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Real Estate Weekly – 3/7/14

Road contractor pays $2M for land in Jessup

NAI KLNB, of Towson, a full-service commercial real estate brokerage, arranged the sale of an eight-acre parcel of land at 7551 Old Jessup Road in Jessup to TRI M Properties LLC. TRI M Properties, a road construction contractor that operates as Concrete General, paid $2 million for the property. It intends to relocate its operations from Montgomery County to Anne Arundel County, and plans to use the property primarily to store trucks and heavy equipment. Cinder & Concrete Block Corp. was the seller of the property. NAI KLNB’s David Fritz and Bill Martien represented the seller, while Patraic Weymouth of Waverly R/E Group LLC represented the buyer in the transaction.

Greysteel chosen to market Hanover Courts in Washington

Hanover CourtsThe Greysteel Co., of Bethesda, a real estate investment services firm, said its mid-Atlantic multifamily investment sales division has been named as the exclusive advisor and agent for the sale of Hanover Courts Apartments, a 74-unit affordable apartment development located in the Garfield Heights neighborhood of Washington, D.C. Originally built in 1950, the property was completely renovated in 2000 under a low-income housing tax credit program that mandates that 40 percent of apartments must be reserved for moderate-income residents. Tax credit compliance under that program expires on Dec. 31, 2015, according to Greysteel, while the land use restriction agreement runs until Dec. 31, 2030. Greysteel’s Ari Firoozabadi, W. Kyle Tangney, John F. Mullen, Caleb Brown, Lance Ahmadian and Mike Bediones are in charge of marketing the property.

Montgomery County Council approves zoning law rewrite

The Montgomery County Council this week approved the first restructuring of the Zoning Ordinance in more than 50 years, according to the law firm of Ballard Spahr LLP. The legislation takes effect on Oct. 30, 2014. It will create new zones for almost every non-residential property in Montgomery County. Before the ordinance takes effect the council must adopt a map amendment to rezone non-residential properties in the county. The council will hold a hearing on the map amendment over the summer to ensure that property owners are able to evaluate the impact of the new zones on their property.

Howard County moves ahead on first Transit Oriented Development project

Howard County Executive Ken Ulman announced a major step forward in development of the Annapolis Junction Town Center, the county’s first Transit Oriented Development project. Ulman on Tuesday approved a tax increment financing package for a 704-space commuter parking garage to be built adjacent to the MARC station in Savage. The $17 million, four-story parking structure will be built on land owned by the Maryland Department of Transportation, and will facilitate major residential, commercial and retail development of other property near the commuter rail station, which is on MARC’s Camden Line and in close proximity to Fort Meade. Plans for Annapolis Junction Town Center include 416 apartments, 100,000 square feet of office space, 17,450 square feet of retail space and a 150-room hotel. Construction of the first commuter parking garage will begin this spring, with apartments and retail space to follow. Bethesda-based Somerset Construction Co. is the lead developer for the TOD project.

Forrester wins ABC award for work at National Zoo

Forrester Construction Co., of Rockville, was awarded an Eagle Award by Associated Builders and Contractors for its work on the Smithsonian National Zoological Park Seal and Sea Lion Exhibit project in Washington, D.C. The award in the Other Construction – $4 million-$100 million category was presented to Forrester representatives in February at ABC’s 24th annual Excellence in Construction Awards celebration at the Grand Wailea Resort in Maui, Hawaii. Forrester constructed a new seal and sea lion exhibit that includes six pools, ADA-compliant pathways, above- and below-ground water viewing areas, an amphitheater and a maintenance building that houses a life support system. The Excellence in Construction awards program honors innovative and high-quality merit shop construction projects. The award honors all construction team members, including the contractor, owner, architect and engineer. The winning projects, selected from entries submitted from across the nation, were judged on complexity, attractiveness, unique challenges overcome, completion time, workmanship, innovation, safety and cost.

Jones Lang LaSalle shortens name to JLL

Jones Lang LaSalle, a Chicago-based professional services and investment management firm specializing in real estate, announced that it has changed its name to JLL, and presented a new logo to accompany the updated name. JLL officials said the shortened name, which will be rolled out globally over the next two years, is recognition that the firm is a worldwide company, and represents its adaptation to different communication styles in a variety of countries, languages and channels. “JLL is easily pronounced, remembered, visible and representative of our firm wherever we serve our clients around the world,” said Charles Doyle, the company’s chief marketing and communications officer. The company’s stock on the New York Stock Exchange will continue to be traded under the symbol JLL, and its legal name, Jones Lang LaSalle Inc., and the name of its wholly owned subsidiary, LaSalle Investment Management, will remain unchanged.

PERSONNEL

Rienhoff joins C&W’s brokerage services group

Stuart Rienhoff

Stuart Rienhoff

Cushman & Wakefield of Maryland announced the appointment of Stuart Rienhoff as senior director in its Baltimore brokerage services practice group. Rienhoff, a 27-year industry veteran, will be responsible for tenant and landlord representation for clients throughout the Maryland region. He formerly was with Jones Lang LaSalle, where he was a managing director, focusing on tenant representation and agency leasing for office and flex space. Rienhoff also worked previously at Cassidy Turley and Colliers Pinkard, two prominent commercial real estate brokerages in Baltimore. Among his former clients were major corporations such as Lockheed Martin Corp., The Howard Hughes Corp., and Johnson, Mirmiran and Thompson.

LEASES

BusinesSuites LP, a national operator of executive office suites and virtual offices, has signed a lease with Beco Management Inc., of Rockville, for 13,200 square feet of space within Beco Tower I, an 11-story, 115,000-square-foot office building at 10451 Mill Run Circle in the Owings Mills Town Center section of northwest Baltimore County. The company has facilities in eight different office buildings throughout the Baltimore region, including two in Baltimore County. BusinesSuites offers full-service, furnished office space equipped with live telephone answering, business-class Internet, access to meeting and conference rooms and an on-site café. Based in Austin, Texas, the company also operates in Texas, Nevada, Virginia, North Carolina and Pennsylvania.

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