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February 13, 2014
Everyone Wants a Shopping Center
Miles & Stockbridge P.C. provides effective and timely counsel that helps protect your business. Benefit from deep relationships and forward thinking. Click here.
Oak Tree Management's acquisition of the 54k SF Arundel Village Plaza Shopping Center is the latest in a string of trades that show that Baltimore shopping centers are a hot ticket. (That is, if we can ever dig them out of this snow.)
The 11-tenant center in Brooklyn Park sold for $6.5M, and Greysteel retail head Gil Neuman (whom we snapped at a Bisnow event with Kodiak Properties' Scott Spector) tells us it's the third Baltimore metro shopping center that Greysteel has sold in five months. Arundel Village drew several bids from buyers along the Eastern Seaboard; Greysteel also drew multiple offers when repping Heritage Properties the 40k SF Joppa-Perring Retail Center in Parkville for $6.9M on the sale of the and Vanguard Equities on the sale of 37k SF Miramar Plaza Shopping Center in Middle River for $5.2M.
BTR Capital was the seller of Arundel Village Shopping Center (above). Gil tells us his team also has Continental Realty's 113k SF, grocery-anchored Alameda Marketplace under contract after 12 bids. Capital isn't earning money in banks, he says, and low interest rates are keeping retail cap rates low in primary and secondary markets.
Happy Valentine's Day: Two Awesome How-They-Met Stories
Feb. 15, 1964. St. John Properties' Jerry Wit was 15. She was 14. He asked her to dance at a Catholic Youth Organization dance at Our Lady of Fatima. At home that night, he said, “I'm going to marry that girl.” And he did, on Nov. 28, 1970. Jerry's relationship with Diane also enables him to say he dated a Baltimore Colts cheerleader and that he remembers dancing to a song called “I Want to Hold Your Hand” by “some new group from England.”
In '99, Meghan Gill Roy headed to Australia to watch her brother play in a lacrosse tournament and while there also made plans to meet an Australian friend who'd gone to high school in Baltimore. To the Stamford Grand Adelaide hotel bar, he brought along his friend Andy, an Australian who was coaching at the tournament. Thus launched a 10-year friendship in which Meghan and Andy traded birthday cards and, when rates were cheap, phone calls. She saw him briefly in '03 when he was in the US for a student exchange trip and again in the winter of '09/'10 when he was in Baltimore for a coaching conference. This time, drinks (at The Brewer's Art) led to something more. They dated for the remaining three weeks of his trip and then Skyped for an hour each morning and an hour each night for eight months. In August 2010, Meghan flew to Australia, and by the end of her two-week visit, they'd put his house on the market. Andy moved to Baltimore in October 2010, and now the couple has a 14-month-old daughter, Adelaide, named for the place where it all got started 15 years ago. The family (snapped last spring at a Towson University lacrosse game) is expecting a baby brother in April.
Happy Anniversary, Creative Access
Creative Access founder Vonda Peterson tells us her firm celebrates its 20th anniversary this year (with an awesome party in the works). That means Vonda started her design company before age 30! What started as a space-planning firm has grown into a full-service architecture and interior design firm with a niche in healthcare. It employs a diverse team of architects, designers, and strategic brand specialists covering every sector. Renovating and repurposing existing buildings is a key area of expertise. Liberty Mountain Resort in Carroll Valley, Pa., selected Creative Access as the interior designer for its 100k SF, $20M expansion, which breaks ground next month and will deliver in spring 2015. Way to show us the American Dream, Vonda! For more info on our sponsor, click here.
Class-A office accounted for one-third of Baltimore CBD office vacancy in Q3 '07, but now it's up to two-thirds, having switched places with Class-B, according to Cushman & Wakefield. But C&W's Courtenay Jenkins tells us it's not as bad as it seems. The office market has shrunk because of all the Class-B stock that's come off the market for conversions, so the same amount of available Class-A takes up a larger chunk of a smaller pie. (We like to imagine it's a cherry pie.) And yes, a little Class-A has been returned to market by downsizing financial services tenants. But the big impact on vacancy this year, Courtenay says, will be whatever becomes of the Class-B 2 Hopkins Plaza (the Mercantile Bank Building).
We're Looking for That Special Someone
In the spirit of Valentine's Day, Bisnow is asking, “Are you that someone?” We're looking for the sales professional of our dreams. We'll see players with 10 years of sales experience (or equivalent) for a pure sales position (no management) for our sizzling hot DC market. Globally, we have half a million subscribers in 25 cities with 1,500 advertisers (and counting). Compensation includes salary and bennies, plus elbow rubbing with commercial real estate's major movers and shakers. Send a resume and make us fall in love with you. Contact email@example.com.