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Real Estate Weekly – 2/14/14

Trade Desk reinstated in Anne Arundel County

Anne Arundel County Executive Laura Neuman announced the reinstatement of the Permit Application Center’s Trade Desk, which expedites the permitting process for electrical, mechanical and plumbing contractors. The move will enable trade contractors to be served in a timelier manner, officials said. It also allows the Permit Application Center to assist residents seeking general permits more speedily, since residents will no longer have to wait in line with trade contractors. Anne Arundel County issues approximately 35,000 permits to trade contractors annually, representing 75 percent of permits issued. “Since the bulk of the permits we issue are to trade contractors, it makes good business sense to reinstate a service focused to specifically serve their needs,” Neuman said.

Savage Branch library site to get stormwater upgrades

Site renovations at the Howard County Library System’s Savage Branch will make it a model of best practices for stormwater treatment, according to county officials. The project, which had been planned to start on or about Feb. 13, weather permitting, will add pervious pavement to the library’s parking area, and a bioretention drainage swale and cistern to collect rainwater that will flow from the library’s roof. The combined improvements will cost about $1 million. Weather permitting, the Savage Branch Library site improvement project is expected to be completed in June. The library branch is located at 9525 Durness Lane in Laurel.

Acme to expand long-time supermarket in Chestertown

The Cordish Cos., of Baltimore, the general partner and manager of the Kent Plaza Shopping Center in Chestertown announced that Acme, whose supermarket has been a fixture in Chestertown for nearly 50 years, has signed a lease to expand its existing store from 25,000 square feet to a modern, 41,500-square-foot grocery store. At the same time, the shopping center’s owner will spend approximately $1 million to upgrade the facility, including new facades, parking lot repaving and substantial improvements to lighting and landscaping.

High-rise apartment buildings in Bladensburg sold for $48.6M

Federal Capital Partners, a D.C.-based private real estate investment firm, partners Angelo, Gordon and Co., of New York, and The Donaldson Group, of Rockville, announced the $48.6 million sale of The Phoenix, a three-tower, 447-unit, high-rise apartment community near the intersection of the Baltimore-Washington Parkway and Annapolis Road (Route 450) in Bladensburg. The buyer was not identified. The partners said during their ownership of the property, they undertook “a major renovation” which, together with common area and recreational improvements, brought the occupancy level to a stabilized 95 percent. Renovations included new facades, new windows, improvements to landscaping, pool and playground, elevator modernizations, new mechanical and plumbing systems, and fencing and security upgrades. Common areas, including main lobbies, were upgraded and redecorated, and apartment units were fully renovated and re-leased as tenants vacated over time.

Brooklyn Park retail center sells for $6.5 million

The Greysteel Co., of Washington, D.C., a real estate investment services firm, said it arranged the sale of Arundel Village Plaza Shopping Center, a 54,480-square-foot retail center at 5501-5517 Ritchie Highway (Maryland Route 2) in Brooklyn Park. The sale price was $6.5 million. The shopping center was 88 percent occupied at the time of sale by 11 tenants, including Taco Bell/Long John Silver’s, Domino’s Pizza, Valvoline Instant Oil Change and the Maryland Department of Health and Mental Hygiene. Gil Neuman, managing director of Greysteel’s retail division, represented the seller, BTR Capital Group, and procured the buyer, Oak Tree Management.

Erickson Living building 3rd retirement community in N.J.

Erickson Living, of Catonsville, a developer and manager of continuing care retirement communities in the United States, has started construction of a new, 540,000-square-foot CCRC in New Providence, N.J., a town in northwest Union County. Called Lantern Hill, the planned community will consist of five interconnected buildings, including 275 independent living apartments and 85 units offering assisted living, memory care, long term care and short term rehabilitation services. Residents also will have access to a fitness facility with an indoor swimming pool, restaurants, housekeeping and social/recreational programs. The development, planned to open in the second half of 2015, will be Erickson Living’s third CCRC in New Jersey, and its 19th in the U.S. The company’s developments house approximately 20,000 senior citizens in 10 states.

