S HOPPING C ENTERS Mid Atlantic R EAL E STATE
J OURNAL
Section B of the Mid Atlantic Real Estate Journal
One of the first to revitalize the Route 1 corridor in Howard County, MD The Dolben Company completes the construction of $53m Smart Growth mixed-use development J
ESSUP, MD — The prin- cipals of The Dolben Com- pany, Inc., announced that construction on Mission Place is complete. Located at the junction of Washington Boulevard and Mission Road in Jessup, Mission Place is a $53 million Smart Growth mixed- use development with 262 apartment units and 23,555 s/f of retail space on a 6.5 acre parcel of land. The mixed use project is one of the first to revitalize the Route 1 corridor in Howard County. Mission
Place’s apartment homes are currently 93% leased. Signed retail tenants include a phar- macy and barber shop, with additional tenants to come in 2012. The unit mix is comprised of 101 one-bedroom/one-bath apartments that average 778 s/f, and 161 two-bedroom/two- bathroom apartments that av- erage 1,140 s/f. Unit amenities include full-sized washer/dry- ers, nine-foot ceilings, six-panel doors, and walk-in closets. Andrew K. Dolben, senior
vice president, Development, noted, “We are very pleased to have completed construction on Mission Place. The property is leasing up ahead of projec- tions, and we are delighted to be able to offer our residents an array of on-site services. Mission Place was developed by Dolben to meet the growing demand for apartment living in Howard County created in part by the thousands of jobs flowing into nearby Fort Meade under BRAC (Base Realignment and Closure).” ■
Mission Place
Crampsie represented the owner, First Star Bank NAI Summit closes $6 million sale of 107,770 s/f retail space in PA
JANUARY 27 - FEBRUARY 9, 2012
HI-LIGHTS
ALLENTOWN, PA — John Crampsie, principal at NAI Summit, recently represented
NAI Commercial Partners, Inc. closes $149,000 sale
the owner in the sa l e o f 107,770 s/f of retail space at 501 Cetronia Rd. The sell- ing price was $6,430,000. The own - er, First Star
NAI Commercial Partners, Inc. announced the sale of 13,000 s/f of commercial re- tail space on .54 +/- acres for a price of $149,000. See page 2B.
John Crampsie
Bank, is a community bank headquartered in Bethlehem, PA. The buyer, St. Luke’s Hospital and Health Network, is a multi- hospital system affiliated with over 1,200 doctors in the Lehigh Valley region. ■
Azarian Realty Co. exclusive leasing & managing agent
John M. Azarian, CSM, an- nounced his company’s ap- pointment as exclusive leas- ing and managing agent of the Washington Town Center. See page 3B.
501 Cetronia Road
Shopping Centers featuring Mid Atlantic ICSC Conference & Deal Making
Building relationships one story at a time. NAI Summit Property Management.
Here’s Dr. Fogarty’s story: “My Partners kept complaining that they and their patients weren’t comfortable. The building was too cold in the winter and everyone was freezing. In addition to unhappy occupants, our energy costs were significantly increasing. We turned to our building’s property management team at NAI Summit for help. Because of their many years in the business and strong relationships with the area’s top vendors, NAI Summit recommended working with a local HVAC company to perform a total system assessment and energy audit. Results of the audit suggested some system modifications and upgrades with a price tag of $104,000.00 and a projected payback of 3.9 years. After NAI Summit provided us with all the tools to make an educated decision, we agreed to move ahead with the project. In the first year, our utility bills were reduced by $50,591.00; making payback possible in only 2 year’s time, and my partners were satisfied, comfortable and grateful.” – Dr. Kevin Fogarty, Managing Partner, Bethlehem Medical Arts, LP
ALSO INSIDE:
ICSC O RGANIZATION P AGE ................................................4B B USINESS C ARD D IRECTORY ..............................................15B R ETAIL B ROKERAGE D IRECTORY ................................. 16-IBC
Section B, 20 pages
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