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Real Estate Weekly – 8/1/14

Beltway West Industrial Portfolio sells 

Private equity real estate group Cabot Properties has purchased the Beltway West Industrial Portfolio from First Industrial Realty Trust Inc. for an undisclosed price. The portfolio consists of six industrial/flex spaces that total 369,979 square feet. The properties are located at 2700 Lord Baltimore Drive, 7120-7132 Ambassador Road, 7142 Ambassador Road, 7144-7162 Ambassador Road, 7223-7249 Ambassador Road and 7200 Rutherford Road.

Walker & Dunlop hits milestone 

Walker & Dunlop Inc., of Bethesda, a commercial real estate finance company with a primary focus on multifamily lending, announced Tuesday that its loan servicing portfolio has surpassed $40 billion. The portfolio, comprised of over 4,300 commercial loans from across the United States, has an average loan term of over 10 years. The mortgage servicing rights related to this portfolio had a fair value of $432 million at June 30. Walker & Dunlop’s servicing portfolio has grown 473 percent since the end of 2008. Since then, Walker & Dunlop has acquired Column Guaranteed LLC and CWCapital LLC. Walker & Dunlop ended 2013 as the eighth-largest commercial loan servicer in the country, according to the Mortgage Bankers Association.

Harbor Point unveils apartment schematic

Beatty Development Group and Ayers Saint Gross presented schematics to the Urban Design and Architecture Review Panel on Thursday for an apartment building that’s part of the planned $1 billion Harbor Point mixed-use development. The proposed 18-story building will have 285 apartments and about 20,000 square-feet of retail space. The company hopes to break ground in the first quarter of next year and deliver the building summer 2016.

Developers break ground on Little Patuxent Square

LPP Investors LLC celebrated the ceremonial groundbreaking on the first new office development in downtown Columbia in more than a decade. New plans for the development include 135,000 square feet of Class A office space, 12,000 square feet of retail space and 160-luxury apartments. Of the rental units 66 percent of them will be one bedroom and the remaining apartments will be a mix of two and three bedroom units.The project will also include 740 below grade parking spaces and 120,000 square feet of office space has been pre-leased for 10-years by a Maryland based health care technology company.

ShopRite opens largest store in Baltimore 

ShopRite Grocery celebrated the grand opening of its new store on Thursday in the Howard Park community of Northwest Baltimore. The store, located at 4601 Liberty Heights Ave., is the largest in Baltimore and the first in that area of the city since 1999.

Baltimore auto service property for sale 

A 3,388 square foot auto service center, located at 39 S. Central Ave., is for sale. The property also includes two parking lots with more than 40 spaces and  is located north of Baltimore’s Little Italy neighborhood.

WRIT’s FFO drops in quarter 

Washington REIT, of Rockville, an equity real estate investment trust investing in income-producing properties in the Washington metro region, reported a drop in funds from operations for the second quarter — $25.2 million, or 38 cents per diluted share, compared to $30.8 million and 46 cents in the same period last year. The company said the decrease in FFO is primarily due to the reinvestment timing of the Medical Office Building sale proceeds.

The Guilford looks for student leases 

Bozzuto Management Co. announced the 14-story building, located at 3900 N. Charles St., formerly known as the The Halstead has been rebranded as The Guilford. The renaming, as well as renovations, which include adding three-bedroom, one-bathroom and three-bedroom, two-bathroom apartments, are part of an effort to attract more student leases.

Rubeling & Associates designing replacement Catonsville Elementary School 

Towson-based Rubeling & Associates, an interior and architecture design firm, was chosen by Baltimore County Public Schools to design an upgraded Catonsville Elementary School. The current building was constructed in 1925 as Catonsville High School and converted to the Bloomsbury Community Center in 1995. The upgraded building is set to become the Catonsville Elementary School at Bloomsbury and will replace the existing Catonsville Elementary School. With the new additions the school will be 103,000 square feet nearly twice the size of the existing school.

North Baltimore County industrial land sale 

Trout Daniel & Associates announced it is selling more than 10-acres of industrial zoned land off Interstate 83 about four miles from the Pennsylvania border. The property, located at 21120 Old York Road in Parkton, can be built up to 10,000 square feet.

Habitat branches announce merger 

The board of directors for Habitat for Humanity of the Chesapeake and Sandtown Habitat for Humanity announced their decision to merger earlier this week. Bother organizations will operate under the Habitat for Humanity Chesapeake banner. The merger is expected to be complete this fall, and Chesapeake CEO Mike Posko will assume executive managerial responsibilities.

White Marsh Mall adds 3 retailers

Three new retailers announced they will open new spaces at the White Marsh Mall. Villa Pizza is scheduled to open 1,153-square-foot location in the food court later this summer. Charlotte Russe will open a 4,991-square-foot store in the upper level in September. Also in September, She Dept. Encore will be opening a 10,857-square-foot store on the lower level near JC Penny.

Lease 

St. John Properties announced it signed its 50th lease at the 416-acre business development The Government and Technology Enterprises at Aberdeen Proving Ground in Harford County. DRS Technologies signed leases totaling to 15,000 square feet at the business park.  The Baltimore-based commercial real estate firm has built 12 research and development buildings at the site that totals more than 600,000 square feet.

Harbor Freight Tools will be taking over a 13,000-square-foot space at 2423 N. Salisbury Blvd., in Salisbury. The space, located just off Route 13, was previously occupied by Boater’s World. The company signed a 10-year lease on the property and anticipates opening a store at the location by the end of 2014.

Personnel

Bethesda-based Washington Property Co. has hired John Mulhern as its construction manager. Mulhern, who has over 25 years of construction management experience, will oversee all the company’s construction-related contract functions for multifamily and mixed-use properties, as well as renovations of commercial buildings. He previously worked at NTVI Enterprises LLC and the Donohoe Cos. prior to that.

MacKenzie Commercial Real Estate LLC announced it has named Donald K. Schline a partner and senior vice president/principal of the company. Schline is the leader of MacKenzie’s investment sales team and has advised clients on investment strategies of more than $850 million.

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