O wners , D evelopers & M anagers

Real Estate Journal — Section B


M id A tlantic

HFF represents the buyer while NAI Michael acts as leasing agent MRP Industrial breaks ground on 220,800 s/f spec project in Prince Georges County P

Ballard Inc. , the company managing the sales and mar- keting of the Residences at Lighthouse Cove. The Lighthouse Cove resort encompasses the Hyatt Place Hotel; penthouse and bayside residential condominiums; retail stores and restaurants; a future conference center; and an array of public ameni- ties. DBE promised that the creation of the Hyatt brand hotel, combined with the sale of Oceanside penthouse units, would generate a positive economic contribution to the community, because its in- novative product featured an array of 21st Century lifestyle amenities. The resort redevel- opment project has created hundreds of construction, seasonal, and permanent jobs; and is helping Dewey Beach transition to a family- friendly 21st Century year- round resort. n “The shortage of industrially- zoned development sites has left limited options for tenants seek- ing modern, class A distribution centers in order to service the nearly 10 million people in the Baltimore-Washington MSA,” said Lance Schwarz , vice president with NAI Michael Company , the leasing agent for the project. “With its central location, quality labor pool, com- petitive cost basis and unparal- leled visibility, 16115 Queens Court is the ideal home for a regional distribution center.” Design and entitlements were led by Ben Dyer Associates and MGMA . Nardi Construc- tion is the general contractor. Bruce Strasburg and Dan McIntyre of HFF, Inc. repre- sented the buyer. Financing was provided by EagleBank . n modate single and multi-tenant uses. It features a 32-foot clear height, 170 employee park- ing spaces, and 50 off-building trailer storage stalls, a rare amenity in the land-constrained marketplace.

HI-LIGHTS S eptember 26 - O ctober 9, 2014 Positioned on a 12.8-acre parcel with direct frontage along Robert Crain Highway in Bowie, the 220,800 s/f, class A industrial building is scheduled for delivery Spring 2015. RINCE GEORGES COUNTY , MD — MRP Industrial , the industrial real estate affiliate of MRP Realty , and AEW Capital Management , a U.S. real estate investment manager, announced the groundbreak- ing of 16115 Queens Court, a spec industrial building Prince Georges County.

Collington Trade Center

velopment team. “The campus setting, prominent location and modern design features will be attractive to tenants seeking a distribution center to service the Mid-Atlantic region.” The project is located within Collington Trade Center, which includes 32 buildings and 4.1 million s/f of single-tenant dis-

“Our strategic investment with AEW on this project ad- dresses the need for class A industrial space and capital- izes on the increase in valua- tions for stabilized buildings in the local market,” said D. Reid Townsend , principal with the Baltimore-based MRP Industrial, which leads the de-

tribution. Current tenants in Collington include Safeway, Nordstrom, Buck Distribut- ing, Verizon, Welch & Rushe, Tribles, McArdle Solutions and Rexel Electric Supply. The prop- erty is also adjacent to FedEx Ground’s new 175,000 s/f fulfill- ment center, which opened in July. The building will accom-


Due to recent success, Harvey Hanna & DBEprep for newphase of LighthouseCove KEYSTONE PROPERTY GROUP PRESENTS MIXED-USE DEV. PLAN 5-10B

new price standard in the Dewey Beach market. Only two Oceanside units remain for sale. •During the 2014 season to date, 40% of all condominium sales in the local market were attributable to The Residenc- es at Lighthouse Cove. •DBE promised an es- timated $320,000 in total transfer tax revenue from the sale Oceanside condo- miniums, equally shared between Sussex County and the Town of Dewey Beach. Of the 12 penthouse units sold through July, total transfer taxes were $240,000, of which $120,000 went to the Town of DeweBeach, validating the pro rata performance com- mitment. Additional revenue streams to State, county, and local coffers are being simi- larly realized. • DBE, through its Light- house Cove resort, has gener-

ated 83 full-time and seasonal jobs at the Hyatt Place Hotel; nourished more than 100 full-time and seasonal jobs at the onsite Que Pasa and Lighthouse Restaurants; and created hundreds of construc- tion jobs of all disciplines. “We are thrilled with our progress to date, and our ex- pansion plans are the direct result of our success and the commitments we have hon- ored,” said E. Thomas Har- vey , DBE president.” DBE will build upon this positive economic performance as it commences the next phase of development later this autumn.” “The pricing threshold achieved to date at the Resi- dences at Lighthouse Cove is unprecedented in Dewey Beach, in part, due to the first class amenities that are avail- able on site,” said Clint Mann, vice president of McWilliams

DEWEY BEACH, MD — Due to the overwhelming success of both the newHyatt Place Hotel and the Oceans- ide condominiums at Light- house Cove, Dewey Beach Enterprises (DBE) , owner of the Lighthouse Cove mixed use resort in Dewey Beach, is preparing for the next phase of construction to commence in mid-autumn 2014. With its next phase of con- struction imminent, and its initial phase completed, DBE has analyzed its ratables to date, and it is pleased to dis- close the following economic metrics: •DBE promised a newmar- ket threshold for its luxury penthouse condominiums at Lighthouse Cove. Of the fourteen Oceanside units now sold, the average pur- chase price was $695,314, nearly twice the market per s/f value, thereby setting a




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