R etail D evelopment R eimagined
M id A tlantic Real Estate Journal — Retail Development Reimagined — May 29 - June 11, 2020 — 21A
www.marej.com
Minnehan and Miller represent Royal Farms in two Maryland deals KLNB & Holland Properties to bring office and retail to soon-to-be redeveloped center C
OLUMBIA, MD — Owner and property manage r Ho l l and Properties broke ground on Lakeside Center in Colum- bia, MD. The center will offer 85,000 s/f of new development, including 30,000 s/f of class A office/medical space over 55,000 s/f of retail. KLNB’s Ryan Minnehan, principal, and Matt Cope- land senior vice president will oversee retail leasing, while David Fritz , principal, and Spence Daw , vice president, will oversee office leasing. Holland Construction will manage construction of the redevelopment. As part of the redevelop- ment, Holland Properties is working diligently to provide cutting edge improvements to address the new, post-COVID normal for office tenants. The office space will include up- grades such as touchless build- ing entry, touchless elevators, and medical-grade HVAC
Lakeside Center in Columbia, MD
Royal Farms rendering
systems for proper airflow. “We always want to ensure that our tenants and their employees feel safe and secure in our properties,” said Roger Hollan d, president of Holland Properties. “These enhance- ments are at the forefront of office innovation and provide attractive opportunities for tenants seeking a thoughtful, modern space.” Fritz added: “Companies looking for newly constructed space could not find a better opportunity in the Snowden
River corridor. With this newly constructed, state-of-the-art building, tenants can actively participate in their custom of- fice design and enjoy a stress- free environment for their em- ployees in a turnkey, efficiently built-out space.” The property will offer ample parking with a ratio of five spaces per 1,000 s/f. In other news, KLNB an- nounced the opening of two new Royal Farms in Maryland. RyanMinnehan and Patrick Miller , principals at KLNB,
represented Royal Farms in both deals. The first location in Harford County Boulevard at Box Hill in Abingdon opened in 4Q 2019. The landlord, Ward Props. , was represented by Matt Copeland, Michael Patz and Joe Mekulski of KLNB. Strategically located at the intersection of I-95 and Rte. 24, the Wegmans’ an- chored Boulevard at Box Hill is minutes from Bel Air. The second location in Prince George’s County at Capital
Plaza in Landover Hills opened in 1Q 2020. The landlord, Nel- lis Corp. , was represented by John Meyer and Brian Finkelstein of KLNB. Situ- ated east of the I-295 and Rte. 450 interchange, the Wal-Mart anchored Capital Plaza offers 180,000 total s/f of developed retail space. “Both Boulevard at Box Hill and Capital Plaza offer excep- tional locations in highly-pop- ulated areas with tremendous accessibility and visibility,” said Minnehan.
Uber Capital Group Sources $7.9Mfinancing for the Windy Hill Village Shopping Center inMarietta, GA Uber Capital Group Sources $11 Million Acquisition Financing for the Fountain Place Shopping Center in Logan, West VA
LOGAN, WV –– Commer- cial real estate financial advi - sory and mortgage origination firm Uber Capital Group (UCG) has sourced an $11 million acquisition financing loan for the Fountain Place shopping center located at 89 Norman Morgan Blvd. in Lo- gan. The client was a private real estate investor based in New York. UCG sourced the loan from a regional lender based in Virginia. Real estate investor Joel Gorjian , Uber Capital Group’s president and founder, estab- lished the firm in late 2016. “Our team’s extensive ex- perience in both financing and operating retail proper- ties nationwide allowed us to secure advantageous terms for the owner of the Fountain Place mall,” said Gorjian. “We obtained this 5-year term loan at a fixed rate of 4.5 %, with a 20-year amortization and 75%
Fountain Place
Windy Hill Village
Home Center andWalmart Su- percenter, the Fountain Place features a roaster of national and regional tenants, including Rue 21, Burkes Outlet, Shoe Show Mega Store, and Dollar Tree, as well as several profes- sional services and healthcare providers, including Southern WV Health System, Appala- chian Regional Healthcare, and McCoy Dental. In Marietta, GA, UCG has
sourced a $7.9 million refi- nancing loan for the Windy Hill Village shopping center located at 2359 Windy Hill Rd. Southeast. UCG’s debt & equity originator Jonathan Livi represented the bor- rower, a private real estate investor based in Georgia. Nathan Kashizadeh , also debt & equity originator at UCG, represented the lender, a CMBS financing provider
LTV,” he added. Built in 1997, the Fountain Place is a one-story, 226,096 s/f retail power center located at the junction of US-119 and WV-73, one hour south of West Virginia’s capital of Charles- ton. The shopping center is fa- mous for its dramatic setting, as the property’s construction required cutting into a large portion of an adjacent moun - tain. Anchored by a Lowe’s
based in California. “We obtained the loan at a 10-year fixed rate of 3.822%, with a 30-year amortiza- tion, non-recourse, and two years of interest only,” said Kashizadeh. According to Livi, “Windy Hill Village, a 100,000 s/f prime neighborhood shopping center, is located on Windy Hill Rd. just east of Highway 41.
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