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March 6, 2014
Hot Market Prompts Elite Spice Deal
The industrial market is so hot that long-term holder Jessup Properties couldn't resist selling its 158k SF 7751 Waterloo Rd light-industrial building. (As Oscar Wilde said: "I can resist anything except temptation.") With nine years of its 10-year lease remaining, Elite Spice bought it for $12.9M.
This morning, Lee & Associates' Tom Whelan (snapped just now on vacation in Key Largo) told us Elite Spice moved into the 10-year-old, Class-A building in January '13 and has invested quite a bit to prep it for red and black pepper processing. Jessup Properties had been fielding calls from interested buyers and decided to take the property to market, Tom says. Elite's contract gave it “a first crack” at the acquisition (pepper pun not intended... or was it?), and the company matched the highest bid. Industrial vacancy in Jessup is 12%, Tom says, but that number drops to 6% for Class-A, and very little Class-A comes up for sale.
Tom's colleague Kate Jordan—snapped atop Sephora's 656k SF warehouse in Mid Atlantic Distribution Center between AMK Partners' Kate Nolan Bryden (construction manager for the building) and Lee & Associates' Marley Welsh—also has placed some unique end users lately. In November, she put Black-Eyed Susan Brewery in 23k SF of warehouse space in Bernstein Management's 9570 Berger Rd in Columbia. And recently, she placed AC&E in 10k SF at 7483 Candlewood Rd in Hanover, where it'll open Korean Adult Daycare. Kate says it's the latest in a string of recent deals for adult daycares serving the Korean community.
More Fish Tales
As promised, we're following up on Part 1 of our fishing tales. Launching Part 2: Knott Realty's Taylor Fields (right) and a fishing buddy took a small center console boat 58 miles out in the Baltimore Canyon near Ocean City, Md., last summer and came back with this 78-pound tuna.
And Taylor's got this Pacific sailfish by the nose. It's one of 11 he caught near Costa Rica's Los Suenos resort.
CBRE's Brendan Lough and Todd Bosley and Transwestern's Kasey Hughes lucked into an “epic” sulphur mayfly hatch on the Elk River near Showshoe, WV, last year. They caught so many trout they lost count, setting the groundwork for infinite debate on who caught the most. Kasey tells us the Elk was his “home river” for five years during his former life managing a nearby beer distributor. The triad tries to travel each spring and has a trip in the works for State College, Pa., next month. Kasey's firm has started marketing Downtown's 404k SF 2 Hopkins Plaza for sale, and Todd tells us he and Tim Jaeger repped Metro East in a 22k SF office lease in its 8301 Professional Place in Landover. West Lane & Schlager's Andrew Genova repped the tenant, PSI Services.
Ever notice this 16-foot striped bass attached to the Rod 'N' Reel sign at Chesapeake Beach? Here's Joe Tremble of Gable Signs, which made this giant rockfish and also did the 125-foot-long, 20-foot-tall signs on M&T Bank Stadium that are visible from the highway. His company used a taxidermied fish from the resort owner's wall as a model but it never went up anywhere—until the resort wanted to put up this sign. Regulations prevented a second freestanding sign other than the one at the resort's entrance, so the big fish was resurrected to connect the sign to the adjacent building (thus no longer freestanding). If you get a chance to look closely in person, those glass eyeballs are imported from France.
At the Maryland Multi-Housing Association's Maintenance Mania qualifiers, Continental Realty Corp (including Jon Machado, Ray Traver, Rob Van Leer, CEO JM Schapiro, and Murray Jordan Jr.) won 30 of the 36 apartment maintenance competitions, from door jam installation to replacing carbon monoxide detectors. Jon handles maintenance for CRC's Courthouse Square Apartments in Towson and placed first overall for the second year in a row, advancing him to the regional championship. Ray (Courthouse and Kenilworth at Perring Park) finished second, and Murray (Kenilworth) won third. JM represented, as well, winning the executive competition.
YOU TELL US: Should E-Cigs Be Allowed?
E-cigarettes. Some say they're a welcome innovation that will make smoking obsolete; others view them as equally dangerous and bothersome to nonsmokers nearby. Our question: Should they be welcome in non-smoking multifamily properties/floors? Could that attract a larger pool of renters? Tell us your thoughts by clicking on our survey.
New Bisnow Education Video!
By popular demand, we've just released a second video we did with Peter Linneman, widely considered the top professor of commercial real estate in the US. While our first video was more elementary, this is more advanced, called "Real Estate Finance," i.e., on how you get money to do deals. But it's purposely very simple to understand. It's 77 minutes long, broken into 5-minute increments, so you can watch or listen as you are waiting in line, or at the gym, or lying in bed. (To each his own.) Click here for the new video and here for the old video.