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Real Estate Weekly – 7/25/14

Baltimore Development Corp. office shopping 

Baltimore Development Corp., a quasi-governmental group intended to lure and maintain businesses in the city, is office shopping. During a board meeting on Thursday, Brenda McKenzie, president and CEO of the BDC, said the organization’s lease at 36 S. Charles St. is coming to an end. McKenzie said the group will also consider staying in it’s 16th floor offices but will look at other options.

Village Green to manage 5 Baltimore area properties 

Village Green, one of the country’s oldest apartment owner-operators, has been selected by L3C Capital Partners to manage five properties in the Baltimore area: Beacon Pointe, Edgewood Park, Fox Crossing, Forest Glen and Hillsdale Manor. Combined the properties contain 694 units. Village Green officials said that this would be the second collaboration between the two companies in Baltimore in the last year; the other is the Munsey building downtown.

Perfume Manufacturer buys Baltimore warehouse 

True Essence, a manufacturer, importer and distributor of perfume, purchased a Baltimore warehouse for $575,000. The 13,827 square-foot warehouse is located at 3215 English Consul Ave. The property was sold by 2900 Loch Raven LLC, which was represented by Cassidy Turley. Humayun Kabir, of Coldwell Banker, represented the seller.

Walker & Dunlop finances Calif. deal 

Walker & Dunlop Inc., of Bethesda, a commercial real estate finance company, announced it provided $77.2 million in financing for the acquisition of a California apartment complex by Kennedy Wilson, a real estate investment and services firm based in Beverly Hills, California. Walker & Dunlop rate-locked the loan 45 hours after receiving a signed application, using Fannie Mae’s Early Rate Lock execution. Kirker Creek Apartments is a 542-unit, gated, garden-style community in Pittsburg, California. The loan has a 10-year term and five years interest only.

Coastal moving to bigger facility in Md.

Coastal Cos., a Savage-based distributor of fresh produce and dairy, announced Wednesday that it will move into a new, 240,000-square-foot facility in the first quarter of 2016. The build-to-suit facility will be located on 33 acres in Laurel and will incorporate state-of-the-art design to double existing capacity.  Groundbreaking will occur later this summer.  The new headquarters is being constructed three miles from the company’s current facility. In the last six years, Coastal has tripled in size and is expecting to add employees when it moves into its new headquarters.

Howard County reopens library and STEM center

The Howard County Library System Savage Branch and STEM Education Center reopened Tuesday following 18 months and $6.1 million in renovations. The renovated library now occupies 24,000 square feet using space that was once a senior center and health department office. The branch holds a new collection of 100,000 items that include books, films and music. There will also be 51 computer available for public use.

Shopping center buyer is (is, is) ECHO 

ECHO Realty LP, a privately held developer and owner of grocery-anchored shopping centers, has identified itself as the buyer of the Lexington Village Shopping Center, a 160,000-square-foot retail center in Lexington Park, St. Mary’s County. Federal Capital Partners, of Chevy Chase, recently announced that FCP and its partner, Westmoreland Partners, had sold the shopping center for $24.1 million, but didn’t name the purchaser. ECHO, which has offices in Pittsburgh, Washington and Indianapolis, owns over 175 properties in Pennsylvania, Ohio, Maryland, West Virginia and Florida.

Murphy & Dittenhafer Architects lead UMBC fine art building renovations

Murphy & Dittenhafter Architects were selected to coordinate the first phase of renovations to University of Maryland, Baltimore County’s fine arts building. The $12.8 million renovation broke ground in early June. The renovated building will feature new faculty offices, classrooms and art labs.

Maryland contractor’s project wins Eagle Award

The Gettysburg Seminary Ridge Museum project has been awarded a Celebration of National Associated Builders and Contractors’ Eagle Award. Morgan-Keller Construction, which has offices in Frederick and Columbia, was awarded the National Excellence in Construction Award in the Restoration/Renovation — Less Than $25 million category. The company transformed an existing 180-year-old building into a museum that examines issues with slavery, faith communities and field medicine during the Civil War era.

Columbus School Apartments celebrate opening

The Woda Group Inc. celebrated the official opening of the 50-unit Columbus School Apartments. The historic school building dates back to 1891. It took 16 months and $13 million to rehab the 122-year-old Romanesque Revival building. The building was placed on the National Register of Historic Places in 1979, but the school was closed in the 1970s.

New Maryland Public Health Laboratory opens 

A new Maryland Public Health Laboratory celebrated its opening Tuesday. The new facility is located at 1770 Ashland Ave. and is part of the Science + Technology Park at Johns Hopkins in East Baltimore. Researchers at the facility will work with Johns Hopkins University and the Maryland Department of Health and Mental Hygiene.

Yumkas, Vidmar & Sweeney establish Columbia office 

Yumkas, Vidmar & Sweeney, a law firm specializing in settling business disputes, bankruptcy and insolvency-related litigation, has established its main office in Columbia. The firm has also relocated its Annapolis office. The Columbia office is located at 10211 Wincopin Circle, suite 500 and the Annapolis office is now located at 1919 West St., suite 200.

Enterprise closes Lansdowne affordable housing deal 

Enterprise Home Inc., in partnership with Pax-Edwards LLC, closed a deal to build 48 affordable townhouses. The companies using a combination of debt and equity will invest more than $17 million in the project. The homes will be lease-to-own and with the option to purchase at the end of a 15-year time period.

PERSONNEL  

Gina Stewart has been hired by Lutherville-based Mullan Contracting Co. as the firm’s director of business development. She previously served as the director for business development for Merritt Construction Services LLC. Stewart, a Finksburg resident, has more than 20 years of direct new business development in the real estate industry. She previously held business development management positions  with Manekin Constructiion LLC and DRBrasher Inc.

LEASES

Adolph & Kalkstein, a family-owned chiropractic practice, has singed a lease with Hill Management Services for 4,407 square feet of office space at The Shell Building. The five-story, 40,000 square foot building is located in Towson at 200 E. Joppa Road. Ashley Zeto of Hill Management represented the landlord and Curtis Campbell and Michael Schmidt, of Wallace H. Campbell & Co., represented the tenant.

Junior Achievement of the Eastern Shore signed a three-year lease on 1,500 square feet of space at 123 Camden St. in Salisbury. Brent Miller, senior advisor and managing director of Sperry Van Ness — Miller Commercial Real Estate represented the landlord. Rick Tilgham, CCIM represented Junor Achievement. The nonprofit is helps young people become financially literate and educate them about entrepreneurship.

SK Research LLC has signed a lease for 11,985 square feet TenThreeTwenty in Columbia. TenThreeTwenty is a 12-story, 137,847 square-foot class A office building. First Potomac Realty Trust completed an $8 million renovation of the property in 2013. Brendan Lough, of CBRE in Baltimore, represented the tenant in the transaction.

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