Real Estate Weekly: Dec. 18, 2014

Commercial moves

  • BioMed Realty Trust Inc. announced Thursday that it has closed on the sale of a biological manufacturing facility in Rockville for approximately $322.5 million. The property, at 9911 Belward Campus Drive, is  289,900 square feet and 100 percent leased to Human Genome Sciences Inc. The purchaser is a subsidiary of GI Partners, a private equity firm. BioMed Realty, based in San Diego, acquired the property in 2006.
  • Loomis Armored US has signed a lease with Hill Management Services, Inc. for 50,223 square feet of space at 4979 Mercantile Road in the White Marsh Business Community. The cash management and handling company leased the entire first single-foot flex/warehouse building. The company will be relocating from Rosedale and intends to double its workforce at the new location to 200 employees in 2015. Hill Management Services Inc. purchased the building and another nearby property earlier this year for $5.9 million.
  • KFH Group Inc., a transit consulting firm, renewed their lease for nearly 4,000 square feet at 4920 Elm Street, a 43,000-square-foot building in Bethesda.  Scheer Partners represented KFH in the transaction. “KFH has experienced great success in this location. We are thrilled that once again Scheer Partners was able to successfully negotiate favorable lease terms on our behalf, and we look forward to the continued success of our organization,” said Sue Knapp, president of KFH.
  • Vac Pac, a custom food packaging manufacturer, is relocating to Baltimore County  to a recently-purchased, 46,000 square-foot building at 917 Middle River Road. The company, founded in 1949, prints and manufactures specialized bags and pouches for bakery, poultry, meat, seafood and industrial applications.
  • Bottling Group LLC, a division of PepsiCo Inc., has a greed to lease 25,400 square feet of space at a 60,000-square-foot warehouse and distribution center currently under construction in the White Marsh Business Park. The building, which can be expanded to 120,000 square feet, is expected to be delivered in mid-2015. The company intends to use the building as a distribution point for Pepsi products. NAI KLNB represented the owner and Choyce Peterson Inc. represented the tenant.
  • Kaiser Permanente of Mid-Atlantic States announced it intends to open a new medical center at 815 E. Pratt St. in a space formerly occupied by Office Depot. The 19,000-square-foot space will be home to nine provider offices and 17 exam rooms in 2015. “Our new medical center will feature primary care services in the heart of Baltimore for our members,” said Kim Horn, president, Kaiser Foundation Health Plan of the Mid-Atlantic States, Inc. “This new state-of-art facility further represents our dedication to Baltimore and builds on our longstanding commitment to increasing access to high-quality, 21st century care in the city.”

Retail roundup

  • On The Border Mexican Grill & Cantina is opened its fist Baltimore location at The Shops at Canton Crossing on Monday. Located at 3803 Boston Street the 5,937 square foot restaurant features 3,381 square feet of dining and bar space that can seat up to 217 guests, and a 493 square foot patio. “We are very excited to bring the On The Border experience to the city of Baltimore and look forward to being a great neighbor to our guests and new team members,” said Ward Whitworth, president of On The Border.
  • Jimmy John’s Gourmet Sandwiches opened its newest location on Tuesday after it agreed to lease a 1,627-square-foot unit in Harford Mall in Bel Air.  This is the eateries second Harford County location to open since 2013. Colliers International in Baltimore  represented Monmouth Wolfpack LLC, which owns the restaurant franchise, in the transaction.
  • Bozzuto Group announced it has signed seven new tenants to its mixed-use Cathedral Commons mixed-use development in Washington D.C. . New retailers include [solidcore], Grilled Oyster Company, Wylie Wagg, Le Village Marche, Core 72, Pure Barre and Parks Fabricare.

Multifamily news

  • Pangea Properties, a private real estate investment trust, announced its Pangea Oaks property, located at 2908 Garrison Blvd. in Baltimore, is now 90 percent occupied. The buildings were previously distressed and had been in poor condition for about 12 years. “We put millions of dollars into renovations and rehabbing the area. Since the property’s completion back in August, we have had a great deal of demand for the units,” said Pangea Properties CEO Steve Joung. The company has purchased and rehabbed a total of 500 units in the Baltimore area.

Bigger picture

  • An outgoing state legislator said local leaders are trying to leverage federal funds to make the proposed $1.5 billion redevelopment of State Center possible, even as doubts about the financial viability of the project continue to mount. Del. Shawn Tarrant, a Democrat who currently represents the State Center area but lost his re-election bid, said there have been conversations about rearranging the project, which as proposed involves building a new garage, office space and eventually residential units to leverage federal dollars. “There’s been some meetings on the federal level to see if State Center, if part of the project can be re-worked, where we’re using federal dollars to do some of the proposed ideas and flesh them out that way,” Tarrant said.
  • The Howard Hughes Corp. announced Thursday its acquisition of six office buildings, which means the company now holds 50 percent of the downtown Columbia office market. The property, 10-60 Columbia Corporate Center, totals about 700,000 square feet, is valued at $130 million and is 90 percent leased. The Howard Hughes Corp. now controls more than 1.1 million square feet of commercial space in that portion of Columbia. “The acquisition of the Columbia Corporate Center office buildings reinforces our long-term commitment to downtown Columbia,” Grant Herlitz, president of The Howard Hughes Corp., said in a news release.

About Adam Bednar

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

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