Real Estate Journal —October 13 - 26, 2017 — 11A
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BCT Architects is the architect for the project RPAI selects Kinsley Construction to provide general contracting services for Circle East inMD
owson, MD – Kin- sley Construction Inc. has been selected by Retail Properties of America, Inc. (RPAI) to provide general contracting services for the first phase of the Circle East redevelopment project at the Towson Circle shopping center. Kinsley will convert the for- mer Hutzler Brothers depart- ment store into an outward facing retail complex with below grade parking. The project includes interior reno- vations and extensive façade and hardscape improvements. GreenBench Companies is T Rising Sun, MD — JLL Capital Markets Philadelphia closed the sale of Rising Sun Towne Centre, a 146,852 s/f, grocery-anchored shopping cen- ter located in Rising Sun, Cecil County. Anchored by Martin’s FoodMarket, Rising Sun Towne Centre is 100% occupied by a host of national and regional tenants including Big Lots, Dol- lar Tree, Pet Valu, ATI Physical Therapy and McDonald’s. Vastgood Properties ac- quired the shopping center from Brixmor Property Group for $22.775 million. JLL managing director Jim Galbally and managing direc- tors Bill Moylan led the team Frederick, MD — Matan Companies an- nounced the sale of their Pros- pect Hall Luxury Apartments, a 376-unit, class A, multifam- ily community located at 909 Mansion Dr. in Frederick. Prospect Hall, which opened in September 2014, was sold to HASTA Capital. The seller was represented by Chris- topher Doerr and William Harvey of Walker & Dun- lop . Walker & Dunlop also arranged the financing for this transaction. “We acquired the Prospect Hall site in 2013 with a vision
the owner’s representative, and BCT Architects is the architect for the project. This phase of the Circle East project is scheduled for completion by June 2018. Kinsley Construction is a master builder headquartered in York, Pennsylvania with offices in Baltimore and Hag- erstown, Maryland; Reading, Pennsylvania; and Herndon, Virginia. Kinsley delivers solutions through preconstruc- tion, construction manage- ment, general contracting and design-build services for clients throughout the Mid- Atlantic region. n approximately $11.6 million, our team carried out light op- erations and continued evalu- ations to determine long-term highest and best uses,” said Brian McLaughlin of Lan- tian. “We explored a number of strong scenarios that lever- aged the campus’s signature buildings and almost pastoral setting, while we examined emerging market conditions in the suburban Maryland environment.” “Ultimately, an opportunity arose to dispose this property and we considered this the best course of action for the long-term objectives of Lan- tian. The new owners acquired a strategically-positioned site with the potential to function in a variety of uses to sat- isfy the specialized real estate needs of different audiences,” said Robert Elliott, Jr. , CEO of Lantian. “We intend to deploy the funds gained from this sale to advance the development of several of our existing land holdings, includ- ing the Shady Grove Neigh- borhood Center, a mixed-use development in Rockville. We also remain extremely active in our pursuit of new proper- ties and near-term develop- ment opportunities that fit our acquisition profile and that enable us to build long-term value.” n
Rendering of the Circle East project courtesy of BCT Architects, LLC
JLL closes sale of Rising Sun Towne Centre for $22.775 million
Lantian Dev. completes sale of 62 acre campus inBethesda
Bethesda, MD — Lan- tian Development, LLC , a full-service real estate in- vestment and development company headquartered in Bethesda has completed the sale of a 62-acre campus on 6511 Princess Garden Park- way in the Lanham section of Prince George’s County, that formerly functioned as the Washington Bible College. The sales price was $16.5 million. Consisting of nine buildings comprising approxi- mately 150,000 s/f of space, the buyer was Washington Education Zone, LLC, a for- eign investment group. John Gibb, Danny Sheridan and Bernie McCarthy of JLL represented the selling entity, The International Learning Hub, LLC. Located adjacent to the Capital Beltway and just south of MD Rte. 295, the master-planned campus was developed in phases from the 1940s through the 1980s and consists of a mix of buildings that were utilized for admin- istrative offices, classrooms, a student lounge, dormitory space, bookstore, cafeteria with dining hall, a library and an assembly hall. Lantian purchased the prop- erty in 2015. “Following our acquisition of the unique property for
Rising Sun Towne Centre
tors targeting grocery-anchored assets throughout Northeast and Mid-Atlantic. Investors were especially attracted to this asset because of Martin’s excellent sales history, consis- tent occupancy and established tenants.” n Prospect Hall offers the buyer a stabilized opportunity in a strong rental market that has high barriers to entry.” The seller, Matan Companies, was the developer of the prop- erty, Grimm + Parker was the architect and Morgan Keller, Inc. was the contractor. Prospect Hall Apartments is comprised of 13 garden- style buildings offering one and two-bedroom apartment homes, ranging in size from 762 to 1,254 s/f. Unit features include gourmet kitchens, walk-in closets, and built-in bookcases. n
on the sale. “Rising Sun Town Centre attracted tremendous interest from both private and institu- tional capital as well as private real estate investment trusts,” said Galbally. “We continue to see strong interest from inves-
MatanCompanies sells Prospect Hall Apartments
909 Mansion Dr.
to reposition the former school and historic landmark site by developing a class Amultifam- ily community,” said Laura Murrer , senior asset manager for the Matan Companies. “With that vision realized,
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