Real Estate Weekly – 10/18/13
Posted: 4:24 pm Fri, October 18, 2013
C&W tasked with leasing two buildings
Cushman & Wakefield of Maryland Inc. announced it was awarded the exclusive leasing contract for two industrial properties owned by TIAA-CREF, a New York-based private pension system. The buildings are 9950 Business Parkway, a 101,573-square-foot, multi-tenanted flex building in Lanham, and 8880 Gorman Road, a 140,700-square-foot flex building in Laurel that is currently fully leased to one tenant, General Electric. C&W’s Matthew Laraway, Ben Meisels and McLane Fisher will be the leasing agents marketing the properties.
Archdiocese of Washington’s housing
affiliate to dedicate apartments in Rockville Victory Housing, the Archdiocese of Washington’s nonprofit affordable housing development affiliate, will hold a dedication ceremony on Oct. 24 for Victory Court, a mixed-income senior community that will bring 86 apartments to downtown Rockville. Donald Cardinal Wuerl, Archbishop of Washington, Montgomery County Executive Isiah Leggett, Montgomery County Council Chair Nancy Navarro, other community leaders, Victory Housing development partners and residents are expected to attend the ceremony. Victory Housing is building the project in partnership with Montgomery County’s Department of Housing and Community Affairs, the Housing Opportunities Commission and Capital One N.A. Victory Housing currently owns 28 communities comprising 1,911 apartments for seniors and families in Maryland and the District of Columbia.
Cushman & Wakefield arranges financing for $19.8M office complex in Towson
Cushman & Wakefield announced that it served as the exclusive adviser to a Connecticut-based real estate fund manager in arranging a $19.8 million floating-rate loan for Maryland Executive Park in Towson. The three-year financing, with two one-year extension options, was provided by EagleBank. Maryland Executive Park is a 206,144-square-foot portfolio consisting of seven office buildings located at 8501 and 8600 LaSalle Road. The buildings host a wide variety of tenants from diverse industries including the medical, law, marketing and general services sectors. Gideon Gil, Alexander Hernandez and Sridhar Vankayala of Cushman & Wakefield’s Equity, Debt and Structured Finance team represented the sponsor.
Cecil County is home base for winner of InvestMaryland Challenge
I-lighting, a manufacturer of easily installed and reliable exterior and interior LED lighting, celebrated the grand opening of its new 4,650-square-foot headquarters and manufacturing facility at the Cecil Technology Campus in North East. More than 100 government officials, customers and guests attended the ribbon-cutting ceremony. Founded in 2005, the company was one of the inaugural winners of the InvestMaryland Challenge, receiving a $100,000 grant. The program is a national business competition sponsored by the state to single out high-performing, early-stage businesses operating in the life sciences, high tech and general business industries. I-lighting’s products include a wide assortment of stair, deck and landscape lighting utilizing its proprietary “LED Lighting Simplified” connection technology. For information on this growing Maryland-based company, visit www.i-lightingonline.com.
NAI KLNB handles sale of office building in Falls Church
NAI KLNB, a Towson-based, full-service real estate brokerage, sales, financial, investment and strategic advisory consultant to the commercial office, industrial and retail marketplace, announced it had brokered the sale of a three-story, 14,070-square-foot office building at 350 S. Washington St. in Falls Church, Va. Quinn’s Auction Galleries bought the property for $2 million. Josh Simon and Marc Tasker of NAI KLNB represented the seller, NHP Foundation, in the transaction. Quinn’s Auction Galleries’ current headquarters is at 360 S. Washington St., adjacent to the newly acquired property. Quinn’s will use the purchased property to support its continued growth and expansion.
NAI KLNB brokers sale of Rosedale warehouse space
NAI KLNB also announced it had brokered the sale of 1200 66th St., a 32,000-square-foot warehouse property in the Rosedale section of eastern Baltimore County. The buyer, Shepherd Electric Co. Inc., paid $1.2 million for the property. Bill Miller, a principal of NAI KLNB, represented the seller, Mullan Tool Business Trust, in the transaction The building was leased and fully occupied by White Cap Construction Supply, a national distributor of specialty hardware, tools and materials for the contracting industry, prior to the settlement. “The new owner has other facilities nearby, and wanted the subject property for their expansion needs,” Miller explained.
