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Real Estate Weekly: Nov. 28, 2014

Commercial moves

  • Cisco Systems Inc. has signed a lease for 97,128 square feet of space at 8135 Maple Lawn Blvd. with St. John Properties Inc. and Greenebaum Enterprises Inc. The space is located in a recently-completed four-story, 131,257 square foot Class A office building located in the Maple Lawn business park in Howard County. Cisco, which acquired Columbia-based Sourcefire Inc. last year, plans to consolidate and expand a number of Sourcefire’s offices into the new headquarters. The building, located in a 600-acre mixed-use development, is now 90 percent leased.
  • Trout Daniel & Associates signed a lease for 4,733 square feet of space in Padonia Centre, located at 30 E. Padonia Road in Timonium. Danielle Beyrodt of Hill Management represented the landlord and Steven Cornblatt of Trout Daniel & Associates represented the tenant in the transaction. Padonia Centre is a five-story, nearly 40,000 square foot commercial office building located one block from York Road and directly adjacent to Interstate 83 and Interstate 695.
  • JW Marriott Hotels & Resorts, part of Bethesda-based Marriott International, will open its first European resort in March on a private island in Venice, Italy, the company announced. The 266-room property will be housed in buildings refurbished by the Italian architect firm Matteo Thun & Partners. The 16-acre site includes fruit arbours and olive groves.

Multifamily news

  • Hampshire Properties has purchased the 732-unit apartment complex Seasons at Bel Air for $80 million. The property, located at 955 Sablewood Road in Bel Air, was 94 percent occupied at the time of the sale. The seller was represented by CBRE’s Investment Properties Multi-Housing Group. CBRE’s Debt & Structured Finance Group represented the purchaser of the first $63 million mortgage. The property was built in three stages between 1975 and 1985 and includes amenities such as an Olympic-sized swimming pool, tennis courts and multiple playgrounds.
  • Chevy Chase-based Federal Capital Partners announced it has purchased Regency Square, a 366-unit apartment complex in Forestville for $21.8 million. The acquisition of the three-story garden apartment community is the company’s ninth apartment purchase in 2014. The company plans $8 million in improvements to the complex. Transwestern represented the seller in the deal, and Capital One is providing the financing for both the purchase and the renovations.

Retail roundup

  • Guaranteed Rate, a retail mortgage lender, opened its newest location in the Washington D.C. area. The new retail office is located at 10411 Motor City Drive, Suite 500 in Bethesda. The company has approximately 175 offices nationwide. The company is licensed in all 50 states and Washington, D.C., and funded nearly $16 billion in loans in 2013.

Builders beat

  • Mid-Atlantic Builders, of Rockville, has won the Maryland Building Industry Association Environmental Award for Most Energy Efficient New Home. The Mid-Atlantic Builders Modena model received a Home Energy Rating System Index of 53, meaning that it is 47 percent more efficient than the standard new home. The average HERS score in the metro Washington area is a 70. The HERS Index was developed by the nonprofit Residential Energy Services Network, and a lower score indicates higher energy efficiency.

Bigger picture

  • A change in the purchase agreement between Baltimore County and a developer, which resulted in the sale price of the North Point Government Center in Dundalk increasing by more than $5 million, is needed to move the project along. Don Mohler, chief of staff to Baltimore County Executive Kevin Kamenetz, said the project wasn’t put back out to bid following substantial changes in the agreement because the county feels it should move forward on the new facility as quickly as possible. The new agreement now calls for the developer to purchase the property for $7.6 million. That price will be paid via $2.28 million in cash, $3.14 million in deferred payments and $2.16 million in forgone revitalization property tax credits.
  • The difference between building an apartment complex in Maryland and Texas is best exemplified by the possibilities of a corn field. Michael Muldowney, CBRE Inc. executive vice president of investment properties and multifamily properties group, used a plot of land to highlight how doing business in Maryland is slowed by regulations.

    If you go to Houston, Texas and you’ve got a corn field, you can basically go vertical in 90-days. You get your building permits, boom. They’re not asking your uses; They’re not asking you Jack,” Muldowney said. “Here, you can have mutli-housing land zoned… and yet it will still take you two, two-and-a-half, three years to get your entitlements to go get a building permit.

About Adam Bednar

Adam Bednar covers real estate and development for The Daily Record.

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