Category: Company News

Naylor Parcel Trades: Berman is Retail Buyer at Route 5 Center

Company NewsDeals & Transactions

Berman Enterprises has acquired a shopping center that fulfills the timeless real estate adage about location – it’s near the Naylor Road Metro Station. The Rockville firm acquired the 128,000 square foot retail center at 3100 Branch Avenue, in Temple Hills, for an undisclosed price. On 14.5 acres, it sits just opposite the Metro Station on Route 5 at Naylor Road. Berman will manage the property as retail for the foreseeable future, but envisions redevelopment on the parcel, zoned as it is for mixed-use.

It is the Metro location that has attracted interest in the past and that Berman anticipates will yield that redevelopment. JBG had put the ground under contract for a time when the huge CIS solicitation came out several years ago, with hopes to land the nearly 600,000 square foot build-to-suit requirement. JBG went as far as entitling a site plan that would accommodate the building, but the award went to the other leading Green Line contender, at the Branch Avenue Metro Station.

Tenants at 3100 Branch include the roller-skating throwback Temple Hills Skating Plaza, which is still open and playing the hits as the skaters go round. The seller was Isaiah 58 Properties and Berman bought it as BE Isaiah LLC. The retail center is Berman’s second Naylor-area buy, for it acquired the property at 3225 Naylor Road, in 2014, for $800,000.

Barbara Richman Kahn, Jeff Ludwig and Sally Ludwig at NAI Michael brokered the sale.

This story was published in Maryland Newsletters. If you are interested in subscribing to the Maryland Newsletters, please visit their website at marylandnewsletters.com.

Marcus N. Daniels selected to Truist Community Advisory Board

Company News

Congratulations to Marcus N. Daniels for his appointment to the Truist Community Advisory Board! Marcus has an extensive background in community development and brings a wealth of knowledge to the Truist board. See below for Marcus’s message of thanks.

I am happy to share I have been selected to join the Truist Community Advisory Board. About a year ago during the merger of BB&T Bank and SunTrust Bank into what is now Truist, both banks made a $60 billion commitment to address some of the most critical issues in communities across the country from community economic development, education, affordable housing, healthcare and workforce development.

Truist is planning on making investments throughout its market area in Alabama, Arkansas, D.C., Florida, Georgia, Indiana, Kentucky, Maryland, Mississippi, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and West Virginia.

Truist will work with our Community Advisory Board composed of representatives of businesses and nonprofit organizations serving low- and moderate-income communities, with the goal of providing information and updates on the progress of the plan and obtaining input and feedback on emerging issues and challenges facing LMI families and communities.

I am very excited and thankful for the opportunity to continue to use my collective talents and skills to make our communities better and help provide opportunities to those who mostly need it. Learn more here: https://ncrc.org/bbt-suntrust-and-ncrc-announce-60-billion-community-investment-commitment-for-new-truist-bank/. Thank you.

Studio 3807

Multifamily Project Promote Route 1 Density

Company News

According to real estate data giant CoStar Group, this year over 800 multifamily units have been delivered in a market covering everything in northern Prince George’s County from the Beltway to the District line, and as far east as Greenbelt. Apartments in this market show 5.7% vacancy and 3.2% rent growth. These numbers are better than what industry experts have expected.

The effect on value is profound. Properties with the right mix of location, zoning, and size for multifamily construction are selling historically well. Access is crucial and proposed projects need parking or dense walkability. Many developers are still looking for streetside properties, either for current development potential or as long-term hold properties.

While some are asking if the market is in a value bubble, there are structural changes that will support density and greater values in the future too. Two new grocery stores along Route 1- Whole Foods and Lidl- are backing multifamily expansion as do offices like the WeWork near campus and music venues such as the Hall CP. The Purple Line is currently under construction. It will form a unique transit connection between Prince George’s and Montgomery Counties. This connection will promote denser development in each.

CLICK HERE FOR THE FULL PGCRE NEWSLETTER: UPPER COUNTY

College Park

College Park is Development Hot Spot

Company News

College Park is undergoing a rapid transformation. Many new restaurants, such as Burton’s Grill at Riverdale Park Station and Vigilante Coffee, have recently opened in the College Park Route 1 corridor. Additionally, new developments are planned for the area. The Clarion Inn on Route 1 sold to Lidl for redevelopment, and Bozzuto is to begin construction on a mixed-use center in College Park.

To learn more about College Park development and other commercial real estate news in the area, please check out our Route 1/Route 295 Corridor Newsletter.

VIEW THE NEWSLETTER HERE

Collington Lease

Collington Lease to La-Z-Boy

Company NewsDeals & Transactions

The 220,800-square-foot Collington lease was Prince George’s County’s largest lease in 2017.

La-Z-Boy leased 220,800 square feet of industrial space at Collington Park in Upper Marlboro, MD. This is a full-building lease. It’s the largest industrial lease completed in Prince George’s County for all of 2017. Delivered in 2016, the building is located at 16101 Queens Court. La-Z-Boy is an international home furnishings company. NAI Michael represented MRP Industrial/AEW in the Collington lease, inked in December 2017.

In total, Lance Schwarz and Peter Burleigh of NAI Michael successfully leased over 400,000 square feet of class A industrial space in Prince George’s County in 2017.

NAI Michael’s Agents Present at CEG Annual Economic Empowerment Conference

Company News

By Marcus Daniels and Ed Luckett

The Collective Empowerment Group Economic Empowerment Conference was held on Friday, April 7, 2017  at First Baptist Church of Glenarden at 3600 Brightseat Road in Landover, Maryland.

The Economic Empowerment Conference taught churches how to prepare your ministry to expand, relocate, build spaces and places for the physical houses of worship, share knowledge on identifying property, acquisition and financing of real estate projects, zoning and land use, building and construction, and how technology can be utilized in design and building as well as drawing greater input and buy-in from your members.

Marcus Daniels had moderated a panel discussion on how to prepare your ministry to expand, relocate, build spaces and places for the physical houses of worship. Ed Luckett was a speaker on a panel discussing zoning & land use, building & construction and planning for churches.

Left to right – Marcus Daniels (NAI Michael), Ed Luckett (NAI Michael), Midgett S. Parker (Linowes and Blocher LLP), Terry Beverly (Eagle Bank), and Barry Caison (Ben Dyer Associates Inc.)

Keep reading

Mr. Michael at Business Hall of Fame

Business Hall of Fame Inducts NAI Michael’s Kenneth H. Michael

Company News

Business Hall of Fame recognizes Kenneth H. Michael’s business and community contributions.

NAI Michael’s Chairman, Mr. Kenneth H. Michael, was inducted into the Maryland Chamber of Commerce’s Business Hall of Fame last week. This is an immense, well deserved honor that recognizes his lifetime of successes throughout the great state of Maryland. Mr. Michael founded The Michael Companies (now NAI Michael) in 1973 and has grown it into the prominent commercial real estate firm that it is today. He has passed the company down to his two sons, Gary and David, while still remaining an active leader in the commercial real estate and development industry. Keep reading

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