The Winthrop, luxury apartment development, breaks ground in downtown Towson What today is 13 acres of dirt soon will become 470 new luxury apartments in downtown Towson. The Winthrop is the first of two four-story buildings developed by Chesapeake Realty Partners and Bernstein Management Corp., with participation by Wood Partners. The luxury apartments will be built at Dulaney Valley and Southerly roads near Towson Town Center mall, replacing 70-year old apartments with an environmentally friendly “green” apartment community. “The Winthrop will be a first-class apartment community that is sure to attract people looking for a great location near work, college, shopping, restaurants and entertainment,” said Baltimore County Executive Kevin Kamenetz. Leasing for the first building is expected to begin in May 2014.
NovaTech Process Solutions division HQ expands in Owings Mills
NovaTech, a technology firm that designs, manufactures and installs industrial process control and automation systems, has expanded to a larger facility in Owings Mills. Headquarters for the company’s Process Solutions division is now located on Cronhill Drive, providing 100 workers with more efficient, modern space. NovaTech employees design, build and test complex process control equipment that improves the productivity of industrial facilities around the country.
Francine Moreland, chief operating officer at Colliers International | Baltimore, has been appointed to a three-year termon the board of directors of the Esophageal Cancer Action Network. Moreland said she dealt with heartburn and acid reflux for more than 15 years, and is therefore “very excited” to be working with ECAN to increase the public’s awareness of cancer of the esophagus. At Colliers International, in addition to overseeing the operations of the management company, Moreland chairs its Community Action Team, which promotes local food, blood and clothing drives, and participates in service projects such as building a children’s playground, bike riding for cancer research and sending care packages to military serving overseas.
NAI KLNB announced it brokered a lease with EngagePoint for 15,000 square feet of space at 3901 Calverton Blvd. in Beltsville. The property is a four-story, 120,000-square-foot office building located off Exit 29 of Interstate 95. EngagePoint is a national health care software and information technology services company that concentrates on working with state health agencies. EngagePoint has been involved in the design of state and private Health Insurance Exchanges. Chuck Breitenother and Joe Nolan of NAI KLNB represented the tenant and Jamie Campbell, Vince Bagli, Steve Shaw and Liz Tarran-Jones of Merritt Properties represented the landlord in this transaction.
NAI KLNB announced it brokered a lease with Spectra Metal Sales Inc. for 18,572 square feet of warehouse space at 8601-B Ritchie Drive in Capitol Heights. Spectra markets a complete assortment of metal building products including coil and accessories in copper and steel, utilizing 13 regional distribution points throughout the country. Based in Atlanta, the company works with customers throughout North America and the Caribbean Islands. Alan Coppola and Spencer Daw of NAI KLNB represented the tenant and Rob Foa of Jones Lang LaSalle represented the landlord, Adler Group, in the transaction.
KLNB Retail announced it brokered six separate retail leases totaling approximately 10,000 square feet of space on behalf of Bavar Properties Group at The Shoppes at Shipley’s Grant, a 25,000-square-foot retail center in Columbia. Leases signed were with Sylvan Learning Center (2,500 square feet), Glamour Shots (1,476 square feet), Angel’s Cut Wine & Spirits (1,460 square feet), Revolution Eyes (1,460 square feet), Peartree Dental (1,452 square feet) and Raimondi’s Florist (1,459 square feet). The deals bring the retail center’s occupancy to nearly 100 percent, with only one space of 1,985 square feet available, as well as a pad site for a free-standing business. All of the transactions were handled by KLNB Retail Principals Michael Patz and Andy Feldman, and KLNB Retail Leasing Associate Ryan Minnehan.
Bowles Fluidics Corp., a developer and manufacturer of fluid distribution products, has leased 19,000 square feet of warehousing and distribution space, and 1,000 square feet of office space, at Guilford Industrial Park, 9525 Berger Road, Suites A-C, in Columbia, it was announced by the landlord, Merritt Properties. Mike Roden of CBRE represented the tenant in the transaction, and Merritt Properties was represented by its in-house leasing team of Jamie Campbell, Vince Bagli, Liz Tarran-Jones and Steve Shaw.