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Real Estate Weekly: Dec. 4, 2014

Commercial moves

  • Boyd Watterson GSA Fund LP has purchased a Class A office and flex property in Beltsville for $16.85 million. The 105,673-square-foot building, located at 5901 Ammendale Road in the Ammendale South Technology Center, is 88 percent leased by the federal government. Colliers International represented the seller, a Manekin affiliate. The buyer represented itself in the transaction.
  • Bethesda-based commercial real estate firm Finmarc Management Inc. announced the purchase of the Laurel Commerce Center for $6 million. The 58,069-square-foot industrial building, constructed in 1986, is located at 14709 Baltimore Ave. in Prince George’s County and is 100 percent leased. The building’s 13 tenants are primarily involved with auto repair and include Mr. Tire Auto Service Center and Paymer & Phillips.  It’s also located across Route 1 from the newly renovated mixed-use Towne Centre at Laurel. The seller, Laurel Commerce LP which is controlled by the Fernebok family, was represented by Nathan Pealer of Marcus & Millichap.
  • Intineris Inc., which provides services to people with Autism Spectrum Disorder, has agreed to lease a 12,596-square-foot space in on Television Hill. Uses for the space will include providing pre-vocational and career development training and independent living skills. Arthur W. Putzel, principal at Trout Daniel & Associates, represented Intineris and Jon Manekin, of Colliers International, represented the landlord Typo Building LLC.
  • Farmers Insurance agreed to lease a space in a 50,000-square-foot building in Silver Spring, loacated 11510 Georgia Ave. Lakewood Development Corp. owns the building and were represented by Scheer Partners.

 

 

Retail roundup

  • Ceremony Coffee Roasters has signed a lease for 3,000 square feet at 520 Park Avenue in Baltimore and plans to open in the late spring. Ceremony will have an outdoor space on the south side of the building facing Park Avenue. The Time Group, the project developers of the $30 million historic renovation, announced the lease on Tuesday. The company is also currently developing the 15,000-square-foot Mount Vernon Marketplace.
  • Annapolis-based architectural design firm Roy Higgs International LLC  will has been selected to design the retail portion of Metropol Istanbul.  The project is a mixed-use development being developed in the Istanbul International Financial Center in Atasehir. At 1 million meters the development is one of the largest mixed-use development in that country and includes Metropol Istanbul Tower with 1,200 luxury apartments.

Personnel

  • Dusty Rood has been named president of Rodgers Consulting Inc. a Germantown-based land use planning and consulting firm. He takes over the role from Mark E. Friis, who will remain as the company’s CEO. Rood, 36, has worked at the company for 15 years and previously served as vice president and director of environmental consulting. He previously was awarded the Maryland-National Capital Building Industry Association’s President’s award.
  • JM Schapiro, CEO of Continental Realty Corp. is a national finalist in the category of Family Business at the National EY Entrepreneur of Year 2014 Awards in Palm Springs. The awards are given to business leaders who have shown dedication to innovation, financial performance and personal commitment to their companies and communities. Schapiro was named a regional winner earlier this year and will be one of 240 award winners from 28 programs nationwide competing for 44 spots in 11 categories.

Bigger picture

  • Commercial real estate firm CBRE Inc. is anticipating a record year for investment in multifamily properties nationally, but the Mid-Atlantic market isn’t quite as hot as the country as a whole. The Mid-Atlantic market, which includes Baltimore and Washington D.C., could exceed $5 billion, the benchmark for a solid year. Investments in the market’s multifamily sector year-to-date are about $4.2 billion. “In terms of national activity we would be mirroring that. The Class A have not quite kept up with last year’s numbers, and so the Class Bs have really sort of filled in the gap,” said William Roohan, CBRE’s vice chairman of capital markets and multifamily. “But considering that we have around … negative-2 to plus-3 rent growth for Class A, the market has been very, very robust.”
  • Red Lion Hotels Corp. has purchased a partially renovated Inner Harbor hotel for $15.7 million. The hotel, located at 207 E. Redwood St., is 70 percent renovated and Red Lion Hotels Corp. plans to invest $3.5 million into finishing the job. The property was being developed as a Hotel Indigo, but that project was never completed. The 130-room hotel is expected to open summer 2015 and will be the company’s first Hotel RL, a full-service conversion concept planned for the top 80 U.S. markets that envisions the hotel as a “town square where visitors and locals meet to collaborate.”

About Adam Bednar

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

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