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Real Estate Weekly – 1/4/13

Cassidy Turley to handle leasing of 9060 Junction Drive

Boston-based TA Associates Realty has selected Cassidy Turley of Baltimore as the exclusive listing agent for 9060 Junction Drive, a 144,571-square-foot distribution warehouse in Annapolis Junction. Located in the Baltimore-Washington corridor with immediate access to Route 32 and Interstates 95 and 295, “9060 Junction Drive is well positioned to lease, with functional vacancy that can accommodate tenants ranging in size from 30,000 to 77,000 square feet,” said Jarred Testa, senior vice president and principal at Cassidy Turley. Testa and Tilghman Herring, with Cassidy Turley’s Baltimore Core Industrial Leasing Team, are handling leasing of the project for TA Associates Realty.

Work to start on Meade apartments

(AP) Construction was set to begin last week on a $72 million garden-style apartment complex on the grounds of Fort George G. Meade. The 14-unit building is a first for the base and the Army, according to the developer, Picerne Military Housing. It will house more than 1,400 unmarried service men and women who are stationed at Meade. Known as Reece Crossings, the complex will boast 432 one- and two-bedroom apartments. Completion is set for December 2013. The addition of the complex is one effort to help alleviate commuting problems at the growing base. In the last decade, Fort Meade has tripled the number of its employees and is expected to fill its capacity of 70,000 in 20 years.

Grants awarded for energy efficiency

The Maryland Energy Administration announced awards for the fiscal year 2013 EmPOWER Clean Energy Communities grant program. The program assists local governments and not-for-profit organizations to fund energy efficiency projects that are specifically designed to benefit low- to moderate-income Marylanders. Forty-three projects will be funded in 18 Maryland counties and Baltimore City. Grantees will use the funds to install energy efficiency measures for senior housing, homeless shelters and residential homes. Funding for the program comes from the Strategic Energy Investment Fund, which was created from public auctions of carbon credits through the Regional Greenhouse Gas Initiative.

Montgomery County wants FBI HQ

(AP) Montgomery County is the latest jurisdiction to make a bid to host a new headquarters for the FBI. The county’s economic development director told The Washington Post that he is consulting with federal agencies about potential sites for the headquarters. The General Services Administration has said it’s looking for a new location for the FBI headquarters because the J. Edgar Hoover Building, on Pennsylvania Avenue in Washington, is deteriorating and no longer suits the agency’s needs. The GSA has proposed swapping the building for a new site in the Washington metropolitan area. Prince George’s County is also making a bid for the FBI, as are several communities in Virginia.

New O.C. auditorium set for 2014

(AP) A new, 1,200-seat auditorium is set to open in Ocean City in 2014, with work scheduled to start next fall. The City Council received an update on the $14 million project at a recent meeting, and several members of the Ocean City Cultural Arts Advisory Board were also on hand. Larry Noccolino, director of the Roland E. Powell Convention Center, where the auditorium will be located, told the Daily Times of Salisbury that the plans were positively received. He said the cost of the project is being split between Ocean City and the Maryland Stadium Authority.

BECO adds Owings Mills properties

BECO Management Inc., of Rockville, a commercial real estate management company, announced the addition of two properties in Owings Mills. Owings Mills Corporate Center I & II total more than 330,000 square feet of office space, and house a variety of corporate tenants, including Aon Corp., BB&T, the Law Offices of Sheela Murthy and CareFirst of Maryland. The company said it will invest in infrastructure, cosmetic and amenity improvements at the Owings Mills campus.

FRIT acquires Calif. shopping center

Federal Realty Investment Trust, of Rockville, announced the acquisition of East Bay Bridge shopping center, a 438,000-square-foot, grocery-anchored power center spanning two municipalities, Emeryville and Oakland, Calif. The real estate investment trust paid $53.7 million in cash and assumed an existing $62.9 million mortgage loan secured by the property. The acquisition is expected to be accretive to FRIT’s earnings beginning in 2013. FRIT owns and manages high-quality real estate assets totaling approximately 19.1 million square feet, located primarily in metropolitan markets in the Northeast and mid-Atlantic regions and California.

