Real Estate Journal — June 12 - 25, 2015 — 5A
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Manekin LLC anounces new ownership for 60-acreBaltimore Washington Logistics Center
F Plans to build 518 luxury homes at Westview South Matan sells 25 acres for over $13.88m to Mitchell & Best REDERICK, MD — Matan Companies has sold 25 acres of
its 106-acre Westview South development site to Mitchell & Best Home Builders for over $13.88 million, as part of Phase 1 of 2. The self-contained West- view South campus is a true ‘live, work, play’ environ- ment, strategically located along the Route 85 Corridor with easy access to major interstates I-70 and I-270. Westview South is within walking distance of a thriv- ing amenity base and offers a park like setting with 31 acres of preserved green space and walking trails along Bal- lenger Creek. Mitchell & Best Homes, now celebrating their 40th
Baltimore Washington Logistics Center
existing building by 120,000 s/f, the new ownership plans to speculatively develop an ad- ditional 160,000 s/f industrial building on the site, resulting in over 1 million s/f available for lease. Once the expansion is complete, the site will still be able to accommodate at least 400 trailer parking spac- es (one of the largest counts in the region). Rouse said that “the size, location and logistical capacity are the elements of the prop- erty that make this invest- ment a great opportunity. It is the absolute bullseye between Baltimore and Washington DC, and there is nothing like it in the market,” said The Baltimore/Washington Consolidated Metropolitan Statistical Area comprises the 4th largest and most af- fluent, educated population in the U.S. and encompasses 10.2 million residents growing at 4% annually. As many as 120 million consumers can be reached overnight making the area a huge draw for distribu- tion companies that need to get their goods to consumers. Additionally, the property has a substantial locational advantage over other “big box” distribution and logistics facilities that serve the Mid- Atlantic from Lehigh Valley as the Jessup facility is located closer to the population of the CMSA and thus able to under- cut drayage costs and times from Eastern Pennsylvania. Michael Elardo , Jared Ross and Michael Kimmel out of Cushman & Wake- field’s Baltimore office are handling the leasing for Bal- timore Washington Logistics Center. n
JESSUP, MD — Manekin LLC , a leading commercial real estate investor, developer and operating company in the Mid-Atlantic, announced that MCA Assateague JV LLC has acquired the 60-acre Balti- more Washington Logistics Center for an undisclosed sum. The buyer is a joint venture between Boston-based AEW Capital Management and Manekin LLC of Columbia, Maryland. AEW acquired the property on behalf of one of its separate account clients. Manekin LLC’ s Owen Rouse , senior vice president, capital markets and John Graham , managing direc- tor put the deal together as investment advisors and also represented the ownership group in the acquisition, while Cris Abramson and Brian Kruger with Cushman & Wakefield represented the seller. Located at 7600 Assateague Dr. in Jessup, Maryland at the intersection of Route 1 and Route 175, the 730,000 s/f distribution center facility was formerly occupied by Gi- ant Food as its main dry-goods warehouse until 2013. Baltimore Washington Lo- gistics Center was built in phases from 1972 to 1974 as the main distribution facility of Giant Food, a Maryland- based regional grocery chain. When the center became sur- plus property by Giant /Ahold in 2013, the property was acquired by the current seller Madison-SP Assateague LLC, a venture between New York Life Real Estate Investors and a local operator Mosaic Realty Partners . In addition to expanding the
Westview South development site
year, plans to build 518 luxu- ry homes at Westview South, to include 3 and 4 level town- homes, condominiums, and single family homes. Prices are anticipated to start from
the low 300’s to the mid $400’s and will include the distinc- tive exteriors, construction quality, energy savings, and rich feature content that Mitchell &Best is known for. n
UIP completes restoration of 1483 Newton Street in DC’s Columbia Heights
by theDCCondemnationBoard. It was one of the last blighted, vacant multifamily properties in Columbia Heights. “This was the most run-down building we have ever purchased, with holes in the roof, collapsing floors, and a failing façade,” said UIP Principal Steve Schwat. “It’s a joy to see the restoration of this classic structure, and the apartment homes are nothing less than spectacular. This is what we love to do.” UIP General Contracting, Inc. (UIPGC) performed the 1483 Newton St. before (left) and after
WASHINGTON, DC — Ur- ban Investment Partners (UIP) has completed a two-year gut renovation of a formerly vacant apartment building originally developed by iconic Washington, DC real estate en- trepreneur Harry Wardman in Columbia Heights. Isabella now offers 38 modern apart- ments that are now 50% leased. When acquired by UIP in December 2012, the building at 1483 Newton St., NWhad been vacant for more than two de- cades and had been condemned
$4.2 million renovation; Bon- stra Haresign was the archi- tect of record. UIP Property Management Inc. (UIPPM) has taken over management of day-to-day operations. Isabella is one of seven identi- cal buildings between Newton St. and Meridian Place NW, all developed by Wardman and designed by architect Albert H. Beers in the early 20th cen- tury. UIPGC recently renovated another one of the Seven Sis- ters: the 24-unit 1489 Newton St. Cooperative. n
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