Baltimore
Morgan Properties and Dune Buy Glen Burnie’s 796-Unit Chesapeake Glen Apartments
Morgan Properties of King of Prussia, Pa., and Dune Real Estate Partners LP of New York have teamed up to acquire the Chesapeake Glen Apartments community in Glen Burnie, Md., from Equity Residential. The cost of the transaction has not yet been disclosed. HFF represented the seller.
Baltimore Ravens to Invest $35M in Upgrades to the M&T Bank Stadium
NFL champions the Baltimore Ravens aren’t taking it easy after defeating the San Francisco 49ers in Super Bowl XLVII. The team announced last Thursday it plans to invest $35 million to upgrade M&T Bank Stadium and enhance the fan experience.
The Howard Hughes Corporation, Kettler and Orchard Development Corporation Break Ground on $100 Million Metropolitan Downtown Columbia
Shovels broke ground on Monday, February 11, as work started on The Metropolitan Downtown Columbia, a $100 million mixed-use project in downtown Columbia’s Warfield neighborhood. Developers and county officials attended the ceremony.
Tower Point at the Highlands Sold for $23.7M to Greenfield Partners
Connecticut-based Greenfield Partners LLC has acquired Tower Point at the Highlands, a corporate campus, situated on 60-acres in Sparks, Maryland. The seller was Equus Capital Partners Ltd. The property sold for $23.7 million or $124 per square foot..
Tower Point is a 162,646-square-foot campus about 20 miles north of Baltimore. It includes two Class A office buildings located at 920 and 930 Ridgebrook Road. 920 Ridgebrook Road is the largest of the two buildings. It has three stories and 94,071 square feet of space. 930 Ridgebrook Road is a three-story building with 72,406 square feet of space. According to the campus’ website, a third three-story, 81,000 square foot Class A office building, 934 Ridgebrook Road, is a planned adjacent to 920 Ridgebrook Road. It is fully approved for development and available for lease and build-to-suit and expansion opportunities.
Jefferson Apartment Group Starts Construction on 304-unit Apartment Community in Baltimore
The Jefferson Apartment Group broke ground last week on the Jefferson Square at Washington Hill, a mixed-use development that includes luxury residences and retail space. It is the company’s first major residential project in the Baltimore region and the second in the area.
Jefferson Square at Washington Hill is located just outside the gates of the Johns Hopkins medical campus, between N. Wolfe Street and N. Washington Street on E. Fayette Street. The five story mixed-use development will bring 304 residential units to the area, as well as 21,000 square feet of retail. The project will also include two private courtyards, a 405-space parking structure constructed to connect each level of the building to parking and several green building features.
St. John Properties will Deliver More Offices to Greater Baltimore
St. John Properties is working hard to bring Class ”A” offices to the Greater Baltimore area. In recent weeks, the Baltimore-based commercial real company has started work on two projects that will deliver over 360,000 square feet of office space.
St. John Properties, Inc. announced on January 15 it is working together with Greenebaum Enterprises on the construction of a four-story, 138,000 square foot Class “A” office building at 8135 Maple Lawn Boulevard. The building is located within Maple Lawn, a 600-acre mixed-use business community located in Howard County, Maryland. Development of this project includes 388,000 square feet of existing office space, as well as the development rights for more than 800,000 of additional square feet of office space.
Berkadia Funds $1.5B M-F Portfolio in Baltimore-D.C. Area
Berkadia Commercial Mortgage has closed a $1.5 billion loan portfolio through Freddie Mac for Southern Management Corp.
Industrial Properties Sell in the Baltimore Area
Baltimore’s industrial market has started 2013 strong, with three proprieties recently sold for a total of around $35 million. According to a report released on January 9 by CBRE for last year’s fourth quarter, industrial sales in the Baltimore market in 2012 are on a path to exceed sales from the previous year by 20 percent.
1021 Swan Creek Drive, a Class A industrial property leased by Nissan North America, has been sold for $13.5 million. Hartz Mountain Industries has purchased the property in Baltimore’s Curtis Bay neighborhood from Swan Creek 5R LLC, a subsidiary of the Belt’s Corp. CBRE arranged the sale.
Owings Mills Corporate Center I & II Aquired by BECO Management
Rockville, MD-based BECO Management, Inc. has announced on January 2 the acquisition of Owings Mills Corporate Center I & II, two properties in Owings Mills, MD that total more than 330,000 square feet of office space. The commercial real estate management company plans to invest significant capital in infrastructure, cosmetic and amenity improvements and has unveiled its 100-day action plan on January 8, 2013. Owings Mills Corporate Center I was built in 1987 while Owings Mills Corporate Center II was built a year later. The campus is home to a variety of corporate tenants such as Aon Corporation, BB&T, the Law Offices of Sheila Murthy, and CareFirst of Maryland. It is adjacent to the Owings Mills Mall and within walking distance of the Owings Mills Metro Station. I-95, I-695 and I-795 are also close by and downtown Baltimore is just 25 minutes away.
Picerne Military Housing to Build $72M Housing Complex at Fort Meade
Picerne Military Housing, a division of the Corvias Group, a privately-owned real estate firm, has announced on December 18 it has closed on a $72 million public-private partnership deal with the U.S. Army to build more than 1,400 garden-style apartments for junior enlisted single service members at Fort Meade, in Maryland. According to Picerne, this is the U.S. Army’s first-ever privately-developed, on-post apartment community for unaccompanied junior enlisted soldiers, sailors, airmen, marines and coast guardsmen.