November Sale and Lease Highlights

Deals & Transactions

November 2015 was a busy time for commercial real estate!

Below are some sale and lease highlights from November, courtesy of the Howard and Prince George’s Newsletters.

…As CS Realty Investments II LLC, long-time Crofton corporate resident Caruso Homes paid $2.03 million for 2120 Baldwin Avenue. Essex Bank had come into possession of the two-story building when it bought Suburban Federal Savings Bank. With 14,000 feet above ground, a finished basement adds another 9,000 square feet for a total of over 23,000 feet. Barbara Richman Kahn of NAI Michael represented Caruso, while Michael Isen and Michael DiMeglio of the same firm represented Essex Bank.

…Once a Safeway grocery store, a District Heights building has been bought by St. Matthews Church. The D.C.- based church bought the building for $3.9 million recently, from seller Masters Child Church. Just under 20,000 square feet, the church’s new home is located at Brooks Drive and Marlboro Pike. Barbara Richman Kahn, Mike Isen and Mike DiMeglio of NAI Michael brokered the transaction.

…Lantern Therapeutics will be newly practicing its curative powers in Landover, as the firm leased 2,748 square feet at 8200 Professional Place. Omar McKeithan of NAI Michael brought the tenant, and Rob Pugh of Edge Commercial repped the landlord.

Courtesy of Howard and Prince George’s Newsletters. For more information or to subscribe, please visit www.marylandnewsletters.com

The “Tomato Building” has sold!

Deals & Transactions

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Nary a tomato has been stored in the building for 10 years now, but 7440 Assateague Drive is nevertheless known only as ‘the Tomato building.’ And now it has sold. A partnership operated by brothers who ran Maryland Fresh Tomato a decade ago have sold the 78,000 foot Jessup building for $6.85 million. The Jaciri Family LLC, operators of a Hispanic food chain called MegaMart, was the buyer. The brothers had sold the business long ago but held on to the real estate, even though they didn’t lease it up again. In the end, they got $87.82 per foot from a grocer that has multiple locations in the region. Ken Griffin, Andy Mayr and Jim Miers at NAI Michael represented the seller.

Courtesy of Howard County Newsletter. For more information or to subscribe, please visit www.marylandnewsletters.com

Leasing Activity in Capitol Heights

Deals & Transactions

Insulation Distributors is one of two deals that returns 8700-8800 Edgeworth Drive to a state of fulfillment. Leasing fulfillment, that is.

The company signed a lease for 35,000 square feet at the Capitol Heights building. It was joined at the building in a second lease, that by 21st Century Expo, for 10,000 feet. Together, the deals backfilled a 45,000 square foot vacancy that had come available.

Brian Watts of Transwestern represented the landlord. Michael Alcamo of Cresa DC brought Insulation, and Omar McKeithan of NAI Michael represented 21st Century.

Courtesy of Prince George’s Newsletter. For more information or to subscribe, please visit www.marylandnewsletters.com

Prince George’s County Q2 Office Market Report

Market Reports

NAI Michael’s Q2 Office Market Report is out!

The Prince George’s County office market borders the District of Columbia from I-95 to the north and around to the Wilson Bridge and Potomac River on the south next to National Harbor and the proposed MGM casino. The Prince George’s County office market totals approximately 26 million square feet in 1,134 buildings at very affordable rates just over $20 per square foot compared to rates as high as $50 per square foot in DC’s central business district and approximately $28 per square foot in Montgomery County.

Click here for the full office market report.

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Timing a Sale or Purchase of Real Estate

Market Insight

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Many property owners ask themselves is “When is the right time to sell?” or “When do I go from leasing to owning?”

In regards to selling, there are many reasons for selling a property, some of which include:

  • taking gains knowing the market is near its peak
  • tax/estate reasons
  • personal, family or health reasons
  • choosing a different area/market
  • switching to a different type of property
  • acquiring something less management intensive
  • leveraging proceeds into a larger or multiple properties
  • cashing-out and hold for a down market
  • cashing-out and spending the money during retirement years

You, or possibly your accountant, would know best time to sell.  If you are just selling to play the real estate market and building wealth via appreciation/sweat equity, you need to time the market.  There are historical cycles in real estate, though there is no magic formula to use for timing.  Even the gurus sometimes get it wrong.  Currently we are in the up-swing.

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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Prince George’s State of the County Breakfast

Company News

Last Thursday, the Prince George’s County Economic Development Corporation hosted a breakfast event at Colony South Hotel & Convention Center in Clinton, MD. It was a fantastic event with speeches from Prince George’s County elected officials about what’s been happening in the county and where it’s going from here. EDC President & CEO Gwen McCall talked about bringing in international business and announced that the entire county is now a Foreign Trade Zone. She also discussed Youth@Work, a summer employment program, and encouraged area businesses to use it to hire youth for the summer. We were also treated to an overview of the new EDC branding campaign, Experience, Expand, and Explore Prince George’s County.

There is a lot of activity going on in the county, from the potential FBI headquarters to MGM’s $925 million casino and resort at National Harbor. In fact, the county has $6 billion worth of development projects in the pipeline!

County Executive Rushern Baker focused on how education impacts economic development, “schools are paramount to our economic success. We can’t afford to lose sight… We need strong school systems to attract new residents and businesses.”

His entire speech can be watched here.

Keep reading

Q4 2014 Office Market Report Shows the Market is Poised for Significant Change

Market Reports

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NAI Michael has just released its fourth quarter office market report for Prince George’s County, covering everything from vacancy and rental rates to absorption trends and construction in the area. Though the year end numbers indicate a lot of vacancy, market conditions continue to be favorable for both buyers and sellers.

Keep reading

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