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Real Estate Weekly – 12/30/11: Annapolis Towne Centre leasing

Wedding chapel for sale

(AP) A 19th-century stone mansion and wedding chapel are for sale in Elkton, a town once known for its marriage business. Frank and Barbara Smith told The Baltimore Sun they’re ready to retire. They hope a buyer will retain the chapel, but with the Cecil County courthouse across the street, it could be a prime location for lawyers’ offices. The Smiths are asking $350,000 and will toss in wedding amenities. About 15 chapels once lined Main Street. The Smiths used to conduct about 750 weddings a year, but now they average about 10 a month.

American Realty dividend

American Realty Capital Properties, which has declared an annual dividend of 87.5 cents per share to be paid monthly to stockholders of record on the 15th of the month, on Jan. 15 will pay a distribution of 7.29 cents per share to stockholders of record at the close of business on Jan. 8. The publicly-traded Maryland corporation intends to qualify as a real estate investment trust focused on owning and acquiring single-tenant freestanding commercial properties subject to net leases with high-credit tenants.

Wind power contract dropped

(AP) NRG Energy officially ended its offshore wind power contract with Delmarva Power on Tuesday, making the possibility of a wind farm off Delaware extremely unlikely in the near future. NRG Energy, parent company of project developer Bluewater Wind, had said this month that it planned to terminate the contract if a buyer for Bluewater did not come forward. The contract between Delmarva Power and Bluewater, signed in 2008, was considered an essential ingredient in building the proposed wind farm, which would have put 49 to 150 turbines about 13 miles off the coast.

Annapolis Towne Centre leasing

Wells Fargo, Hannon Armstrong and RBC have signed leases to open branch offices at Annapolis Towne Centre in 2012, according to MacKenzie Commercial Real Estate Services. They will occupy 23,000 square feet in the 46,000-square-foot, Class A office building near Routes 50/301, Interstate 97, and Route 2.

Mortgage rates rise slightly

Average mortgage rates rose slightly week-over-week according to the LendingTree Weekly Mortgage Rate Pulse, which tracks the lowest and average mortgage rates offered by lenders on the LendingTree network. On Monday, average mortgage rates offered by LendingTree network lenders were 4.34 percent for 30-year fixed mortgages, 3.56 percent for 15-year fixed mortgages and 3.20 percent for 5/1 adjustable rate mortgages nationwide, a slight increase week-over-week. The lowest mortgage rates rose to 3.75 percent nationwide and in Maryland for a 30-year fixed mortgage, 3.00 percent for a 15-year fixed mortgage and 2.50 percent for a 5/1 ARM.

Site near Bowie State proposed for Redskins

(AP) A board weighing the fate of 200 acres near Bowie State University is expected to make a recommendation next year about what to do with the land. Among the options for the county-owned land are a mixed-use development and a training facility for the Washington Redskins. The Washington Post reports that the board, which was created in February, is expected to make a recommendation next year to the Prince George’s County Council. The land is near the university and the Bowie MARC train station. County Executive Rushern Baker III has asked the Maryland Stadium Authority to study the economic impact of moving the Redskins’ training center and team headquarters, which are now in Virginia, to the Bowie site.

Blackwater acquires petroleum storage site

Blackwater Maryland LLC, a wholly owned subsidiary of Blackwater Midstream Corp., has completed the acquisition of a storage terminal in Salisbury for $1.6 million. The closing, which occurred Dec. 22, was 100 percent financed by Blackwater Midstream’s senior lender. The site consists of 177,000 barrels of storage capacity on 26 acres on the Wicomico River, with space to build an additional 100,000 barrels of capacity. Blackwater Midstream said it plans to store petroleum there, but possibly offer space to others for storing other substances.

Financing approved for 2 senior housing sites

Federal Home Loan Bank of Atlanta will award $1.7 million toward the building or repairing of 192 rental and affordable housing units for senior independent living in two affordable housing developments in the Baltimore area. FHLBank Atlanta will award the money as part of its 2011 Affordable Housing Program so local community developers can perform the work at The Greens at Logan Field in Dundalk, and The Greens at English Consul in Halethorpe. Bank of America is the regional bank’s partner, and Enterprise Housing Corp., of Baltimore, is the sponsor.