Real Estate Weekly – 6/21/13
Posted: 2:03 pm Fri, June 21, 2013
New community rec center opens in Ellicott City
Howard County Executive Ken Ulman and other local officials officially opened the state-of-the-art Roger Carter Community Center on June 15, which was the 17-year anniversary of the original recreation center that the new community center replaces. The $15 million facility serves the new Burgess Mill community and all of Ellicott City. Its 46,000 square feet houses swimming and diving pools with a rain-sensing, retractable roof, basketball and volleyball courts, classroom and community rooms, fitness and exercise rooms with cardio and Precor strength training equipment, a 28-foot climbing wall and much more.
Six-year-old IT company moves into new office space in Hanover
Anne Arundel County Executive Laura Neuman and other county leaders and business owners on Monday welcomed Enlighten IT Consulting to its new headquarters in Hanover. Enlighten IT Consulting provides Department of Defense organizations, federal, state and local institutions, and commercial companies with specialized Cloud/Cyber IT services, including software development, integration and engineering for new and pre-existing technology. The company started in 2007 and has grown and been profitable each year of operations, and has already doubled its size in 2013. The company now has 23 employees and, after years of being a home-based business, has moved into their first executive office space, in the Secure Offices LLC space in Hanover.
Cassidy Turley picked to lease Route 100 Distribution Center
Cassidy Turley, a full-service commercial real estate services provider in the U.S., announced that San Francisco-based Terreno Realty Corp. has selected Cassidy Turley as exclusive leasing agent and property manager for Terreno’s newly acquired Route 100 Distribution Center. The center is located at 6660 Santa Barbara Road and 6675 Amberton Drive in Elkridge, and is comprised of two industrial distribution buildings totaling 348,610 square feet. Jarred Testa and Tilghman Herring, of Cassidy Turley’s Baltimore Core Industrial Leasing Team, will act as leasing agents. Said Testa, senior vice president/principal at Cassidy Turley, “We’re thrilled to work with Terreno on this assignment, and look forward to creating value for our client through the successful lease up of this 37 percent vacant project.”
C&W picked to market and sell Multi-Properties’ multifamily portfolio
Cushman & Wakefield Inc. announced that it has been retained as the exclusive sales agent for a five-property multifamily portfolio totaling almost 700 garden and townhouse units, currently owned and operated by Multi-Properties Inc. Dispersed throughout the Baltimore metro region, the portfolio is comprised of Beacon Pointe (201 units) in the Edgemere section of southeast Baltimore County, Edgewood Park (132 units) in Harford County, along with Fox Crossing (117 units), Hillsdale Manor (180 units) and Forest Glen Rental Townhomes (64 units), a grouping located in various parts of Baltimore city. Purchase offers for the portfolio will be considered on a comprehensive, mini-portfolio of individual basis. Cushman & Wakefield’s Multifamily Advisory Group of Jorge Rosa, Jeffrey Pacy and Anthony “TJ” Liberto will market the property for sale on behalf of the seller.
Dundalk shopping center changes hands
Continental Realty Corp., a Baltimore-based commercial real estate development and management company, said it has acquired Merritt Manor, a 91,000-square-foot neighborhood shopping center in Dundalk. The shopping center is presently 83 percent leased and is anchored by Gold’s Gym, a national fitness center franchise. CRC paid $8.6 million, or approximately $94 per square foot, for the property, acquired from Koninklijke Ahold N.V., a Netherlands-based international supermarket owner. H&R Retail represented the seller in the transaction. CRC officials said the price they paid was well-below replacement cost, and they are confident they can attract new retailers to fill the available vacancies.
Raffle of Middletown home postponed
Slow ticket sales have forced a group in Middletown to postpone a raffle drawing for a four-bedroom home valued at $475,000. The Frederick News-Post reported Friday that the Middletown High School Sports Club has sold just over 3,000 tickets at $100 each. The group said it had to sell at least 6,000 to hold a drawing that had been scheduled for Thursday. Club Vice President Keith Powell said the drawing will now be held in September. He said this is a one-time extension. Proceeds from the raffle were to be used to help fund the renovation of the school’s football field and athletic facilities.
