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Real Estate Weekly: 9/7/12

WRIT sells office building in Rockville for $14.25M

Washington Real Estate Investment Trust completed the sale of 1700 Research Blvd., a 101,000-square-foot office building in Rockville. The sale price was $14.25 million. The building was built in 1982 and acquired by WRIT in 1999. WRIT achieved a net book gain of $4 million. The buyer is a partnership that includes a long-time tenant of the property. “Selling 1700 Research Boulevard allows us to continue to hone our strategy of owning properties inside the [Capital] Beltway, near major transportation nodes and in areas with strong employment drivers and superior growth demographics,” said George F. “Skip” McKenzie, pesident and CEO of WRIT, a self-administered, self-managed, equity real estate investment trust investing in income-producing properties in the Greater Washington metro region

NAI KLNB marketing industrial building in North Point area

NAI KLNB has been named the exclusive sales broker for 4505 North Point Blvd., a 230,000-square-foot building in southeast Baltimore. The project, which was formerly used for manufacturing, warehouse, office and administrative functions for Signode Corp., is priced at approximately $7.3 million, or $32 per square foot. NAI KLNB Principals J. Allan Riorda and Peter Dudley are in charge of the listing. Located on approximately 18 acres on North Point Boulevard, the building consists of 6,000 square feet of office space, with the balance suitable for manufacturing, product assembly, distribution and warehouse space. Ceiling heights range from 14 feet 6 inches to 28 feet clear. The building is gas-heated, and 10 loading docks and 16 drive-in loading doors are integrated into the masonry and metal structure. The facility is rail-served by the Patapsco Back River Rail Road Short Line.

Cassidy Turley handles sale of Riverside Distribution Center

Cassidy Turley announced the sale of the 599,109-square-foot Riverside Distribution Center. The complex, which is 93.3 percent leased, consists of two Class A distribution properties located at 121 and 151 Bata Blvd. in Belcamp. Jonathan Carpenter and James Wellschlager of Cassidy Turley’s Capital Markets Group represented the seller, Boston-based TA Associates. Pennsylvania-based Exeter Property Group purchased the portfolio for $31.1 million. “As a testament to the quality of the real estate and the submarket location,” Carpenter said, “we performed over 20 property tours and the offering appealed to a large pool of qualified regional, national, and international investors.”

Billick, Ravens’ former coach, to address BOMA Baltimore

Brian Billick will kick off BOMA Baltimore’s (Building Owners and Managers Association of Greater Baltimore) Speaker Series during its first fall Monthly Networking Event on Sept. 20. The former Super Bowl-winning coach for the Baltimore Ravens and currently a Fox NFL analyst and network contributor, Billick will reveal key strategies for all professionals during his talk, “Competitive Leadership – Twelve Principles for Success.” He’ll also share his insights on the current Ravens team and the 2012 season. A “meet and greet” with Billick will follow the talk. Sponsors are Constellation, an Exelon Company; NAIOP Maryland Chapter; IREM Maryland; IFMA Chesapeake; Davey Commercial Grounds Management; FA Taylor and Son Roofing; and Fidelity Engineering. The event takes place at M&T Bank Stadium, Southeast Club Lounge, 1101 Russell St., in Baltimore, from 5 to 8 p.m. Tickets, which include refreshments and complimentary parking in the stadium’s Lot E, are $60 per person for BOMA Baltimore members, and members of IREM, IFMA, and NAIOP. Non-members may purchase tickets for $75 per person. To purchase tickets, register online at http://www.bomabaltimore.org or call BOMA Baltimore at 410-752-3318.

NAI KLNB brokers sale of Burtonsville Office Park

NAI KLNB brokered the sale of the Burtonsville Office Park, a four-building portfolio located in the Burtonsville section of Montgomery County for $8.4 million. Chris Kubler, Director, Investment Sales for NAI KLNB, represented Midland Loan Servicing — a PNC Real Estate business — in the sale to an affiliate of Bernstein Management Corp. The portfolio consists of 3901, 3905, 3909 and 3919 National Drive, which together contains approximately 117,000 square feet of commercial office space in a mixture of two and four-story buildings constructed between 1984 and 2002. At the time the buildings were marketed, they were 72 percent leased to approximately 40 different office tenants.

Forrester completes new home for seals at National Zoo in D.C.

Forrester Construction Co., of Rockville, announced completion of construction of the new Seal and Sea Lion Exhibit, part of the American Trail at The Smithsonian National Zoological Park in Washington. The exhibit opened to the public on Sept. 1. Work involved demolition of the original Seal and Sea Lion facility as well as the construction of the new exhibit. Working closely with architectural firm Quinn Evans and Smithsonian officials, Forrester built a two-acre facility that provides better standards of care for the American Trail marine life and other animals, while also enhancing the experience for visitors.

ICSC honors Boulevard at Cap Centre for community-oriented charitable work

The Foundation of the International Council of Shopping Centers announced Retail Properties of America Inc. and The Boulevard at the Capital Centre in Largo have been named the 2012 U.S. Community Support Award eastern region winner for its “The BLVD commUNITY Benefits” campaign. The award was presented during a special ceremony at ICSC’s NOI+ Conference on Sept. 5 at the Peabody Orlando in Orlando, Fla. Wanting to give back to the local community, The Boulevard at the Capital Centre allocated financial and labor resources to create a series of charitable initiatives benefiting families with children and senior citizens in the areas of nutrition, literacy and education.

LEASES 

Heritage Properties Inc., of Baltimore, a full-service commercial real estate property management and development company, leased 3,000 square feet of retail space at 4111 Wholesale Club Drive in the White Marsh Retail Center to Rockville-based McCormick Paints. The property borders on the BJ’s Wholesale Club on Belair Road. McCormick Paints, the only paint manufacturer in the mid-Atlantic region, has 24 retail locations in Maryland, Virginia, Delaware and Washington. The tenant was represented by Matt O’Connell of Donohoe Real Estate Services. Peter Waldron, leasing director for Heritage Properties, represented the landlord.

 

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