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$442M Horseshoe Casino to Open in Baltimore This August

28 Jun 2014, 1:59 pm

By Adrian Maties, Associate Editor

Maryland is getting ready to welcome its newest casino. Executives of Horseshoe Casino Baltimore announced last week that the grand opening of the $442 million entertainment facility is scheduled for August 26, pending regulatory approval.

The project broke ground last year, on May 29. Horseshoe Baltimore is located along Russell Street on Baltimore’s south side. The two-story, 335,000-square-foot facility will have 2,500 video lottery terminals, more than 100 table games and a 25-table World Series of Poker-branded poker room.

“After more than two years of planning and construction, we’re excited to unveil our world-class casino—and Baltimore’s next great attraction—on August 26,” said Horseshoe Baltimore Senior Vice President and General Manager Chad Barnhill in a press statement. “Featuring 122,000 square feet of premier gaming space, two celebrity chef restaurants, innovative live entertainment venues, the industry’s best player loyalty program and Maryland’s only World Series of Poker Circuit tournaments, Horseshoe Baltimore will offer a truly exceptional gaming experience.”

In addition to the two celebrity chef restaurants, a Johnny Sanchez taqueria and a Guy Fieri’s Baltimore Kitchen & Bar, Horseshoe Baltimore will also feature a Jack Binion’s Steakhouse, a Ruby 8 Noodle and Sushi Bar and the Baltimore Marketplace. The casino also includes several nightlife options.

“Horseshoe Baltimore is going to provide our guests with an experience unlike any other they’ve had in this area,” Barnhill added. “In just several weeks, we’re going to change the way people in and around Maryland think of casino entertainment. We can’t wait to introduce Horseshoe’s legendary service to Charm City.”

CBAC Borrower, LLC, a consortium indirectly owned and controlled by Caesars Growth Partners, LLC, is the developer of the Horseshoe Baltimore. During construction, the $442 million project created 2,000 jobs. Once open, the full-service casino will employ 1,700 people.

Photo credits: Horseshoe Casino Baltimore



JV Buys Large Industrial Building and Development Site in Baltimore County

21 Jun 2014, 2:34 am

By Adrian Maties, Associate Editor

AEW Capital Management, a Boston-based privately owned real estate investment manager, has recently formed a joint venture with Redgate Capital Partners, a private equity real estate investment firm also headquartered in Bean Town, to acquire a large industrial building and a development site in Baltimore County. The price of the transaction was not disclosed. Cassidy Turley arranged the sale.

The industrial building is located at 4801 Hollins Ferry Road, in Halethorpe. It was constructed in 2008 and offers 279,016 square feet of space. According to Cassidy Turley, the Class A industrial building was fully leased at the time of the sale to three national credit tenants: FedEx, Forward Air and Global Experience Specialists.

PropertyShark reports that the property last changed hands in 2013, for $13 million. The real estate website also says that the current market value of 4801 Hollins Ferry Road is $11,087,300.

4803 Hollins Ferry Road is a 17.23-acre development site. It was approved for an approximately 300,000 square foot, Class A distribution center. According to PropertyShark, this property also last changed hands in 2013, for $7 million. Its current market value is $2,338,000.

Cassidy Turley’s Capital Markets team represented the seller, Goldman Sachs, in the transaction. It included Jonathan M. Carpenter, Nicole R. Keelty and Graham Savage.

“The opportunity to acquire this high quality well leased industrial building, combined with a rare development site in the Baltimore Washington Corridor, appealed to a wide audience of national and international investors,” Jonathan M. Carpenter, managing director and principal at Cassidy Turley, said in a press statement. “We anticipate the highly functional existing building and the soon-to-be built Class A distribution facility will prove to be an outstanding long term investment for AEW and Redgate.”

The Baltimore metropolitan area continues to experience slow but steady job growth. Its unemployment rate has decreased to 6.3%, the lowest point since the end of 2008 and also lower than the national average of 7.0%. The low unemployment rate, together with the region’s location, close to Washington, D.C. and Philadelphia, and with easy access to the Port of Baltimore, make the Baltimore metro area attractive to industrial investors and users.

CBRE reports that Class A availability continued to shrink in the first quarter of the year, accelerating rent growth. The region’s overall industrial vacancy decreased to 9.2% while the overall asking rent increased by $0.22 to $5.22 per square foot on a triple net basis.

Charts courtesy of CBRE.



New Key’s Pointe Residences Open in Baltimore, Part of O’Donnell Heights Revitalization

13 Jun 2014, 7:49 pm

By Adrian Maties, Associate Editor

At the start of the month, the city of Baltimore celebrated the opening of the newly constructed Key’s Pointe Residences, the first phase of the O’Donnell Heights Revitalization project. Mayor Stephanie Rawlings-Blake was present at the ribbon-cutting ceremony along with Paul T. Graziano, executive director of the Housing Authority of Baltimore City, The Michaels Development Company, AHC-Greater Baltimore, Inc., and other elected officials and members of the community.

