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Burger Restaurant Plants Flag in Towson

3 Aug 2015, 11:41 am

By Adrian Maties, Associate Editor

Bobby Flay

Bobby Flay

There’s a new burger joint in Towson! Bobby’s Burger Palace is now open at Towson Square and is bringing its specialty burgers, fries and milkshakes for all Greater Baltimore residents to enjoy.

BBP features an array of burgers inspired by celebrity chef Bobby Flay. The restaurant chain opened its first location in 2008, and has continued to expand since then, the Towson location representing the 19th outpost in the U.S. The chain’s latest restaurant is the fourth in the state of Maryland and the second in the Greater Baltimore area. It is also the second BBP opened in collaboration with The Cordish Companies.

Cordish developed Towson Square in partnership with Heritage Properties. This new dining and entertainment district is located in the heart of Towson. It is anchored by a state-of-the-art, 15-screen Cinemark Theatre and features eight premier dining establishments, Nando’s Peri-Peri, On the Border Mexican Grill & Cantina, Bonefish Grill, BJ’s Restaurant & Brewhouse, and the new BBP. Three more restaurants—Menchie’s Frozen Yogurt, Hanabi Japanese Grill & Sushi, and World of Beer—are scheduled to open at Towson Square this fall.

Photo credit: The Cordish Companies

Greater Baltimore Building Up for Auction

31 Jul 2015, 4:05 pm

By Adrian Maties, Associate Editor

501-515 Eastern Bldv

501-515 Eastern Bldv

An office and retail building located just outside Baltimore will soon hit the auction block. Heritage Zetabid Realty & Auction Services, a division of Heritage Global Inc., has recently announced its intention to sell the property at 501-515 Eastern Blvd. in Essex during a public auction scheduled to occur next month.

The two-story center incorporates 26,326 square feet of frontage retail and 40,544 square feet of lower level space currently improved as a church facility. It features 175 parking spaces on a 2.4-acre lot and 365 feet of frontage on Eastern Blvd. Zetabid also said that the Essex property is currently 78 percent occupied.

The auction will be conducted online, on the website www.zetabid.com, on August 19 and 20. The starting bid is $2,499,999 or $37 per square foot. According to Zetabid, the current market value of the 67,000-square-foot property is $4 million. It was last appraised 12 months ago.

“This represents an outstanding opportunity for a developer/investor to achieve double digit cash flow returns. In an investment real estate environment with heavy competition and low yields, this is the perfect chance for a strong operator to improve the rental income stream with professional management,” Michael Davin, managing director of Zetabid, said in a prepared statement.

Photo credit: Heritage Zetabid Realty & Auction Services

Another Succes For BECO Management

31 Jul 2015, 8:04 am

By Adrian Maties, Associate Editor



BECO Management, Inc. has signed another lease at BECO Towers. Broadridge Financial Solutions, a global leader in investor communications and technology solutions for asset management, wealth management, and capital market firms, is the latest company to call the successful Owings Mills office complex home.

Broadridge, which is currently located at 10945 Boulevard Circle, also in Owings Mills, will move to the BECO Towers on January 1, 2016. The company has signed a lease for 10,299 square feet of space in BECO Towers II. Joe Bradley of Mackenzie Commercial Real Estate Services represented Broadridge in the deal. BECO Management was represented by Gary Applestein of Colliers International.

Joe Bradley, vice president of MacKenzie, said in a prepared statement that BECO Management’s approach to working with customers was an important factor in Broadridge’s decision to move to BECO Towers. In a recent interview, Kris Broder, BECO’s vice president of brand and workforce experience, told us more about this successful strategy which has managed to lease more than 60,000 square feet of space at the 330,000-square-foot office complex over the past six months. In addition to Broadridge, other recent tenants include EMG, Panthera Technologies, Home Point Financial, Insurance Inc., and The Vinca Group.

Photo credit: BECO Management

Baltimore’s Transamerica Building to Sell in the Largest Office Transaction of the Decade

30 Jul 2015, 11:23 am

By Adrian Maties, Associate Editor

The Baltimore office market is about to close on the largest sale in a decade.

100 Light Street Transamerica Building

Transamerica Building – Baltimore

Corporate Office Properties Trust announced on Tuesday, July 28, that it has agreed to buy Maryland’s tallest structure, the 37-story Transamerica Building. The high $121 million price tag matches the skyscraper’s height of 528 feet. This is the largest price paid for a Baltimore office building in the last ten years. In April 2005, Georgia-based Wells Real Estate Investment Trust II Inc. paid a staggering $207.5 million to buy the 28-story office tower at E. Pratt St.

The deal calls for COPT to buy both 100 Light St. and its 560-space structured parking garage, 30 Light St. Located on the corner of Light and Pratt Streets in downtown Baltimore, the Transamerica Building offers 549,300 square feet of space. According to COPT, the property was 94 percent leased to credit-worthy tenants as at June 30. Transamerica Life Insurance Company is the largest tenant, occupying 28 percent of the building. Other notable tenants include Miles & Stockbridge, which occupies 21 percent of the space, and Ober | Kaler, with 17 percent.

COPT is under contract to buy the massive property from Lexington Realty Trust, with the deal expected to close in August. The $121 million purchase price includes COPT assuming the property’s $55.0 million mortgage loan, which bears interest at a fixed rate of 4.32 percent and matures in June 2023.

Roger A. Waesche, Jr., president & CEO of COPT, said in a prepared statement that the acquisition is part of the company’s strategy to increase the amount of urban, amenity-rich and mass-transit served buildings in its regional office portfolio. “We are in the process of recycling proceeds from the sale of suburban properties to fund our investment in higher growth opportunities, such as 100 Light and, of course, new development projects for our Strategic Tenant Niche,” he added.

Photo via Lexington Realty Trust

Hunt Valley Residence Inn Reaches A New Summit

29 Jul 2015, 10:45 am

By Adrian Maties, Associate Editor

Summit LogoSummit Hotel Properties, Inc. continues its expansion in the U.S. The real estate investment trust has recently added two more hotels to its portfolio of properties, and one of them is located in Baltimore.

Summit’s new Baltimore hotel is the Residence Inn by Marriott in Hunt Valley. The property is located just 18 miles from downtown Baltimore and close to the MTA Light Rail station, which provides service to BWI International Airport, the Inner Harbor and Camden Yards, home of the Baltimore Orioles.

Residence Inn by Marriott in Hunt Valley

Residence Inn by Marriott in Hunt Valley

The REIT paid $31.1 million to buy the 141-key hotel from an unnamed seller and plans to invest an additional $1.5 million next year to upgrade the property. Summit also announced that it has hired Interstate Hotels & Resorts to manage the Hunt Valley Residence Inn.

The second hotel—also a Residence Inn—is located outside of New York City, in Branchburg, N.J. Summit paid $25.7 million to purchase the 101-key property.

The two acquisitions were funded by advances on the REIT’s senior unsecured credit facility. With the new Residence Inns, Summit’s portfolio now consists of 95 hotels, with a total of 12,175 guestrooms across 24 states.

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