LEASES 

Blue & Obrecht LLC, a Timonium-based commercial real estate firm, reported the following recent lease signings:

* The Mental Health Association of Maryland Inc., a provider of education and advocacy on behalf of individuals with mental illness throughout the state of Maryland, leased 7,648 square feet at Heaver Plaza, an office building at 1301 York Road in Towson. David R. Paulson of Blue & Obrecht Realty represented the tenant, and Joseph Bradley III and William W. Whitty Jr. of MacKenzie Commercial Real Estate Services represented the landlord, Heaver Plaza I LLC.

* Neuberger and Co. Inc., an authorized licensee of the Sandler Sales Institute, leased 2,761 square feet of office space at 2800 Quarry Lake Drive in Pikesville. Patrick M. Smith and Richard F. Blue Jr., of Blue & Obrecht Realty LLC, represented the landlord, Obrecht Properties LLC, and Jeff Massie of Broad Street Realty represented the tenant.

* TW Perry, a building materials dealer serving primarily Maryland, Virginia and the District of Columbia, leased a 25,000-square-foot flex building at 4321 Fitch Ave. in Nottingham, Baltimore County. Paul F. Obrecht III, Richard F. Blue Jr. and Middleton Smith of Blue & Obrecht Realty LLC represented the landlord, Fitch Avenue LLC.

* Maryland State Department of Education – Office of Child Care leased 1,712 square feet at 1643 Liberty Road in Eldersburg, Carroll County. Patrick M. Smith of Blue & Obrecht Realty LLC represented the landlord, Liberty LLC, and Jena Belinkie of CBRE represented the tenant.

* OrthoMaryland, an advanced orthopedic practice, leased 5,713 square feet of office space at 1312 Bellona Ave. in Lutherville, Baltimore County. Richard F. Blue Jr. and Paul F. Obrecht III, of Blue & Obrecht Realty LLC, represented the landlord, Platt Development Group, and Kevin Keane of Abeshouse Partners represented the tenant.

* Christa M. Gredlein, D.P.M., P.A., a podiatric surgery specialist, leased 2,147 square feet at Glyndon Village Center, 4821 Butler Road, in Glyndon, Baltimore County. Patrick M. Smith and Richard F. Blue Jr., of Blue & Obrecht Realty LLC, represented the landlord, Glyndon Square LLC.

* Rim Source Motor Sports, an automotive customizing superstore, leased 5,000 square feet of industrial space at 6222 Frankford Ave. in Baltimore. Paul F. Obrecht III and Middleton Smith, of Blue & Obrecht Realty LLC, represented the landlord, C.F. – P.F. Obrecht Properties Inc.

Merritt Properties LLC of Woodlawn reported the following recently signed lease agreements:

* Arrow Child & Family Ministries leased 10,500 square feet of space at the Towson Business Center, 8824-8832 Orchard Tree Lane, for use as an autism school. Merritt Properties’ in-house leasing team of Pat Franklin, Whit Levering, Lou Boeri and Ashley Combs represented their firm, the property owner.

* The same leasing team of Franklin, Levering, Boeri and Combs also represented Merritt Properties in the leasing of 3,000 square feet of warehouse and office space at Golden Ring I, 7090 Golden Ring Road, Suite 107, in Baltimore County. The tenant is WMC Enterprises LLC, which will use the space for fabric storage and general warehouse purposes.

* Concrete General Inc., a concrete contractor, leased 983 square feet of office space at Columbia Corporate Park, 8840 Stanford Blvd., Suite 1700, in Columbia. Merritt Properties, the landlord, was represented by its in-house leasing team of Jamie Campbell, Liz Tarran-Jones, Vince Bagli and Steve Shaw.

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