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Hampshire Properties Buys The Seasons At Bel Air Apartments For $80M

21 Nov 2014, 8:33 pm

By Adrian Maties, Associate Editor

Seasons At Bel Air

Another Greater Baltimore area apartment community has recently changed hands. CBRE Capital Markets announced last week that Hampshire Properties paid $80 million to buy the Seasons at Bel Air garden community.

The property is located at 955 Sablewood Road, in Bel Air. It was constructed in three phases, between 1975 and 1985. Seasons at Bel Air features 732 one- and two-bedroom apartments, ranging in size from 683 square feet to 1,123 square feet. According to the website, units in the community rent between $871 and $1,156 per month. Amenities include an athletic field, tennis courts, an olympic-size swimming pool and multiple playgrounds. The property was 94 percent occupied at the time of the sale.

William Roohan, Michael Muldowney, Brian Margerum, Michael Rudolph, and Martha Hastings, of CBRE’s Investment Properties Multi-Housing Group, represented the seller in the transaction. Real estate website PropertyShark names Lsref2 Oreo2 LLC as the previous owner of the Seasons at Bel Air. David Webb, Jamie Butler and Maxi Thiels of CBRE’s Debt & Structured Finance Group represented Hampshire Properties for the first mortgage of $63 million.

“Within a five-mile radius of Seasons at Bel Air, the 2014 estimated average household income is an impressive $113,730, 60 percent higher than the national average,” William Roohan, vice chairman of CBRE Capital Markets, said in a press statement. “The difference in rental rates between Class A and Class B properties in specific submarkets continues to favor investors who take advantage of renovation and repositioning opportunities like Seasons at Bel Air.”

Photo credit: Ross Companies



UIP, Criterion Buy Two Apartment Communities Near Fort George G. Meade for $39.3M

21 Nov 2014, 8:30 pm

By Adrian Maties, Associate Editor

Country Club Apartments

Urban Investment Partners and Criterion Holdings recently acquired two apartment communities located near Fort George G. Meade for a total of $39,340,000. Together, the two Baltimore/Washington Corridor properties have 385 units.

Country Club Apartments is located in Glen Burnie, at 7491 East Furnace Branch Road. The garden apartment community was constructed in 1962 and offers 150 homes. It traded for $12,340,000.

Laurel Pines is located at 14601 Bowie Road. It was also constructed in 1962. The apartment community features 235 apartments, 31 of which were added in 2010. Laurel Pines was acquired for $27 million.

Laurel Pines

Both communities are located close to Fort George G. Meade. With some 57,000 employees, it is Maryland’s largest employer. Thanks to the growth of Federal cyber-security programs, Fort George G. Meade is expected to hire 20,000 more people in the future. The Baltimore-Washington Thurgood Marshall International Airport is also located nearby, with its almost 10,000 employees.

Urban Investment Partners and Criterion Holdings purchased the two apartment communities from a partnership between Boston-based Intercontinental Real Estate and Sawyer Realty Holdings. CBRE’s Mid-Atlantic Multifamily Investment Sales Team represented the seller in the transaction. An affiliate of New York City-based Starr Companies provided equity and is a partner in the new ownership group.

The new owners said they will start work on minor improvements at both locations. UIP Asset Management will oversee the projects. UIP Property Management Inc. will manage the day-to-day operations at Laurel Pines and Country Club Apartments.

Photos courtesy of Urban Investment Partners



Terreno Realty Corporation Buys Annapolis Junction Industrial Property for $13.8M

21 Nov 2014, 7:49 pm

By Adrian Maties, Associate Editor

Terreno Realty Corporation is expanding its Mid-Atlantic portfolio. On Monday, November 17, the San Francisco-based company purchased an industrial property located in Annapolis Junction. The price of the transaction was approximately $13.8 million.

The property is located on 6.3 acres of land, at 9020 Junction Drive, right in the center of the Baltimore/Washington corridor. It consists of one rear-load R&D building, with about 97,000 square feet of space. The property provides six dock-high and two grade-level loading positions, as well as parking for 296 cars.

According to Terreno, it was fully leased at the time of the sale. Defense contractor Northrop Grumman Corp. occupies the building. PropertyShark, the real estate website, reports that the property was previously owned by the Chippewa Limited Partnership. Its current market value is set at $7.36 million.

