6A — March 15 - 28, 2019 — DelMarVa — M id A tlantic
Real Estate Journal
www.marejournal.com
D el M ar V a
HFF arranges financing for Embassy Suites hotel
Crotts, Zang & Ein orchestrate transaction Marcus &Millichap arranges the sale of a 62,118 s/f SC
BALTIMORE, MD — Hol- liday Fenoglio Fowler, L.P. (HFF) has arranged financing for the acquisition of Embassy Suites by Hilton Baltimore at BWI Airport, a 251-room, Hilton-branded, all-suite hotel near Baltimore/Washington International Thurgood Mar- shall Airport in the Baltimore- area community of Linthicum Heights. The HFF team worked on behalf of TCORHotel Partners (TCOR) to arrange a joint ven- ture equity partnership with Dallas-based TriGate Capital, LLC. Additionally, working on behalf of the new partnership, the HFF team placed the five- year, fixed-rate loan with a local bank. Loan proceeds will be used to fund the acquisition of the hotel. Embassy Suites by Hil- ton Baltimore at BWI Air- port opened in 1987 and just completed a comprehensive multi-million-dollar renova- tion in 2016 with additional improvements planned with renovation of the bathrooms, wet bar area of the suite and WASHINGTONDC — The Hampshire Companies, (Hampshire) and Harrison Street announced a joint ven- ture partnership to develop institutional-quality self-stor- age facilities along the I-95 Corridor fromWashington D.C. to Boston. Hampshire and Harrison Street also announced the first investment of the program- matic joint venture, which will be the ground-up development of a seven-story self-storage facility along Interstate 95 in Providence, R.I. and is expect- ed to break ground in the first quarter of 2019. Providence’s high population density, supe- rior accessibility, and lack of institutional quality facilities align well with The Hampshire Companies’ rigorous, time- tested site-selection criteria. Over the next several months, The Hampshire Companies and Harrison Street plan to announce several self-storage development projects as the firms continue to grow their self-storage portfolio. For decades, The Hampshire Companies has been one of the nation’s premier self-storage developers, delivering modern, institutional-quality facilities to underserved, high-barrier- to-entry markets throughout the Eastern United States. Leveraging a time-tested and
the meeting space. The hotel features a multi-story atrium, fitness center, business center, meeting rooms, complimen- tary appetizers and beverages at the nightly evening recep- tion, lounge, complimentary cooked-to-order breakfast, indoor pool and the BISTRO One restaurant. The hotel is situated on 7.15 acres at 1300 Concourse is in Linthi- cum Heights, Maryland, an unincorporated community in the Baltimore/Annapolis area eight miles from Baltimore Inner Harbor, less than 20 miles from Annapolis and 25 miles to downtown Washing- ton, D.C. Embassy Suites by Hilton Baltimore at BWI Air- port is proximate to Baltimore/ Washington International Thurgood Marshall Airport, which welcomes more than 26.4 million passengers a year and is among the top 25 busi- est airports in the country. The HFF debt placement team representing the bor- rower was led by senior di- rectors Pete Fehlman and Chris Hew. data-backed site selection and due diligence process along with a highly-experienced project management team, Hampshire has repositioned or developed 33 self-storage facili- ties with an aggregate value of over $440 million since 2012. Presently, Hampshire has 12 self-storage development projects underway aggregat- ing $217 million of investment across the eastern United States and is targeting another 12 additional projects with an aggregate value of over $215 million in the pipeline. Harrison Street has sig- nificant experience investing in storage facilities across the United States. Since inception in 2005, Harrison Street has invested $2.0 billion across 223- storage properties and has sold 137 self-storage properties for a gross transaction value of $1.0 billion. Bringing together one of the nation’s most experienced self- storage development teams and a leading alternative in- vestment firm, the program- matic joint venture partner- ship will allow Hampshire and Harrison Street to successfully develop modern, institutional- quality self-storage facilities strategically located in a major transportation corridor along the East Coast of the United States.