Marriott Hotels revises image, brand
Marriott Hotels, the signature brand of Bethesda-based Marriott International Inc., the largest publicly traded hotel chain in the U.S. announced the launch of a new, multiyear global marketing campaign. The campaign, called “Travel Brilliantly,” includes TV, digital and mobile advertising, a new brand look and logo, and enhanced social media platforms. In addition, Marriott is launching a new website — www.travelbrilliantly.com — revealing innovations under development, as well as a co-creation platform to solicit user-generated ideas. Grey NY, an advertising and communications agency headquartered in New York City, developed the integrated campaign and the new brand voice. Marriott hotels has more than 500 hotels and resorts in nearly 60 countries around the world.
2 Tower Cos. buildings rated by BOMA
The Tower Cos., a Rockville-based real estate development company, announced that two of its office buildings in Washington, 1909 K St., known as the Millennium Building, and 1828 L St., have been designated as BOMA 360 Performance Buildings. This puts them in an elite group of properties that have demonstrated they are managed to the highest standards of excellence of the Building Owners and Managers Association, a national trade group representing building owners, managers, developers and leasing personnel. Both buildings are among the first green buildings in the Washington area, according to Tower Cos. partner Jeffrey S. Abramson.
SNAE to hold ribbon-cutting at new HQ
Station North Arts & Entertainment Inc. will hold a ribbon-cutting Wednesday at its new headquarters at 1 North Ave. The headquarters occupies a renovated former fried chicken restaurant at North Avenue and Charles Street. Dubbed the Station North Chicken Box, it includes gallery space and a flexible theater. Ziger/Snead Architects, of Baltimore, designed the renovation, which was carried out by C&H Construction. The latter firm is located within the district and made up of individual artists, eight of whose artwork will be exhibited in the gallery space. SNAE, a nonprofit organization, promotes and supports artists and cultural organizations in the arts and entertainment district.
NW Hospital opens eye institute office
The LifeBridge Health Krieger Eye Institute has opened a new office and optical shop at Northwest Hospital in Randallstown. The full-service office offers patients a complete range of ophthalmic subspecialties, as well as general eye care and vision screenings. The location complements the other Krieger Eye Institute offices at Sinai Hospital of Baltimore and the Quarry Lake development in Pikesville. The office is staffed by several ophthalmic subspecialists, an optometrist and certified ophthalmic assistants and technicians. The onsite optical shop provides a complete range of eyeglass frames and lens selections for every age, including young children.
Open house set at Owings Mills building
The Baltimore County Public Library and the Community College of Baltimore County are hosting an open house on Saturday to introduce the public to their facilities at the County Campus Metro Centre at Owings Mills. The library and the CCBC branch share space in the new, six-story, 120,000-square-foot building at 10300 Grand Central Ave. There will be public tours of the facilities and mini-presentations and demonstrations throughout the day, plus entertainment for children, and food and drink for sale. The library branch — the largest in the county public library system — opened its doors to the public in March; CCBC will begin holding classes at the new branch on July 8.
Accenture to take over Marriott unit
Marriott International Inc., of Bethesda, the largest publicly traded hotel chain in the U.S., announced it will transfer its Louisville, Tenn.-based Marriott Business Services finance and accounting unit to New York-based Accenture, a global management consulting, technology services and outsourcing company. Accenture will provide F&A services to Marriott and its franchisees, starting in August, with full completion envisioned by early September. In conjunction with the transition, Accenture will create a new business service, Accenture Hospitality Services, built in part around the operations and capabilities coming from Marriott’s MBS unit. Accenture Hospitality Services will provide management consulting, technology and business process outsourcing services to companies in the hospitality industry. Financial details of the arrangement were not disclosed.
Silver Spring to get affordable housing
Construction has begun on The Residences at Thayer Avenue, an $18 million affordable housing development in downtown Silver Spring. Eighty percent of the development’s 52 units will be rented to households earning 60 percent or less of Montgomery County’s median household income, or around $57,000 a year. Landex Development LLC, of Linthicum, is the developer. According to Landex, funding for the complicated project came from 10 different sources, including revenue bonds, the Rental Housing Works initiative, the Rental Housing Production program, low income housing tax credits and private equity. Construction is expected to take about 13 months.
