Southeast Real Estate Business

OCT 2016

Southeast Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Southeast United States.

Issue link: https://southeastrealestatebusiness.epubxp.com/i/735102

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20 • October 2016 • Southeast Real Estate Business M I D - AT L A N T I C CORDISH BREAKS GROUND ON $200 MILLION HOTEL AT MARYLAND LIVE! CASINO HANOVER, MD. — The Cordish Cos. of Baltimore has begun construction on a $200 million, 17-story hotel and event center at the Maryland Live! Casino in Hanover, roughly 11 miles south of Bal- timore. Set to open in the fourth quarter of 2017, the 350,000-square-foot prop- erty will feature 310 guest rooms, a 1,500-seat event center, meeting spaces, restaurants, a store, 1,000 parking spac- es and a day spa/salon. The project is expected to create approximately 400 jobs and 550 construction jobs. The de- sign team includes Klai Juba Wald Ar- chitects, McLaren Engineering Group, Laurence Lee Associates, Cleo Design Corp., Selbert Perkins, Corsi & Asso- ciates, Lynne Curry Spa Consulting, Giovanetti Schulman Association and EDSA. Tutor Perini Building Corp. will serve as the hotel's general contractor. HARRIS TEETER TO EXPAND IN MID-ATLANTIC WASHINGTON, D.C. — Harris Teeter is set to expand in northern Virginia, Maryland and Washington, D.C. The grocer, which is owned by Kroger, has retained Arlington, Va.-based Next Realty Mid-Atlantic to handle the expansion. George Galloway of Next Realty Mid-Atlantic will be the lead contact for the account, supported by team members Andrew Rose, Andrew Tkach, Mellisa Peterson and Kelsey Beerman. Harris Teeter currently has 44 stores open, one under construc- tion and two planned. H&R RETAIL ARRANGES HOBBY LOBBY'S 57,497 SF LEASE IN MARYLAND CALIFORNIA, MD. — H&R Retail has represented Hobby Lobby in its 57,497-square-foot lease for a new store at Laurel Glen Shopping Center. The asset is located at 45315 Alton Lane in California. David Ward and Ben Hoskins of H&R Retail, along with The Keith Corp., brokered the transaction. Shanri Holdings Corp. owns the new store, which is set to open in early 2017. HARBOR GROUP SELLS OFFICE BUILDING IN D.C. FOR $140.5 MILLION WASHINGTON, D.C. — Harbor Group International (HGI) has sold a 297,238-square-foot office building located at 820 First St. in Washington, D.C., for $140.5 million. The build- ing's anchor tenant is the regional headquarters of CNN. HGI, along with investment partners Capstone Equities and Image Capital, pur- chased the office building in October 2012 for $107 million. Built in 1990, the 11-story building in D.C.'s Capitol Hill North submarket was 96 percent leased at the time of sale. AKRIDGE, WESTERN DEVELOPMENT ACQUIRE FORMER COAST GUARD HQ IN D.C. FOR $49.3 MILLION WASHINGTON, D.C. — Western De- velopment Corp. and Akridge have led a consortium of real estate devel- opers and investors, including Orr Partners, Redbrick LMD LLC and Jef- ferson Apartment Group, to acquire 2100 Second St. S.W. in Washington, D.C., the site of the former U.S. Coast Guard headquarters. Washington Business Journal reports the sales price to be $49.3 million. The team will re- develop the site into Riverpoint, a mixed-use development comprising 80,000 square feet of restaurant and retail space, more than 450 apartment and condominium units. EagleBank and Greenfield Partners provided fi- nancing for Riverpoint, which will feature three sides of unobstructed water views. Orr Partners and Jeffer- son Apartment Group will co-develop the property, and Western will lead the development and leasing of the retail and waterfront portions of the project. Redbrick sourced, capitalized and structured the transaction. Class A Office & Modern Flex/R&D Space is available NOW in one of the largest cities in Maryland. Bowie is an excellent business location, with easy—less than 30 minutes—access to and from Washington D.C. and Reagan National Airport, Annapolis, Baltimore and BWI Airport. Bowie's proximity to these major cities brings business and workforce into the area via Routes 3, 50 and 301. Bowie has more than 90 restaurants, 200 shops, and a dozen recreation opportunities. With this winning combination of location, access and amenities businesses are certain to grow and succeed. Melford at US 50 & US 301 Susan Homberg Muia, 410.369.1297 1,000 sq. ft. to 85,000 sq. ft. Class A Office 2,000 sq. ft. to 60,000 sq. ft. Flex or R&D 200,000 sq. ft. of R&D space possible, just ask! One Town Center Brent Prossner, 301.961.3079 1,000 sq. ft. to 88,000 sq. ft. Class A Office 16461 Excalibur Road William Steffey, 410.703.6553 1,000 sq. ft. to 15,000 sq. ft. Office or Medical For more information on ALL of Bowie's Opportunities, contact: John Henry King, Economic Development Director, City of Bowie, Maryland 15901 Excalibur Road, Bowie, MD, 20716 301.809.3042 | fax 301.809.2315 | jhking@cityofbowie.org Bowie is Bullish on Maryland! Median Household Income over $106,396 Average Household Income over $119,456 Bowie is one of the largest cities in Maryland. Bowie is also an excellent business location, easily accessed from Washington D.C., Annapolis and Baltimore. Bowie's proximity to these major cities brings business and workforce into the area via Routes 3, 50 and 301. Bowie has more than 90 restaurants, 200 shops, and a dozen recreation opportunities. With this winning combination of location, access and amenities your business is certain to grow and succeed. For space available details call: Bowie Marketplace Brian Berman, 301.816.1555 Bowie Plaza Lance Marine, 703.905.0331 Bowie Town Center Melodye Grim, 317.685.7295 Collington Plaza Scott Faloni, 410.693.3248 Free State Shopping Center Rich Abruscato, 301.998.8188 Hilltop Plaza Bruce Levine, 410.486.0800 x116 Pointer Ridge Plaza Jim Farrell, 571.382.1229 Shoppes at Bowie Town Center & Shoppes at Highbridge Sean Weisbord, 410.771.1700 The 17-story hotel and event center at the Maryland Live! Casino is expected to create approximately 400 permanent jobs and 550 construction jobs.

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