AMBRIDGE, MD — Marcus & Millichap announced the sale of Shoal Creek Shopping Center, a 62,118 s/f retail property lo- cated in Cambridge, according to Matthew Drane , regional manager of the firm’s Washing- ton, D.C. office. The asset sold for $8,225,064. David Crotts , senior associ- ate, and Dean Zang , senior managing director investments in Marcus &Millichap’s Wash- ington, D.C. office, had the list- ing to market the property on behalf of the seller, an affiliate of The Nightingale Group of New York . The buyer was a west coast based private entity represented by team member Josh Ein , senior associate in Marcus &Millichap’sWashing- ton, D.C. office. Shoal Creek Center is located at 620 Sunburst Hwy. in Cam- bridge. The shopping center was built in 1977 and reno- vated in 2013 when Walgreens C
Shoal Creek Shopping Center
acquired the property to build a store on the parcel. Subse- quently, Walgreens completed a portfolio sale leaseback of many properties in its real estate portfolio which was acquired by the Nightingale Group. The 62,118 s/f shopping center was 90% occupied at the time of sale and featured national brands such as, Advance Auto Parts, Save-A-Lot, and a freestanding Walgreens. background with a diverse set of companies in the farming, landscaping and construction industries. Du Pont is engaged in several professional and community organizations, including the Brandywine Red Clay Alliance (Board of Directors), Ducks Unlimited Brandywine Chap-
“Our team’s depth of relation- ships with shopping center and net lease buyers alike allowed us to source a California-based buyer in a 1031-exchange that had never acquired a shopping center in Maryland previous- ly,” added Zang. The team has been active in the Delmarva region with two other shopping centers for sale presently and this representing their second recent closing in the area.
WILMINGTON, DE — Pat- terson-Woods hired Brent W. du Pont to their commercial real estate team. Du Pont has previous experi- ence in residential real estate and has been a realtor with Brandywine Fine Properties, Sotheby’s International Re- alty since 2015. He also has a ter Committee (Treasurer), and the Longwood Fire Com- pany (Board of Directors, Vice President). He has also served as a volunteer firefighter at Longwood Fire Co. since 2010. Du Pont graduated with a degree in Agricultural Sciences from The Pennsylvania State University. Patterson-Woodswelcomes duPont toCRE team FirstService Residential Welcomes The Easton Club Community Association to its MarylandManagement Portfolio Federal Realty announces corporate office in Tysons Corner “We couldn’t be more excited about forming a partnership with The East Club,” said Trent Harrison , market president, FirstService Resi- dential. “FirstService Residen- tial’s emphasis on communica- tion and focus on exceptional customer service are just two of the reasons that the board selected us and we look for- ward to making a marked difference in the community.” The community features a mix of single-family homes and townhouses. It boasts numerous community amenities including a pool and tennis courts.
Hampshire announce development of self-storage properties across East Coast
TOWSON, MD — F irstSer- vice Residential , one of the leading property management company in North America, recently contracted to provide property management services to The Easton Club Community Association, a 241-unit commu- nity located in Easton. ROCKVILLE, MD — Fed- eral Realty Investment Trust announced plans to dedicate resources to its existing Virginia assets and to grow its presence in the region with its commit- ment to open its first full-service corporate office in Northern VA. “Our company has grown significantly in the last decade, yet real estate remains, first and foremost, a local business,” said Donald Wood , president and CEO of Federal Realty. “While we have long been a significant player in retail real estate in Northern VA, we see opportunities for incremental
development and previously Forest City’s The Yards; and VP of leasing Rich Abruscato , a 30-year industry veteran with nearly 8 million s/f of leasing transactions on behalf of the Trust under his belt. “We are thrilled with the opportunity of getting closer to the real estate we own in Virginia, further leveraging our proven experience in delivering the right consumer experience and environment to meet the demands of the local commu- nity and region,” said Deirdre Johnson , regional portfolio manager.
investment that can only be addressed with a local, full- service development, leasing and asset management office filled with some of our most experienced and talented real estate professionals.” The executive team entrusted to run the company’s Northern Virginia office brings more than 90 years of combined experience and includes VP of asset man- agement Deirdre Johnson , with 30 years in the industry.; Ramsey Meiser , senior VP of development responsible for the execution of mixed-use projects such as the Trust’s Pike & Rose
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