Real Estate Weekly: Dec. 11, 2014

Commercial moves

  • The Law Office of Mike Rothman has agreed to a 2,304-square-foot lease renewal at 401 E. Jerrerson St. in Rockville, a 27,192-square foot building. Commercial real estate firm Scheer Partners represented the tenant in the transaction. “By leveraging a relocation, we were able to restructure Mike’s lease to include both below-market rent and a substantial tenant-improvement allowance to refurbish his space,” Scheer Partners Vice President Marek Rich said in a news release.
  • Certified public accountants Glass Jacobson are moving to an office nearly twice the size as its current space, but will remain in Rockville. The new location at 800 King Farm Road allows the company to expand to 9,000 square feet, up from 5,000 square feet at its current space at 1901 Research Blvd. “When we moved into this location over 25 years ago, we were the first tenants in the building and only had four full-time employees on our team,” Doug White, managing partner of Glass Jacobson’s Rockville office said in a news release. “Today, we have 15 full-time professionals and additional support during our busier periods.  We simply need more space for our operations.”
  • Colliers International in Baltimore has been named the leasing agent for for four single-story flex-office buildings totalling 135,145 square feet on Campbell Boulevard. The properties in White Marsh include 5020-5026 Campbell Blvd. and are located down the street from the White Marsh Shopping Mall and is located near Interstate 95. Colliers brokers David Dannenfelser, Tyler Boykin and Bobby Lanigan will handle the leasing.

Retail roundup

  •  Lakeside Café & Deli opened a new location at 70 Corporate Center, located at 11000 Broken Land Parkway in Columbia. The store has a 10-year lease for 1,600 square feet of space on the ground floor with building owner Howard Hughes. The business was previously located in the American City Building, and has been closed since 2013. “It has been a long process with unforeseen delays,” said Michael So, who along with his wife, Min, own Lakeside.  “But now we are back in business and hope to see our old friends and customers at our new location very soon.”
  •   Medifast Inc., of Owings Mills, a weight-loss company, continued its shift from owning centers, announcing last week that a subsidiary would close 34 corporate-owned Medifast Weight Control Centers by Dec. 31. Two of the centers are in Glen Burnie and Annapolis, the rest in Texas. Medifast said the subsidiary also would sell the assets of 17 corporate-owned centers to existing business partners, which would then become franchise operations. “Exiting the corporate center model is consistent with our long-term strategy and will allow us to focus on optimizing the performance of our franchise partners,” Michael MacDonald, chairman and chief executive officer of Medifast, said in a statement.

Multifamily news

  • Greysteel Co.’s multifamily Mid-Atlantic investment sales team has been named the agent and advisor for the sale of Ravenswood. The 23-unit apartment building located in Riversdale in Prince George’s County. The property is located a miles from Route 1 and a half-mile from Interstate 295. It’s also located blocks from the Riverdale stop on the MARC commuter rail. 

Bigger picture

  • The city of Baltimore’s budget director is projecting a $14.8 million budget deficit, but he said he’s encouraged by growth in revenues generated from property, transfer and recordation taxes. Andrew Kleine said that boosts in those revenue streams have come from increased activity in both commercial and residential real estate markets despite prices remaining below pre-recession levels in the current and previous fiscal years. “We’ve seen a number of large-dollar transactions, the apartment conversions and those kind of projects, and we’re especially conservative in budgeting transfer and recordation, because it’s a highly variable source of revenue, and we don’t want to rely on it too heavily to cover ongoing operating costs,” Kleine said.

About Adam Bednar

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

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