O wners , D evelopers & M anagers
Real Estate Journal — Section B
www.marejournal.com
M id A tlantic
Constructed on a Mericle ReadyToGo! Site Mericle begins construction on 520,000 s/f industrial building in Pittston Twp., PA P
HI-LIGHTS Jan. 27, 2017 - Feb. 9, 2017 Steel erection is underway on the 104 acre site at 460 Research Dr. in the Phase IIB section of the park. The 520’ x 1000’ building can be expanded to 780,000 s/f and will be ready for tenants by mid-2017. CenterPoint Commerce & ittston Twp., PA — Mericle Commer- cial Real Estate Ser- vices has begun construct- ing a 520,000 s/f industrial building on speculation in CenterPoint Commerce & Trade Park East in Pittston Township, Pennsylvania.
460 Research Dr.
Columbia, MD — Stone- Bridge Investments of Wash- ington, DC has acquired Beech’s Farm, a 135-unit rental apart- ment community in Columbia, for $25.5 million. The seller, an entity controlled by McDowell Properties, was represented by CBRE ’s Mid-Atlantic multi- family team. Located on Eden Brook Dr. and originally built in 1985, Beech’s Farm is comprised of seven two- and three-story buildings resembling town- homes. The new ownership intends to renovate apartment interiors upon turnover and add a fitness center to the commu- nity’s existing amenities. Named by Money Magazine as this year’s “Best Place to Live,” Columbia continues to provide both residents and businesses with a wide range of advantages, including quick access to both Washington, DC and Baltimore as well as proximity to major employment Trade Park is less than one mile from I-81 and I-476. Key building features will include 37’1” to 42’6” ceiling clear heights, 69 cross-docked loading doors, a 7” thick con- crete floor, energy-efficient lighting and heating, 4000 amps of power, an ESFR fire protection system, and room on site to park more than 200 trailers. The building
is located in a LERTA tax abatement zone. Real estate taxes on improvements will be 100% abated for 10 years. The building is being con- structed on a Mericle Rea- dyToGo! Site, one of dozens Mericle has completed in Northeastern Pennsylvania. For its ReadyToGo! Sites, Mericle clears, grades, and compacts the sites, installs
all utilities, and secures all necessary permits well in advance of building construc- tion. The building will be the fourth largest in CenterPoint. Only buildings occupied by Lowe’s, Kimberly Clark and Corning are larger. There are 43 tenants in CenterPoint who together employ 5,200 people. The new building is $145,000; 67 percent of local residents (within a one-mile ra- dius) hold a Bachelor’s or more advanced degree. “Beech’s Farm provides an excellent opportunity for our European investors,” said William Bateman , director, StoneBridge Investments. “It is a well-located, cash-flowing property with a long history of stable occupancy in a highly desirable location. With upside through value-add unit up- grades over time, this property provides a very attractive risk- adjusted return profile.” Added Kees Brüggen , man- aging director: “This invest- ment complements our recent acquisition of Seven Oaks in Odenton, MD, a 278-unit apartment complex that is currently undergoing reposi- tioning and renovation. We be- lieve in the continued growth of the Washington-Baltimore corridor, and are particu- larly attracted to the strong
demographics surrounding critical Federal government facilities like the US Cyber Command and Fort Meade. Cybersecurity continues to be a major growth area for both the public and private sector, and its heavy presence in the area promises to remain a sig- nificant demand driver looking forward.” “For our European investors, this type of acquisition is part of an overall diversification beyond the uncertainty of the Eurozone, as well as increased exposure to the dollar,” Bruggen noted. Beech’s Farm residents enjoy the convenience of walking to King’s Contrivance Village Cen- ter just across the street. This community retail center offers a Harris Teeter grocery store, CVS Pharmacy, services, and restaurants. Just minutes away is 1.4 million s/f Mall in Colum- bia with five anchor department stores and over 200 specialty stores and restaurants. n the 31st to be constructed in the park in the past 10 years. CenterPoint is located less than 10 minutes from Scran- ton and Wilkes-Barre, which makes it easy for companies to attract and retain labor. Other well-known industrial tenants in the park include The Home Depot, Neiman Marcus, Men’s Wearhouse, and Cintas. n
Property Management
9-18B
Stonebridge acquires 135-unit Columbia, MD apartment community for $25 million
Wolf of High Associates sells Franklin Walnut Apartments in Topton, PA
5B
Cervelli sells and retains management services on two buildings in West NY
Beech’s Farm centers such as Fort George G. Meade, the National Security Agency (NSA), Johns Hopkins Applied Physics Laboratory, and Baltimore-Washington International Thurgood Mar- shall Airport. More than 9,000 businesses are located within Columbia itself. The 2015 esti- mated average annual house- hold income within a three- mile radius of Beech’s Farm is
14B
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