Category: Company News

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

Inaugural Creating Kingdom Buildings Conference Organizers

Inaugural Creating Kingdom Buildings Conference Gathers Real Estate Industry Leaders to Teach Pastors How to Build Their Houses of Worship

Company News

by Marcus Daniels

The Inaugural Creating Kingdom Buildings Conference brought together industry leaders in real estate, civil engineering, zoning & land use, architecture, construction, finance and risk management in the Washington Metropolitan Area to educate the faith community on how to successfully grow and build their houses of worship.

Over 200 attendees representing more than 100 churches gathered at The Sanctuary at Kingdom Square in Capitol Heights, MD on Saturday, April 30th. They learned more about the building process for houses for worship, identifying their congregations’ needs for space, assembling a project team, preparing their finances, determining the right location,  hiring the architect & contractor, maintaining the property and managing the risks associated with their property. With seminars and speakers on how to acquire, create and maintain optimal worship spaces, the conference featured speakers from NAI Michael, Linowes and Blocher LLP, Ben Dyer Associates Inc., EagleBank, Industrial Bank, Arel Architects, SAA Architecture and more. Keep reading

Ritchie Station Marketplace Groundbreaking

Company News

Last Friday was all about Dave & Buster’s and Phase III development at Ritchie Station Marketplace! We kicked off Phase III with a ceremonial groundbreaking at the site of the new restaurant/arcade/sports bar, Dave & Buster’s. The 40,000-square-foot restaurant will add 250 new jobs to Prince George’s County. Council Member Derrick L. Davis opened and closed the speeches, with many in between from our own Kenneth and Gary Michael to County Executive Rushern Baker.

Mr. Davis had kind words for Mr. Michael and NAI Michael – “Ken Michael is a catalyst. He is someone who really believes in Prince George’s County. He is someone who really believes in the community and utilizing the land that we have here in Prince George’s County for the best and the good economic development…” County Executive Rushern Baker honored the late Wayne K. Curry, the former county executive and our former company president,  by stating that Wayne “saw what the county was and what the county could be by working for the Michael’s company.” After the groundbreaking, Pohanka Hyundai hosted a wonderful reception. It was a beautiful day and a great way to celebrate the upcoming development.

A video of the groundbreaking can be found here.

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