College Park, MD. — Terrapin Development Co. (TDC), in partnership with the University of Maryland-College Park (UMD), has entered into an exclusive development agreement with Brandywine Realty Trust for an upcoming mixed-use project on the UMD campus. The Philadelphia-based REIT will develop a mixed-use neighborhood spanning five acres in College Park within the university’s Discovery District. The development project is set to cost over $300 million. The development will feature 550,000 square feet of Class A workspaces encompassing research, office, collaboration and retail space, as well as 200 to 250 …
Accokeek, MD. — JLL has brokered the $17.4 million sale of Manokeek Village Center, a 74,470-square-foot, grocery-anchored shopping center in the Washington, D.C., suburb of Accokeek. Bill Moylan, Jordan Lex and Daniel Naughton of JLL marketed the property on behalf of the seller, The JCR Cos. Evan Park of JLL arranged a 10-year, fixed-rate acquisition loan on behalf of the buyer, AmCap Necessity Retail Fund LLC. Completed in 2003, Manokeek Village Center is 96 percent leased to tenants including Giant, Starbucks Coffee and Advance Auto Parts. The site has a …
Owings Mills, Md. — Greenberg Gibbons has launched a $100 million private equity fund with the goal of acquiring shopping centers throughout the East Coast, Southeast and Midwest. The Greenberg Gibbons Real Estate Income Fund officially closed last month with the majority of equity committed and will be finalized during the second quarter of 2021. With the addition of a co-investment vehicle, the fund will have the capacity to acquire up to $300 million in assets. Greenberg Gibbons CEO Brian Gibbons notes that plans for the fund have been in …
Baltimore — Weller Development Co. plans to break ground on what it calls Chapter 1B of Port Covington in Baltimore in February. The development team, which also includes Goldman Sachs and Sagamore Ventures, received $650 million in financing for this phase, including $137 million in tax increment financing (TIF) bonds. In conjunction with the closings, the Port Covington development team funded more than $9 million to the South Baltimore 7 Coalition as part of its Community Benefits Agreement (CBA), which is the largest CBA payout in the history of Baltimore. The latest …
Los Angeles — Sameday Testing will open five new COVID-19 testing facilities within Westfield shopping centers. The locations will be at Westfield Annapolis, Westfield Montogmery and Westfield Wheaton in Maryland; The Village at Westfield Topanga in Woodland Hills, California; and Westfield Old Orchard in Skokie, Illinois. The Los Angeles-based operator now has more than 30 locations in cities including Washington, D.C., Los Angeles, Dallas and Miami. Patrons can receive COVID-19 testing at the sites as well as future vaccinations. “We must grow faster than the virus to beat it — …
Rockville and Bel Air, Md. — The JCR Cos. has acquired two shopping centers in Maryland totaling $23.8 million. The first property is Woodley Gardens Shopping Center in Rockville. The asset is situated at 1101-1125 Nelson St., 17 miles north of downtown Washington, D.C. Washington, D.C.-based JCR acquired the 22,797-square-foot property for $4.5 million. It was fully leased at the time of the sale to tenants including Hard Times Café, Essex Bank, Slice of Rockville, Carmen’s Ice Cream and Shanghai Taste. The second property is Bel Air Town Center, which …
Hagerstown, Md. — Neuman Commercial Group LLC has arranged the $13.2 million sale of Hagerstown Shopping Center, a 124,000-square-foot shopping center in Hagerstown. The property was fully leased at the time of sale to 16 tenants including Aldi, Family Dollar, Mr. Tire, AutoZone, McCormick Paints, Super Shoe and Papa John’s. Hagerstown Shopping Center is situated at 503 Dual Highway, less than one mile from downtown Hagerstown and eight miles south of the Maryland-Pennsylvania state border. Gil Neuman of Neuman Commercial Group represented the seller, Bon Aviv Investments, in the sale. …
Baltimore — Sprouts Farmers Market will open a new store in Baltimore on Wednesday, July 22. The store, located at 3800 Boston St., will be the fifth location in Maryland for the Phoenix-based grocer. Sprouts is following CDC guidelines at the location, requiring employees to wear masks, promoting social distancing and installing plexiglass barriers at registers. The new Sprouts will be part of Collective at Canton, a 12-acre mixed-use development featuring multifamily units, an office building, hotel and retail and restaurant space. Developer 28 Walker is building the project. Ryan …
Waldorf, Md. — The Republic Family of Cos. has broken ground on Waldorf Park, a 35,000-square-foot retail project in Waldorf. The development is expected to open in the first half of 2021. Committed tenants at Waldorf Park include Chick-fil-A, Jersey Mike’s and Starbucks. The property is located along Crain Highway, about 20 miles southeast of downtown Washington, D.C. Venture Construction Co. is the general contractor for Waldorf Park, and Jimmy Richards & Sons Excavating is the site contractor. The architect is Brasher Designs. Sandy Spring Bank provided construction financing.
Baltimore — Continental Realty Corp. (CRC) has launched an internal program to aid the restaurant industry in the communities it serves. CRC owns and operates retail centers and multifamily properties in Maryland, Virginia, North Carolina, South Carolina, Tennessee, Alabama, Georgia and Florida. Between April 14 and May 15, any CRC employee who provides a receipt for food items bought locally will be reimbursed up to $200. “We feel extremely strongly about initiating a program that benefits our loyal and hard-working team members and supports the restaurant sector,” says Crystal Frey, …