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Boston Commercial Real Estate

HOLD ON TO WHAT YOU'VE GOT

Manekin CEO Richard Alter, who's speaking at Bisnow's 2nd Annual Baltimore Real Estate Summit on April 24, says Baltimore CRE is all about maintaining. (Bon Jovi offered the same advice in "Livin' on a Prayer," so Richard might be onto something.)
Richard (at our State of the Market last year) says his firm's game is working its historical portfolio—retaining tenants and preserving cash flow in its Columbia, Harford County, and Prince George's County mainstay markets. (Harford County, where the firm got in early, is outperforming.) His big advice for doing so: Pay attention to your tenants in good times and in bad.
Manekin's tenant retention percentage among those staying local is in the 80s, Richard says (there's nothing you can do when your tenant grows up and insists on leaving the nest). The few times a company has relocated out of a Manekin property into another local spot were the result of M&As, he says.
There's one area in which Manekin is straying from the status quo. Historically a 100% long-term holder of properties, the firm is adjusting its philosophy, Richard tells us. Now it's diversifying by taking some cash off the table, so to speak, and considering dispositions. In fact, Richard tells us a JV of principals from both his firm and KLNB are under contract to sell a Prince George's County shopping center. Our guess: the 110k SF Manokeek Village Center (above) in Accokeek. Manekin developed the Giant-anchored center in '03 (it has capacity for another 60k SF of development), and it's listed as "under contract" on CBRE's website.
We're pumped for Bisnow's 2nd Annual Baltimore Real Estate Summit coming up April 24 at the Hilton Baltimore. If the walls could talk, maybe they'd tell us whether they want a bigger convention center. Sign up for the event, where Richard will be just one of our esteemed speakers, here.

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