Cassidy Turley arranges sale of Wilmington, Del., office park

Cassidy Turley, of Baltimore, a commercial real estate services provider, said it arranged the sale of Bellevue Park Corporate Center in Wilmington, Del. The Buccini Pollin Group, of Wilmington, purchased the three-building office park for $61.5 million, or $201.32 per square foot. The 305,480-square-foot complex is 99 percent leased. Jonathan M. Carpenter, Noble Carpenter and Drew Flood of Cassidy Turley’s Capital Markets Group represented the seller, Metzler Real Estate. “Bellevue Park Corporate Center is a best-in-class suburban office park,” said Jonathan M. Carpenter, managing director and principal at Cassidy Turley. “The interest we were able to generate during the sale process was a testament to the quality of the real estate, tenants, location and past ownership.”

Creig Northrop Team to sponsor UM men’s basketball team

The Creig Northrop Team of Long & Foster Real Estate will sponsor the University of Maryland men’s basketball team as the university concludes its final season with the Atlantic Coast Conference before moving to the Big Ten Conference in the fall of 2014. “The University of Maryland is a significant part of my past and future,” said Northrop Team President Creig Northrop, a UM graduate. “I feel it is important to show my support for growth in the athletics program as they join the Big Ten.” In recognition of Northrop’s support, the university will promote the Northrop Team with announcements in radio and web media as well as signs, video segments and table space at the Comcast Center on the university’s College Park campus during basketball games.

LEASES 

Last Mile Logistics LLC, a preferred carrier for Bed Bath & Beyond, has leased 124,000 square feet of warehouse and distribution space in Odenton. Cassidy Turley, of Baltimore, a commercial real estate services provider, handled the deal for both the warehouse’s owner, RT Midway Associates LLP, and Last Mile Logistics. The company is consolidating operations from Columbia and Frederick at the Odenton site, at 1710 Midway Road. The new site provides excellent trailer storage and space for future expansion, according to Cassidy Turley. Michael Bosica and Rick Latini of Cassidy Turley represented RT Midway Associates, while Last Mile Logistics was represented by Cassidy Turley’s Craig Lewis.

Corporate Office Properties Trust, of Columbia, said it finalized a long-term lease at Arborcrest, a five-building, 654,000-square-foot office park located in the Plymouth Meeting/Blue Bell submarket of Philadelphia. The tenant — which was not identified — leased 33,800 square feet in 751 Arbor Way (Hillcrest 1), a 113,300-square-foot building that COPT redeveloped in 2012. After the lease was executed, Hillcrest 1’s leasing level rose to 93.3 percent, from 63.4 percent as of Dec. 31, 2013. The three buildings that COPT has redeveloped and one building currently in redevelopment, which had been 85.3 percent leased as of Dec. 31, 2013, are now 90.2 percent leased. COPT is an office real estate investment trust that focuses primarily on serving the specialized requirements of U.S. government agencies and private tenants in the defense information technology and national security sectors.

Ward Properties, of Edgewood, and MacKenzie Commercial Real Estate Services, of Lutherville, announced the completion of a lease agreement with AnnTaylor Retail Inc. for a Loft clothing store occupying 5,388 square feet of retail space at 3473 K Merchant Blvd., in the Boulevard at Box Hill in Abingdon. With construction of the space underway, Loft is expected to join existing tenants Spa on the Boulevard, Accents Jewelry, Old Navy, JCPenney, Wegmans Food Markets and Saxon’s XO Fine Jewelry in late spring 2014. The women’s apparel retailer has more than 500 stores across the United States. The Boulevard at Box Hill features an open-air plaza and tree-lined “Main Street.” It has more than 390,000 square feet of retail, including 50,000 square feet of restaurants, ranging from casual fare to specialty dining. An additional 28,000 square feet of multi-level office buildings is planned to complement the 200,000 square feet of space existing in the Box Hill Corporate Center.

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