The Baltimore City Housing Authority has partnered with the Michaels Development Company and with the nontfor-profit AHC of Greater Baltimore, Inc. on the 62-acre redevelopment of the World War II-era O’Donnell Heights public housing project in the southeast corner of Baltimore City, just outside of Dundalk. They broke ground on the $20 million first phase of the project in April, 2013.

Key’s Pointe Residences features 76 new townhouse-style residential units. Sixteen units are reserved for persons with disabilities. “Key’s Pointe Residences is the embodiment of the renaissance that’s going on all over Baltimore City,” said Mayor Stephanie Rawlings-Blake in a press statement. “These beautiful new homes provide another opportunity for Baltimore to welcome new residents to an amazing community that both current and new residents will enjoy.” Key’s Pointe Residences also offers a new playground with splashpad, and a computer room. A new community center will be constructed in future phases.

“The development of Key’s Pointe Residences has rejuvenated the O’Donnell Heights community and it could not have happened without the help of the community and the support of our state and federal partners,” Paul T. Graziano added. “We are also proud of the work our development partners have done and it will go a long way toward strengthening and bringing new energy to the greater community.”

When fully complete, the O’Donnell Heights redevelopment will offer over 900 new affordable and market rate townhomes and apartments, as well as more than six acres of new parks and green space. The developers expect to break ground on the next phase of the project during the first half of 2015.

 

Photo credits: The Michaels Development Company



Enterprise OpensThe Greens at English Consul Affordable Apartments For Seniors

6 Jun 2014, 3:04 pm

By Adrian Maties, Associate Editor

Enterprise Homes celebrated the grand opening of its latest senior community in Baltimore County. Called The Greens at English Consul, it is the first new construction in the Lansdowne/Baltimore Highlands neighborhood in almost 20 years.

Baltimore County Executive Kevin Kamenetz was present at the event. He was joined by other local and state dignitaries as well as officials from Enterprise, Wells Fargo Bank, Bank of America, the U.S. Department of Housing and Urban Development, the Maryland Department of Housing and Community Development, the Federal Home Loan Bank of Atlanta, and AGM Financial Services.

Work on The Greens at English Consul started on April 1, 2013. The project was topped off last September. At a cost of $14.6 million it called for the construction of 90 affordable apartments for seniors earning up to 60 percent of the area’s median income.

The four-story building is located at 4120 Oak Road. It consists of 72 one-bedroom and 18 two-bedroom apartments. Amenities include a covered entry porch with sitting areas, a large paved patio, a library with computer terminals, a community room, TV lounge and sports bar, activity room, laundry room, mail room and fitness room.

The Greens at English Consul meets the Enterprise Green Communities Criteria, the first national framework for building green affordable housing. It was designed with a focus on energy efficiency and environmental benefits, and features energy-efficient windows, water-conserving plumbing fixtures, Energy Star appliances, energy-saving light fixtures, Green Label carpeting and high-efficiency heating and cooling systems.

The Whiting-Turner Contracting Company was the project’s general contractor, with Grimm + Parker as the architect. The project was funded with the help of Low-Income Housing Tax Credits, HOME funds, Rental Housing Works funds, Partnership Rental Housing funds, EmPower Maryland funds, the Federal Home Loan Bank of Atlanta, a Maryland tax-exempt bond, an FHA-insured first mortgage, as well as developer equity.

With The Greens at English Consul now open, Enterprise has started work on another project in Baltimore’s suburbs, proving that it’s not the type of company to let the grass grow under its feet. In Westminster, Enterprise is redeveloping the 98-unit Locust House Apartments, a seven-story building for seniors and disabled individuals who earn no more than 60 percent of area median income. The $14.8 million project is expected to be completed in about a year.

Photo credits: Enterprise Homes



Former Department Store Warehouse In Mount Vernon Gets New Life As Luxury Apartments

31 May 2014, 12:52 am

By Adrian Maties, Associate Editor

A new, luxury, green apartment community is coming to downtown Baltimore. Time Group Investments has turned the former main warehouse of the Hochschild Kohn department store chain into 171 luxury apartments and is now getting ready to receive tenants.

Located in the Mount Vernon neighborhood, the property is now a blend of historic charm and modern design. It features a mix of studio, one- and two-bedroom apartment units with 14-foot exposed ceilings, oversized windows, hardwood floors, and many other amenities. According to the property’s website, rents at 520 Park range between $1,095 and $1,865 per month.

520 Park also includes underground parking, bicycle storage, fitness center, business center, dog wash station, electric car charging stations, and rooftop solar array. But its most unique feature is the interior landscaped courtyard. As the old warehouse had no such interior courtyard, the developers had to cut a 5,000-square-foot hole right in the middle of the building.

“520 Park Avenue represents a modern rehab of a historic building that will link Mount Vernon to Seton Hill and Downtown’s West Side,” said Mark Caplan, CEO of The Time Group, in a press statement. “When complete, this redevelopment will offer the kind of sprawling views and first-rate amenities that are spurring residential growth throughout downtown Baltimore.” The project has been designed to achieve LEED Silver certification.

Time Group Investments expects the new apartment community to become one of Mount Vernon’s most sought-after new addresses. In a press release, the developers said that demand for apartments at 520 Park has been high and that they have already started accepting applications.

Photo credits: 520 Park



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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