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Real Estate Weekly – 2/28/14

Greysteel Co. arranges sale of Hyattsville’s Courtyard Park

The Greysteel Co., a Washington, D.C.-based real estate investment services firm, arranged the sale of Courtyard Park, a seven-building, 94-unit, walk-up apartment community in Hyattsville. The property, which sold for $7.3 million, was sold by Urban Investment Partners and Stonebridge Investments to its new buyer, CRG Cos. “We were able to leverage our relationships with local, regional and national middle-market investors to generate a strong level of activity on Courtyard Park, resulting in a successful transaction with CRG Companies, a well-respected, generational real estate investment firm,” said John F. Mullen, director of Greysteel’s multifamily division. Mullen, Ari Firoozabadi, W. Kyle Tangney, Lance Ahmadian, Caleb Brown and Mike Bediones, all of the multifamily division, served as exclusive advisor and agent to the sellers in the successful disposition of the property.

AirPatrol opens new headquarters in Howard County’s Maple Lawn

AirPatrol Corp., which develops platforms and tools to deliver software and services to mobile devices based on their location and user context, held a grand opening Feb. 20 for a new, 5,200-square-foot headquarters at Maple Lawn, a planned community in Howard County. AirPatrol, which moved from its former location in Columbia, had been considering relocating elsewhere in Maryland or Virginia. “We wanted office space that could accommodate future growth and provide the kind of vibrant environment that would help us attract talent and we found that in Maple Lawn,” said AirPatrol Chief Executive Officer Cleve Adams. AirPatrol is set to merge in mid-March with Sysorex Global Holdings of Santa Clara, Calif. AirPatrol will become a subsidiary of Sysorex, and retain its management and operations in Howard County.

Baltimore County among leaders in making streets safer, convenient

Baltimore County has been recognized as a national leader in making streets safer and more convenient for everyone who uses them, according to the National Complete Streets Coalition, a program of Smart Growth America. The county ranked sixth among the 83 communities in the U.S. with Complete Streets programs, scoring 86.4 points out of 100. The Complete Streets rankings include consideration of pedestrians, bicycle and transit traffic when designing and improving county streets.

Mullan to be general contractor for Lutherville fire station addition

Mullan Contracting Co., of Lutherville, has been named the general contractor for an 11,000-square-foot new addition to the Lutherville Volunteer Fire Company station at 1609 Bellona Ave. The $4.2 million project, which also includes a significant physical plant improvement and upgrade to the existing firehouse, is expected to commence in mid-March, and will take about a year to complete. The existing firehouse building dates to 1909, and was last renovated in 1978. The addition will house additional firefighting apparatus, as well as a fitness center, a state-of-the-art training center and a new bunk room area for the members. More than 100 volunteer firefighters work at the station, which officials said is one of the busiest in Baltimore County, responding to approximately 2,000 rescue, fire and support calls annually.

Black named president of MacKenzie Capital

John Black, a partner of MacKenzie Capital LLC, has been named president of the firm, it was announced by MacKenzie Ventures, of Lutherville, the holding company for MacKenzie’s seven operating real estate companies. Black, who joined MacKenzie Capital in 2003, was named a partner of the firm in early 2013. The promotion puts Black in charge of strategic planning and implementation of the firm’s long-term growth plan. “John has proven that he has the leadership and market knowledge to grow our Capital group,” said MacKenzie Ventures CEO Gary T. Gill. MacKenzie Capital LLC specializes in the arrangement and placement of real estate capital, both debt and equity, for a diverse range of commercial real estate projects, including office, retail, industrial, multi-family and land.

Home Properties opens leasing office at new Silver Spring apartment tower

Home Properties Inc. announced the opening of the leasing office at its newly constructed apartment community, Eleven55 Ripley, a two-building apartment complex in downtown Silver Spring. One of the buildings is a 21-story apartment tower, the tallest building in Silver Spring, featuring The Flats, apartment units that start on the fifth floor and continue to the 21st floor. Residents of The Flats began moving in during December 2013. Also part of the tower is The Towns, consisting of seven, three-story luxury townhomes, which are expected to be available for leasing in March 2014. Eleven55 Ripley’s smaller, five-story building, The Lofts, is adjacent to the tower and features 28 boutique, luxury, loft-style apartments. The Lofts is projected to be available for leasing in the second quarter of 2014. Home Properties, a publicly traded, apartment-focused real estate investment trust, is pursuing a LEED Gold certification for Eleven55 Ripley.

LEASES 

First Potomac Realty Trust, of Bethesda, a real estate investment trust that owns office and business park properties in the Greater Washington region, announced two full-floor, long-term leases totaling 31,766 square feet at 1211 Connecticut Ave. NW, an eight-story office building in Washington’s Central Business District. The Henry L. Stimson Center, a nonpartisan global peace and security think tank, signed a 10-year lease totaling 15,883 square feet. Also, The Center for International Private Enterprise, an organization focused on strengthening democracy around the globe through private enterprise, signed a 12-year lease for 15,883 square feet. Both tenants are relocating from different parts of the city and signed in advance of an existing tenant moving out in April 2014. The building is currently undergoing significant renovations to its common areas and mechanical systems. The renovations, costing about $6.25 million, ared expected to be complete in the spring of 2014.

Network Building & Consulting LLC, a provider of wireless site development services, signed a lease for 20,211 square feet of space at Lyndwood Executive Center, a three-story, Class A, commercial office building at 6095 Marshalee Drive in Elkridge. Jonathan Green of NAI KLNB represented the tenant, and Dan Callhan of CBRE represented the landlord, Newtower Trust Company Multi-Employer Property Trust, in this transaction. Network Building & Consulting is relocating its corporate offices from the Hanover area.

Merritt Properties LLC, of Woodlawn, reported the following recently signed leases:

* SGR Metal Inc., a metal recycling company, leased 12,500 square feet of warehouse space at 188-194 Alco Place in Lansdowne, Baltimore County. Jamie Campbell, Vince Bagli, Liz Tarran-Jones and Steve Shaw of Merritt Properties represented the landlord in the negotiations.

* Merritt’s in-house leasing team of Jamie Campbell, Vince Bagli, Liz Tarran-Jones and Steve Shaw also represented the landlord in two other recent deals. In one, MAAX US Corp. a designer, manufacturer and distributer of bathroom fixtures, leased 4,600 square feet of warehouse/office space at Gujilford Industrial Park, Hidden Rock II, 9515 Gerwig Lane, Suite 108, in Columbia. The other transaction handled by the same Merritt team was the leasing of 5,250 square feet of warehouse and office space at 10840 Guilford Road, Suites 402R-403, in Annapolis Junction, by Terrapin Strength and Conditioning, for use as a cross-fit gym facility. In this negotiation, the tenant was represented by Marek Rich of Scheer Partners.

* Chasen Davis LR LLC leased 5,400 square feet of space at Towson Business Center, 8848-8850 Orchard Tree Lane, in Towson. The company will use the space for a cross-fit fitness facility. Pat Franklin, Whit Levering, Lou Boeri and Ashley Combs of Merritt Properties handled lease negotiations for the landlord.

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