REIT completes industrial buildings’ sale
First Potomac Realty Trust, a Bethesda-based real estate investment trust, said it completed the previously announced sale of 24 industrial properties, comprising approximately 4.3 million square feet, for a total of $259 million. Twenty-three buildings containing approximately 4 million square feet — 16 in southern Virginia, seven in the Baltimore-Washington corridor — were acquired by an affiliate of Blackstone Real Estate Partners VII for $241.5 million. The 24th property, a 236,000-square-foot industrial building in Haymarket, Va., was sold to Columbia-based Corporate Office Properties Trust for $17.5 million. First Potomac had announced the sale of the properties in May.
Cushman & Wakefield of Maryland Inc. announced it has leased 38,433 square feet of industrial space at 4517 North Point Blvd. in Edgemere to the Nelson Co., a manufacturer and distributor of industrial packaging products. Founded in 1921, Nelson supplied wood packaging to the Bethlehem Steel Co. tin mill in Baltimore. Today, it is the oldest active supplier to the tin mill industry and provides full-service transport packaging management including manufacturing, warehousing and recycling. C&W’s David Baird represented the landlord, F2 LLC. Chris Wright, also of C&W, represented the tenant. Currently, 28,500 square feet is available for lease at 4517 North Point Blvd. The industrial manufacturing facility features up to a 34-foot ceiling height and a fenced 24-acre lot. It is located in the Baltimore County East Industrial Submarket.
Cassidy Turley announced three leases, totaling 79,362 square feet of industrial space, at Candlewood Commerce Center, a three-building complex at 7462-7468 Candlewood Road in Hanover. Those signing leases were Atlantic Emergency Solutions, which leased 27,788 square feet at 7462 Candlewood Road; National Parcel Logistics, which agreed to lease 46,583 square feet at 7466 Candlewood Road; and Tower Resource Management, which signed for 4,991 square feet at 7468 Candlewood Road. The buildings total 357,706 square feet and are owned by TIAA-CREF, a financial services company. Atlantic Emergency Solutions was represented by Michael Elardo and Michael Kimmel of Cushman & Wakefield. National Parcel Logistics was represented by Tommy Hughes of Hughes Commercial Real Estate. Tower Resource Management was represented by Dave Sciamarelli of MacKenzie. Jarred Testa and Tilghman Herring of Cassidy Turley’s Core Industrial Leasing Team represented the landlord.
H&R Retail Inc., a Baltimore-Washington region retail brokerage company, announced it negotiated four retail lease transactions recently:
* ASAP Cleaners leased 1,967 square feet of space for a dry cleaning establishment at 670 Old Mill Road in Millersville. Brian Mitchell of H&R Retail represented the landlord in the transaction.
* Aaron’s Inc. leased 8,386 square feet for a new furniture store at 4578 Edmondson Road in Baltimore. Brian Mitchell of H&R Retail represented the landlord.
* ATI Physical Therapy leased 1,955 square feet for a doctor’s office at 8511 Liberty Road in Randallstown. Brad Buslik of H&R Retail represented the tenant in the lease transaction.
* Jersey Mike’s leased 1,790 square feet for a restaurant at Rhode Island Avenue NE in Washington. Brad Buslik of H&R Retail represented the landlord in this transaction.
1820 Portal Street
Cassidy Turley announced the sale to Belt Logistics Services of a 171,000-square-foot warehouse at 1820 Portal Street in the Holabird Business Park, near the Port of Baltimore. The building was formerly occupied by a printing company, Cenveo, which vacated it in July 2011. Belt Logistics Services purchased the property from its owner, Chicago-based First Industrial Realty Trust, for $7,181,000, and will occupy the building, The Cassidy Turley team of Jonathan M. Carpenter, James S. Wellschlager, Craig S. Lewis, J. Richard Latini and Jarred M. Testa represented First Industrial Realty Trust.
4001 North Point Blvd.
St. John Properties Inc., in partnership with N.P. Investment LLC, sold an 11-acre parcel of land at 4001 North Point Boulevard in the Dundalk section of Baltimore County to K. Hovnanian Homes for $2 million. The national homebuilder intends to develop The Townes at North Point, a 108-unit upscale townhome community on the former North Point drive-in theater site that most recently functioned as an outdoor flea market. St. John Properties and N.P. Investment will retain two pad sites, and plan to construct a 10,000-square-foot retail building on one of these parcels. Burger King currently operates a fast food restaurant and drive-thru at the location. K. Hovnanian Homes, a national home builder based in Red Bank, N.J., plans to break ground on its new townhome development later this year.