Real Estate Weekly: Jan. 15, 2015

Commercial moves

  • Commercial real estate firm Colliers International in Baltimore brokered the sale of Candle Light Cove Assisted Living & Alzheimer’s Care in Easton for $3.4 million, Colliers announced. Alex Brown Realty sold the two-building, 32-bed facility to Union Realty Partners in partnership with Pittsburgh-based IntegraCare Corp. Candle Light Cove consists of an approximately 9,000-square-foot assisted living building and 9,000-square-foot Alzheimer’s care building. The facility can be expanded to hold a total of 64 beds.
  • Enterprise Homes and SunTrust Bank announced plans Monday to redevelop and renovate Taney Village Apartments in Frederick in a $24.6 million project. Built in 1978, the building features 130 one-bedroom affordable homes designated for seniors and adults with disabilities earning up to 60 percent of the area median income. Thirteen of the apartments are reserved for residents with disabilities. The renovation will include new energy-efficient windows, heating and air conditioning, kitchens, appliances and bathrooms. Common areas including hallways, corridors and lobbies, the community room, fitness room and laundry facilities will also undergo renovations with new lighting, flooring, paint and furniture. Plano-Coudon is the contractor for the development. Grimm + Parker provided the architectural design, and property management services will be provided by Habitat America. Renovations will be completed by fall 2015.
  • Federal Realty Investment Trust, of Rockville, which owns, operates and redevelops shopping centers, has bought controlling interest in a Silicon Valley property, San Antonio Shopping Center, for $62.2 million.  The 376,000-square-foot shopping center is in Mountain View, California, which is home to Google, LinkedIn , Skype and many other tech companies.
  • Commercial real estate firm Colliers International in Baltimore announced it has brokered a long-term lease on behalf of the University of Maryland Faculty Physicians Inc., making the Waterloo Crossing medical office complex in Columbia 100 percent leased. Waterloo Crossing is a two-building medical office complex — a one-story building at 5890 Waterloo Road, scheduled to open this summer, and a two-story building at 5900 Waterloo, which opened in 2013. Faculty Physicians will lease space in both buildings.
  • PHD Hospitality announced the opening of the newly renovated Comfort Inn and Suites BWI Airport, located at 6921 Baltimore-Annapolis Blvd. The 160 room hotel is located on the outskirts of the BWI Airport area, and is owned and renovated by Excel Group, a Virginia-based private equity firm.
  • Greysteel Co., a Washington, D.C. based real estate investment services firm, arranged the sale of Preston View, an apartment building of five units located at 34 E. Preston St. in Baltimore. Mount Vernon Property LLC sold the hotel to 34 E. Preston Street LLC for an undisclosed sum.
  • Scheer Partners announced it has negotiated a 4,187-square-foot lease at 9210 Corporate Blvd. in Rockville on behalf of Kansas City-based CRB, a design and construction services firm. The space is part of a larger 123,133-square-foot building.
  •  Baltimore-based DDG announced new projects in Guatemala and Colombia. The company will provide design services for the expansion of Guatemala City’s Oakland Mall as well as design Primavera, a new, 187,000-square-foot shopping center in Colombia’s second largest city, Medellin. These new projects follow the company’s mid-2014 announcement of work at the Naranjo Mall, a 177,000-square-foot mall, and Miraflores, a multi-phase expansion comprising 147,600 square feet of retail space adjacent to an existing shopping mall in Guatemala City.
  • Oak Contracting has been awarded the $26 million contract for the Wilde Lake Middle School replacement project by Howard County. The 106,221-square-foot “net zero” prototype school will house 752 students.

Bigger picture

  • The number of closed sales in 2014 increased in the Baltimore metro market from the previous year, but the prices for houses actually dropped. In 2014 the number of closed sales increased by 4.5 percent, and every jurisdiction besides Howard County experienced an uptick in annual sales from 2013. But despite those increases, the annual median sale price of a home in the Baltimore metro area fell from $240,500 the year before to 240,000 in 2014, according to a report from Real Estate Business Intelligence LLC.
  • Maryland whiffed as far as being included in the “Markets to Watch” segment of the annual Emerging Trends in Real Estate Market report. The report – produced by Pricewaterhouse Coopers and the Urban Land Institute – listed 20 markets it expects to perform well in 2015. But neither Baltimore or Washington D.C. made the cut this year. Washington D.C. just missed after being ranked 25th (the Maryland suburbs on their own are ranked 51st) and Baltimore came in at 31st on the list.

About Adam Bednar

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

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