6A — October 11 - 24, 2019 — M id A tlantic
Real Estate Journal
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M id A tlantic R eal E state J ournal
Hipp of Calkain represents seller of 7136 Montevideo Road in Elkridge, Maryland Wenig leads Avison Young’s Net Lease Investment Sales group in the finalization of $4.1 million sale
LKRIDGE, MD — The Net Lease Investment Sales Group for Avison Young announced the $4.1 million sale of a single-tenant net-leased property currently under development at 7136 Montevideo Rd. in Elkridge. Royal Farms, a popular Mid- Atlantic chain of convenience stores, has signed a 20-year lease at the location that in- cludes four, five-year renewal options. The buyer was represented by Avison Young’s Net Lease Investment Sales Group led by senior director Asher Wenig . E
Elkridge and Jessup, which have a high density of sales, finance, business and of- fice professionals, and have experienced steady popula- tion growth since 2000. The property also sits adjacent to the Ryan Homes at Howard Square multi-family complex that is currently under devel- opment and will feature 1,057 new apartment units. “The 20-plus-year lease recently executed by Royal Farms signals a tremendous long-term opportunity for the client given the area’s rapid growth and the proven suc-
cess of other nearby retail and convenience stores,” said Wenig. “Our client required a team that would understand and manage the transaction through a 1031 Exchange process from start to finish. Our valuation process and knowledge of the net-lease market put the client at ease, and they commended us on our hands-on approach during the due diligence process. We were thrilled to have participated in closing the deal.” Located near multiple major highways and roads, the prop- erty is just eight miles from Columbia and 14 miles from Baltimore. In addition to the high number of business pro- fessionals, the area is home to many warehouse delivery fa- cilities as well as the Maryland Food Center, which includes the Maryland Produce Market and the Maryland Seafood Market. Royal Farms has over 205 locations throughout the Mid-Atlantic, and more than 100 are in the company’s home state of Maryland. Lima One Capital expands into new markets with new business dev. representatives WASHINGTON, DC — Lima One Capital added a business development rep- resentative to better serve the metro Washington, D.C. region. Mark Schriber joins the company in the role of business development representative. He has more than 20 years of experience in the mortgage in- dustry in wholesale and retail origination, including Quali- fied Mortgage (QM) loans and Non-QualifiedMortgage (Non- QM) platforms. Schriber holds a Bachelor’s degree from St. Mary’s College of Maryland. “We’re excited to expand our market coverage in these strategically important mar- kets. We’re thrilled to have such quality mortgage sales managers join our growing sales team and welcome them to Lima One family,” said Jeff Tennyson , Lima One chief executive officer. “These addi- tions to our team continue to support the large loan demand we are receiving from real es- tate investors across America for Lima One products, and they will continue to propel our growth.”
Royal Farms rendering
The seller, a local developer, was represented by Calkain led by president Jonathan
Hipp . The brand-new construction project borders the towns of
A LEGACY OF INNOVAT ION A FUTURE OF FIRSTS Uni ver s i t y of Mary land Medi cal Center – Labor & Del i very
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