Real Estate Weekly: Jan. 8, 2015

Commercial moves

  • Continental Title Group (CTG), a full-service commercial and residential title company headquartered in Baltimore, announced the opening of a Howard County regional office at 10025 Governor Warfield Parkway in Columbia.  This is the company’s eighth full-service location in the Maryland/Delaware marketplace.
  • H&E Equipment Services Inc., a national supplier of equipment for construction, industrial, mining, manufacturing industries moved to a newly constructed facility in Dundalk. The company will consolidate its operations in Baltimore and Jessup in a new 40,000-square-foot building on 15 acres of land. The new facility specializes in heavy earthmoving equipment, cranes, aerial lifts, telescopic forklifts, and general construction equipment. The building includes offices, shop space, 18 service bays and a 9,000 square foot parts warehouse
  • NeoImmuneTech Inc., focuses on the clinical development of innovative therapeutic DNA vaccine pipelines, will occupy almost 2,000 square feet as a tenant at 2200 Research Boulevard in Rockville. The company is currently located in Germantown. Scheer Partners Senior Vice President Nate Crowe and Associate Aaron Gambini represented the building’s landlord, the American Speech-Language-Hearing Association.
  • NuMotion, which develop products such as power and manual wheelchairs and motorized scooters, has agreed to lease for 18,000 square feet of space at Rolling Road Commerce Center, a two-building office/warehouse business community situated on 2707-2909 Rolling Road in the Woodlawn.  Ashley Zito of Hill Management Services represented the landlord and Stavrinos Team Real Estate represented the tenant
  • The law firm Miller & Zois LLC has relocated its office from Anne Arundel County to a 7,300-square-foot space at One South Street in downtown Baltimore. The seven-lawyer personal injury firm was previously at the Empire Towers in Glen Burnie. “One South Street is ideally located for our firm to expand our work supporting clients in need across Maryland,” said Ronald V. Miller Jr., co-founder and partner at the firm. “The building offers the very best in Baltimore, which is exactly what we want our clients and team to have.”
  • The Casey Cares Foundation is doubling the size of its Baltimore office headquarters, the nonprofit announced Monday. Casey Cares, which was established 15 years ago, serves critically ill children and their families with a variety of uplifting, personalized programs. The larger office, which is expected to open in February on Vero Road in southwest Baltimore, will provide more space for volunteers. The foundation, which operates throughout the mid-Atlantic and grows its programs by 25 percent each year, is asking local businesses to donate unwanted office furniture and supplies.

Multifamily news

  •  Avanath Capital Management announced the purchase of the Fields of Germantown on Wednesday for $17.5 million. The property, located at 12912 Falling Water Circle, was built in 2001 and was 97.9 percent occupied at the time of the purchase, according to a news release. The company intends to make several repairs to the 143-unit complex as well as install LED lighting. The purchase was part of a slate of eight affordable housing acquisitions the company made totaling 1,700 units nationwide.

Bigger picture

  • Vacancy rates for apartments in the Baltimore and Washington, D.C,. metro markets continued to fall in 2014, but a number of projects in the pipeline could lead to slower rent growth in some submarkets. In Baltimore vacancy rates for Class A apartments declined in every submarket and rent increased from last year by .4 percent. Suburban developments were the primary driver of that growth. Rents in west and northwest Baltimore County were up by 3 percent and rents in northern suburbs increased by .8 percent, according to the year-end report from Delta Associates the research affiliate of commercial real estate firm Transwestern. But rent growth was held down by a 10.5 percent drop in Harford County and rents in Baltimore fell 2.2 percent — primarily because of a 4.2 percent drop in rents downtown.
  • The Baltimore Public Markets Corp. has posted a request for proposal for the redevelopment and lease of the Cross Street Market in Federal Hill. The market is a major attraction particularly on weekends during the summer before baseball games. Residents will often crowd into the market to eat seafood and drink over sized draft beers as well as shop at various stalls in the market. Baltimore is also currently in the process of planning to revamp the historic Lexington Market on the West Side.

About Adam Bednar

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

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