Terreno owns and operates industrial real estate in six major coastal U.S. markets, including Washington, D.C./Baltimore. The company has been very active in the area in the last two years. In May, it paid almost $18.1 million to buy a 139,000-square-foot industrial distribution building in Capitol Heights. And last December, it purchased two industrial properties in Landover and Lanham, for $7 million and $5.6 million. In June 2013, Terreno also acquired two multi-tenant industrial distribution buildings in Elkridge, for almost $16.7 million.

According to Cassidy Turley’s latest report, the 163.7-million-square-foot Baltimore industrial market experienced 1.6 million square feet of net positive absorption in the third quarter of 2014, with vacancies decreasing to 9.58 percent. Much of this activity was focused in the West and Corridor submarkets. Meanwhile, rents are on the rise and have reached $5.54 per square foot in Q3.

Charts courtesy of Cassidy Turley.



Ronald McDonald House Charities Of Baltimore To Move To A Larger Location, In Jonestown

17 Nov 2014, 1:47 am

By Adrian Maties, Associate Editor

The Ronald McDonald House Charities of Baltimore

The Ronald McDonald House Charities of Baltimore is moving to the Jonestown neighborhood. The non-profit corporation recently announced its plan to relocate to a new, larger building, to be constructed at 1200 E. Baltimore Street.

Since it opened, on June 28, 1982, the Ronald McDonald House Charities of Baltimore has provided a home to more than 36,000 families of critically ill children receiving treatment at hospitals in the area. It operates as an extension of care for six Baltimore hospitals: the University of Maryland Medical Center, R. Adams Cowley Shock Trauma Center, Johns Hopkins Hospital, The Rubin Institute at Sinai Hospital, Kennedy Krieger Institute and Mt. Washington Pediatric Hospital.

The quality of service at Baltimore area hospitals has increased in recent years. As a result, more and more families have been coming to the city for treatment and demand for rooms at the Ronald McDonald House has also increased.

The current house is located at 635 W. Lexington Street, on the campus of the University of Baltimore. It only offers about 22,000 square feet of space and, although it is still functional, its 37 rooms are not enough to accommodate the growing demand.

The building at 1200 E. Baltimore Street will have 60,000 square feet of space and will more than double the capacity of the current house. Construction is expected to start in 2015. According to the Baltimore Business Journal, The Ronald McDonald House will invest $20 million to build the new facility.

“We are excited about plans for a new House, which will accommodate more than twice the number of families as our current location and meet the urgent and growing demand that we have to be a home away from home for many more families than we can currently serve,” Sandy Pagnotti, president of the Ronald McDonald House Charities of Baltimore, said in a statement for the press. “Our new location in the Jonestown neighborhood presents an opportunity for us to not only continue this mission, but to also play a vital role in the revitalization of this neighborhood.”

Photo credit: www.rmhcbaltimore.org



W. R. Grace & Co. Opens New, LEED Silver Certified Headquarters in Columbia

17 Nov 2014, 1:41 am

By Adrian Maties, Associate Editor

From left to right: Maryland Deputy Secretary for the Environment David Costello, Grace Chairman and Chief Executive Officer Fred Festa, and Maryland Secretary of Business and Economic Development Dominick Murray.

On October 30, W. R. Grace & Co. celebrated the opening of its new global headquarters building. The new facility is the centerpiece of the Maryland–based chemical conglomerate’s 160-acre campus in Columbia.

William Russell Grace founded the company in 1854, in Peru. W. R. Grace & Co. currently operates in 40 different countries and employs more than 6,800 people worldwide. Just this year, the company added 74 new employees to its Maryland operations, bringing the state total to almost 1,200. W. R. Grace & Co. said that, in 2013, the average annual compensation for a Maryland employee was over $95,000.

The company has been present in Maryland since the 1950s. According to Chairman and Chief Executive Officer Fred Festa, over the past three years W. R. Grace & Co. has invested $100 million in the state, to upgrade equipment at its Curtis Bay manufacturing plant, build new offices, or to renovate labs at its 160-acre Columbia campus.

The new global headquarters building stands three stories tall and offers 90,000 square feet of office space. It was designed and constructed to strict environmental standards and it incorporates many products from the Grace Construction Products division, including waterproofing, fireproofing and concrete materials.  At the grand opening ceremony, W. R. Grace & Co. announced that the new building was recently certified by the U.S. Green Building Council as LEED Silver. Sustainable design features include a pervious concrete parking area, high-efficiency lighting and HVAC, and systems to reuse storm water for irrigation.

 

Photo credit: W. R. Grace & Co.







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