently sold the mixed-use complex to Ashkenazy Acquisition Corp., which is considering redevelopment plans for the office and retail components. Stacey Bernman and Susan Homberg, brokerage vice presidents in Manekin’s Baltimore office, are responsible for leasing the office space.
Cassidy Turley picked by new owner of Oakland Mills Distribution Center
TA Associates Realty of Boston has selected Cassidy Turley as exclusive listing agent for the two-building, 450,000-square-foot Oakland Mills Distribution Center in Columbia. The buildings house five tenants, including Hohmann and Barnard Inc., The Roof Center and BDR Express. Space at the project is available ranging in size from 34,000 to 113,000 square feet. Jonathan Carpenter and James Wellschlager of Cassidy Turley’s Capital Markets Group, along with Jarred Testa and Tilghman Herring, represented TA Associates Realty in the acquisition of the property. Testa and Herring are the leasing agents.
CBRE tapped to lease Silver Spring business park
CBRE has been selected as exclusive leasing agent for Colesville Business Park, a three-building complex containing approximately 230,000 square feet in Silver Spring. The buildings at 10720, 10750 and 10770 Columbia Pike, were built in 1971-1986 and have served as the corporate headquarters of Choice Hotels International and related companies. Choice will relocate to Rockville Town Center in May 2013. CBRE Vice President Andrew M. Cole said the buildings offer “one of the largest blocks of contiguous office space in the area [in] a convenient eastern Montgomery County location.” The owner, a subsidiary of CapLease Inc., a New York City-based Real Estate Investment Trust, will add a new on-site café, business conferencing center and updated fitness center as part of a renovation.
C&W gets assignment to market industrial warehouse property
Cushman & Wakefield has been named as the exclusive listing agent for 9040 Junction Drive in the Junction Business Park in Annapolis Junction. The industrial warehouse property, built in 1989, has up to 50,100 square feet available for lease or sale. Located within minutes of Route 32, Route 1 and Interstate 95 on four acres, 9040 Junction Drive features a depth of 145 feet, a 90-foot truck court, 11 loading dock doors and two platform docks. C&W’s Baltimore industrial team of Michael Elardo, Jared Ross and Michael Kimmel will market the property on behalf of the owner, 9040 Junction Drive LLC.