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Large South Baltimore Multifamily Portfolio on The Market

23 May 2014, 3:08 pm

By Adrian Maties, Associate Editor

Another large Baltimore-area multifamily portfolio is on the market. The 132-unit Curtis Bay Village, located off Route 173 in Curtis Bay, is looking for new owners.

The property was constructed in 1940. It consists of 47 two- and three-story buildings. Curtis Bay Village offers efficiency, one-, two-, and three-bedroom units, as well as 13 townhomes, ranging in size from 400 square feet to over 1,600 square feet. Most of the units have received kitchen and bath renovations.

The property enjoys a great location, close to many important amenities. Within a five mile radius of Curtis Bay Village there are numerous shopping, dining and entertainment destinations. Harrah’s Horseshoe Baltimore Casino will open this year not too far away, adding 1,700 new jobs, and Amazon also plans to construct a fulfillment center in the area.

The Greysteel Company’s Mid-Atlantic multifamily investment sales team is the exclusive advisor and agent for the sale of Curtis Bay Village. The team includes Ari Firoozabadi, John F. Mullen, W. Kyle Tangney, Lance Ahmadian, Caleb Brown, Mike Bediones and Jake Ying. An asking price for the property has not been announced yet.

“Curtis Bay Village offers a rare opportunity to own a diverse 132-unit portfolio of multifamily and row home properties with value-add potential within minutes of downtown Baltimore,” John Mullen, director of multifamily investment sales, said in a press statement. “The submarket is growing as new jobs are added with the addition of Amazon’s warehouse and Harrah’s casino in close proximity,” according to Mullen.

In the past six months, several large multifamily portfolios have changed hands or have been put up for sale by their owners. In Howard County, two apartment communities with 348 units have sold for $68 million. A 500-unit portfolio in Windsor Mill was acquired by a joint venture last December, while Blue Ocean Realty purchased the 720-unit Millbrook Park Apartments in Pikesville. Two apartment communities in Anne Arundel County, with over 450 units, are also waiting for a new owner.

Click here for more information on the Baltimore Apartment Market.

Photo credits: Greysteel



Johns Hopkins to Build Cancer Center in Baltimore with $65 Million Gift

16 May 2014, 9:04 pm

By Adrian Maties, Associate Editor

Johns Hopkins announced on May 6 its plans to build a new cancer treatment building in Baltimore. The facility will be constructed with the help of a $65 million gift. It will be named after the late Albert P. “Skip” Viragh, Jr., a philanthropist and a former cancer patient treated at Johns Hopkins, who died in 2003, at the age of 62.

The Skip Viragh Outpatient Cancer Building is scheduled for completion in 2017. It will be constructed on the southeast corner of Fayette Street and North Broadway, in East Baltimore, and will feature about 50 exam rooms, advanced cancer imaging, a specially designed cancer diagnostic and treatment planning center, and many other facilities and services.

The new facility will serve as the primary entry point to Hopkins’ Sidney Kimmel Comprehensive Cancer Center. It will be able to accommodate all adult medical oncology patient consultations and will free up space in the Harry and Jeanette Weinberg Building, space that will be used for other patient services.

Ayers Saint Gross and Wilmot Sanz are the new building’s architects. A construction firm has not been selected so far. The project will be funded using mostly philanthropic gifts. The $65 million gift is part of Rising to the Challenge: The Campaign for Johns Hopkins, an effort to raise $4.5 billion, primarily to support both the university and Johns Hopkins Medicine.

William G. Nelson, M.D., Ph.D., director of the Johns Hopkins Kimmel Cancer Center, praised Skip Viragh for all his help. “The new building will be far more than a place for physician visits and diagnostic scans. It will be the place where we’ll explore novel ways to deliver cancer care and cures,” he said in a statement for the press. “Patients with many different types of cancer will be able to get all of their services in this building, including visits, laboratory testing, clinical trials, radiology, and chemotherapy, greatly increasing the comfort and efficiency of their treatment experience at the Kimmel Cancer Center.”

Under Armour Inc. also recently pledged $10 million to Johns Hopkins for the construction of the Under Armour LiveWell Center. This new center will be located on the top floor of the Skip Viragh Outpatient Cancer Building and will be dedicated to breast health-related programs, which will also be available to women worldwide through distance learning, the internet and social media. The gift is the largest ever made by the Baltimore-based company.

Photo credits: Johns Hopkins Medicine Facebook

 



Hilton Baltimore BWI Airport Completes Renovation

9 May 2014, 4:54 pm

By Adrian  Maties, Associate Editor

The Hilton Baltimore BWI Airport announced last week the completion of a number of significant upgrades. They have helped improve the hotel’s ranking and elevated it into the top five of its competitive set, according to reviewers on one of the top guest-rated websites. In fact, last year, the Hilton Baltimore BWI Airport received the 2013 TripAdvisor Certificate of Excellence Award.

