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Real Estate Weekly: Nov. 14, 2014

Commercial moves

  • LifeBridge Health purchased an  8,379-square-foot medical office building located at 8600 Liberty Road in Randallstown for $2.1 million. Gilbert R. Trout, director of investment real estate at Trout Daniel & Associates, executed the sale to LifeBridge Health on behalf of the seller. “Optimally located one block from Northwest Hospital, 8600 Liberty Road is a natural purchase for LifeBridge Health,” Trout said. “The Liberty Road corridor has experienced unprecedented economic growth over the past few years and I look forward to seeing LifeBridge capitalize on this and help the community grow.”
  • MMA Capital Management LLC, of Baltimore, a real estate asset management company formerly known as MuniMae, reported a drop in net income for the third quarter. MMA Capital posted net income of $11.8 million, compared with $73.3 million for the same period in 2013. Shareholders’ equity rose quarter over quarter, to $81.4 million, or $11.08 per share, compared with $73.4 million, or $9.69, for the second quarter this year. The company executed a reverse 1-for-5 stock split on Sept. 29, enabling MMA to meet Nasdaq’s minimum price requirement.
  • Scheer Partners negotiated a 12,000-square-foot lease at 18900 Woodfield Road, a 26,000-square-foot building in Gaithersburg for Quality Biological, Inc., which specializes in providing products and services to the life science research community. Scheer Partners Director of Industrial Leasing Marek Rich and Senior Vice President Henry Bernstein represented the company. “QBI needed to expand its operations from its owner-occupied facility and required a space which allowed it both administrative and manufacturing warehouse space,” Rich said. “The real challenge was finding QBI the expansion space within close proximity to its headquarters.”
  • Chesapeake Plywood purchased a 157,000-square-foot building at 3400 E. Biddle St. in Baltimore’s Orangeville Industrial Area for $3 million. The company  plans to relocate Chesapeake Plywood and Chesapeake Custom Milling Services to the new building, as well as re-activate two dormant companies — Chesapeake Warehousing, LLC and Chesapeake Wood Express.  “Our operations have acquired large machinery over the past several years, and we have stored this equipment on the adjacent parking lot at our former location,” said John Emden, president of Chesapeake Plywood. “Rapid expansion necessitated the need to find an enlarged space to accommodate this growth and fuel the continued momentum of our companies.”
  • MobilePro Fleet Services Inc., a trucking fleet repair and maintenance provider, has agreed to lease 6401 Macaw Court, a 13,000-square-foot industrial facility in Elkridge. Steven L. Cornblatt and James Cornblatt of Trout Daniel & Associates represented MobilePro Fleet Services. “Steve and I directed MobilePro to the Macaw Court property for various reasons,” James Cornblatt said. “The building is centrally located in their market and has convenient access to major highways; furthermore, it is large enough that they can grow into and be comfortable here for years to come.”
  • NAI KLNB has brokered three separate leases totaling more than 9,400 square feet of space at Columbia Medical Campus, a two-building, 155,314 square foot portfolio. Podiatry Associates leased 5,302 square feet of space 5500 Knoll North Drive, Cranial Technologies leased 2405 square feet of space at 5450 Knoll North Drive and and Capital Digestive Care leased 1700 square feet of space within 5500 Knoll North Drive. “We are closing in on 100 percent occupancy for the entire campus, as medical practitioners and other entities servicing the health care industry, immediately recognize the advantages of operating within an environment that facilitates this market segment,” said David Fritz of NAI KLNB.
  • NOMA Workspaces signed a 22,111 square foot lease at 840 First St., NE in Washington, D.C.  a 12-story office building with a total of 248,536 square feet located adjacent to Union Station. First Potomac Realty Trust, owner and operator of office and business park properties in the greater Washington D.C. area, announced the lease.

Retail roundup

  • Westfield Montgomery mall in Bethesda celebrated the progress made in its $90 million renovation project with the completion of the new Dining Terrace and ArcLight Cinemas. “Following 18 months of planning, construction and development, we’re thrilled to unveil the new Westfield Montgomery to the entire metro area,” said Eric Howard, senior general manager at Westfield Montgomery.

Personnel

  • Mark Pooley has joined Weichert Corporate Housing as vice president of business development, Washington D.C. Pooley will be tasked with expanding the company’s business into Northern Virginia, Maryland and the District of Columbia. Lauren Turner will join Pooley in the Annandale office as an outside sales representative. She will be responsible for managing client relations and expanding business in the region.
  • Alicia Orkisz has joined Greysteel Co. as analyst for the Mid-Atlantic multifamily investment sales team. As an analyst she tracks multifamily trends in the Mid-Atlantic region, performs due diligence and underwriting, and assists in the production of Greysteel’s market positioning analysis.

Bigger picture

  • It makes sense that a proposed mixed-use development called Stadium Square should involve athletes. On Tuesday, 4th Down Partners, whose principals include current Ravens offensive lineman Eugene Monroe and his former University of Virginia teammate Keith Payne Jr., discussed their collaboration with Caves Valley Partners on the $250 million development. “We were looking at some opportunities in the Baltimore area to find some real estate projects, and Stadium Square came up. We went to find out what the Caves Valley people had to offer and they gave us a great opportunity,” Payne said. 4th Down Partners, initially investors in the project, approached Caves Valley Partners about becoming full partners in the development in large part because it’s in what Monroe called “my backyard.” The proposed development in the historic Sharp-Leadenhall neighborhood is only blocks east of M&T Bank Stadium.
  • Last week Caves Valley Partners announced a major retail tenant at its Towson Row development. Now we know who will be responsible for leasing the project’s Class A office space. Cassidy Turley will serve as the brokers for the $350 million project that will be built on five acres of land and include more than 1 million square feet of mixed-use space. That will include 200,000 square feet of office space.

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