The hotel is located in Linthicum Heights, adjacent to the Baltimore/Washington Thurgood Marshall International Airport, with downtown Baltimore just 20 minutes away. It features 280 rooms, 16,000 square feet of meeting space for up to 800 guests, and a host of amenities, including an indoor swimming pool, restaurant, fitness center and high speed Internet access. The hotel uses rooftop solar panels and is energy-efficient.

The renovation project called for a complete makeover of the lobby, upgrades to the fitness center, renovations to the hallways, as well as adding a new function room, the 4,000-square-foot Flight Deck, which can accommodate up to 200 people. Additional upgrades are planned for this fall. The hotel’s 11th floor concierge lounge will be renovated, while its lobby sundry shop will be expanded. The cost of the renovation was not disclosed.

“Although the hotel opened only in late 2006, our goal is to keep it fresh and appealing to guests,” said Joseph Bojanowski, president of PM Hospitality Strategies, the hotel’s operator, in a press statement. “The investment and hard work immediately paid off with highly favorable comments from our guests. As a result of the renovation and implementation of new guest service initiatives, website reviewers now rate the Hilton Baltimore BWI Airport in the top five out of 26 competitive hotels. As we settle in from these renovations, our intent is to continue to move up in the rankings.”

Photo credits: www.hiltonbwihotel.com



Atlantic Realty Buys Baltimore’s Alameda Marketplace for $11.3M

2 May 2014, 2:32 pm

By Adrian Maties, Associate Editor

A Baltimore City urban shopping center recently changed hands. The Alameda Marketplace was acquired by Atlantic Realty Companies for $11,305,000. Continental Realty Corporation was the seller.

The Alameda Marketplace is located on 10.9 acres of land, at 5600 – 5658 The Alameda, not far from Good Samaritan Hospital. At the time of the sale, the property was 95  percent occupied. Its tenant roster includes Stop Shop Save, Rite-Aid, Family Dollar, Goodwill, Bank of America, Rainbow and Rent-A-Center.

Greysteel Co. represented the seller and also procured the buyer. Including the Alameda Marketplace, the real estate company arranged the sale of four significant shopping centers in the Baltimore Metro Area in the last nine months. Managing Director Gil Neuman led Greysteel’s retail team.

“The buyers acquired a center whose dense urban infill location and limited competition has maintained a high occupancy level for decades,” Gil Neuman said in a press statement. “We identified Atlantic Realty Companies as experienced players most likely to unlock added value including capitalizing on an adjacent large swath of still undeveloped land,” he added.

According to Greysteel, the Alameda Marketplace is located in the center of a dense northeast Baltimore City residential neighborhood, with an average population of 8,600 people per square mile and 230,000 residents within a three mile radius. Good Samaritan Hospital, Morgan State University, and Johns Hopkins University’s main Homewood Campus are also located nearby.

In a market outlook report for 2014, Marcus & Millichap also said that retail operations in the Baltimore area have steadily improved over the past three years and will strengthen in 2014, thanks to job growth and an increasing demand for space. Vacancy is expected to drop to 4.1 percent this year, while average rents will go up 3 percent to $19.75 per square foot.

Chart courtesy of Marcus&Millichap.



Armada Hoffler To Construct a 20-Story, Mixed-Use Tower in Baltimore’s Inner Harbor

25 Apr 2014, 2:46 pm

By Adrian Maties, Associate Editor

In a couple of years, Baltimore’s waterfront will be home to a new, mixed-use tower. After a two-year pre-development effort, Harbor Point developer Beatty Development Group, LLC has selected Armada Hoffler Construction Company, a division of Virginia Beach-based Armada Hoffler Properties, for the construction of the tower. The construction contract is worth $165 million.

The 20-story tower will be located adjacent to Harbor East, one of the last major development sites in Baltimore’s Inner Harbor. It will feature approximately 900,000 square feet of space. According to Beatty Development’s website, the building will be LEED Gold certified and will include 415,000 square feet of office space, 103 apartments, 41,000 square feet of retail space and a parking garage with 750 spaces. When finished, the tower will be the new regional headquarters of Chicago-based energy company Exelon.

Construction is scheduled to start this spring. The developers expect to complete the project by spring 2016.

Since 1993, Armada Hoffler has developed projects worth over $1 billion in Baltimore’s Inner Harbor. These include the Four Seasons Hotel, Baltimore Marriott Waterfront Hotel and Conference Center, Legg Mason Global Headquarters and Spinnaker Bay luxury apartments.

“The reputation and experience that we’ve earned in Baltimore’s Inner Harbor over the last two decades led to this important win,” said Eric Apperson, President of Armada Hoffler Construction Company, in a press statement. “We are excited to be a part of the Harbor Point project and the continued development of Baltimore’s Inner Harbor.”

Photo credits: Beatty Development Group







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