Brian Lewis/The Gazette
TD Bank expectson July 16 to open this 3,800-square-foot branch office, now under construction at the corner of Shady Grove and Gaither roads in Gaithersburg, formerly the site of a gas station. TD Bank is targeting gold certfication for the building under the U.S. Green Building Council’s Leadership in Energy and Environmental Design program: Features include a solar drive-through canopy to meet 15 percent to 18 percent of the building’s energy needs; low-water plumbing fixtures; and recycled construction materials, said bank spokesman Jimmy A. Hernandez. The project contractor is Bergmann Associates of Rochester, N.Y.; TD Bank did not disclose costs. The branch, TD Bank’s 14th in Maryland, will have 10 to 15 employees.
Smith Home Farm, a 759-acre property that is the largest chunk of the massive Westphalia project in Upper Marlboro, has traded hands, broker Larry Hogan said.
Hogan’s announcement comes 12 days after the FBI said the project’s lead developer, Daniel Colton, pleaded guilty in U.S. District Court to extortion and other charges.
No price was disclosed for the transaction, the first such deal concluded involving real estate developers entangled in the ongoing corruption investigation of former Prince George's County Executive Jack B. Johnson. The property was sold by DASC LLC of College Park, a group of local investors including Colton that will retain a portion of the northeast commercial and residential component consisting of about 113 acres.
Colton, 61, of Annapolis, held investments in several development projects in the county that have come under FBI scrutiny. Colton also is involved in projects with other co-conspirators, including developer Patrick Ricker, in the development of Greenbelt Station and Day Homes, a single-family homebuilder, according to the FBI.
Westphalia has not surfaced in the corruption probe. The property, which state records show sold for $15.3 million in 2004, has preliminary subdivision plan approval for 3,648 residential units in a mix of product types, plus 170,000 square feet of commercial space. The Smith Home Farm is the largest component of the Westphalia Sector Plan, where the county envisions building 15,000 homes and about 6 million square feet of master-planned community surrounding a high-density town center.
"It is a testament to the skill and perseverance of our team to close a transaction of this magnitude under these market conditions," Hogan said in a statement. "Recently we have been closing a number of large transactions across the state, which is a positive sign that the market may finally be turning around."
Other deals handled by the Hogan Cos. of Annapolis include the 393-lot Renard Lakes subdivision in Brandywine and the 271-lot Potomac Chase in Accokeek. Also, Hogan last week announced the sale of the Residences at River Marsh, a 357-unit waterfront golf course community at the Hyatt Regency Cambridge Resort on the Eastern Shore.
Doctors Community Hospital building in Greenbelt trades for $23 million
The Doctors Community Hospital Professional Building in Greenbelt sold for $23 million to Heitman LLC and Nexcore Group LP in a joint venture agreement, according to NorthMarq’s Bethesda office, which brokered the sale.
The 64,261-square-foot, Class A office building at 8116 Good Luck Road sits on the hospital’s campus.
"On-campus medical office buildings are much sought after and their sale in the D.C. market is rare," said Jim Kornick, Northmarq’s senior vice president for investment sales. "It has been five years since the last Class A on-campus medical office transaction here."
NorthMarq said it has brokered five of the past six medical office sales in the area during the past three years. That includes the $10.4 million sale of the Anne Arundel Medical Center in Bowie last month.
Prince George's makes bid for Redskins HQ and training camp
Prince George’s County and state officials are studying a possible move of the Washington Redskins’ headquarters from Ashburn, Va., to county-owned land next to Bowie State University.
The county is contributing about $8,300 toward a $25,000 feasibility study on the cost and benefits of persuading the NFL team to relocate its offices and training facility. The Department of Business and Economic Development also is paying one-third of the study’s cost, said spokeswoman Karen Glenn Hood.
County Executive Rushern L Baker III (D) touted the move as a win for the state and the team, which has 15 more years on its lease at FedEx Field in Landover.
"With our central location in the region and the Redskins’ existing facilities at FedEx Field in Landover, we believe that Prince George’s County offers an excellent choice for the Redskins’ management, staff, coaches, and players to work and live,” Baker said in a statement.
The regional jockeying for the headquarters and training camp was sparked by Redskins' owner Daniel M. Snyder’s recent announcement that the team would consider relocating in Virginia, Maryland or Washington, D.C.. The proposed Bowie site is off Route 197 near the Bowie State MARC rail station, about 10 miles from FedEx Field. In the original agreement that brought the Redskins and FedEx Field to Maryland, a provision was included to give the county the right of first refusal should the franchise relocate its headquarters.
"I saw it as an opportunity to bring 200-plus high-paying jobs," said former NFL player Del. Jay Walker (D-Dist. 26), who originally approached the county and the Redskins about the proposal.
The move could have a bigger economic effect than the eight regular season games that attract fans to Landover. A number of Washington officials recently have floated the idea of bringing the Redskins back to play in a new District-owned stadium.
“They have an hour commute [from Virginia to FedEx Field], and if that can be brought down, you have to look at that,” said Walker, who heads the economic development subcommittee of the Prince George’s County delegation.
Tony Wyllie, senior vice president of public relations for the Redskins, declined to go into detail about where the team is looking to relocate.
“We’re exploring our options regarding the training facility,” he said.
Wyllie said the team had begun looking because of its outdated facilities in Ashburn, which don’t include a heated indoor field for players who practice year-round.
After approval by the state Senate Budget and Tax Committee and the House Appropriations Committee within 30 days, the study will be completed by Crossroads Consulting of Tampa, Fla., and would likely take two to three months, said Gary McGuigan, project executive with the Maryland Stadium Authority.He said once the study is complete, it would go back to the county for additional action.
Ground broken on Gaithersburg apartments
Woodfield Investments and Clark Builders Group staged a ceremonial groundbreaking for the Residences at Hidden Creek, a 300-unit luxury apartment complex, according to a city of Gaithersburg news release.
The property at the corner of Girard Street and North Summit Avenue is slated to open at the end of 2012.
The project will help revitalize northern gateway to Olde Towne, the city’s historic center, Mayor Sidney Katz said. The building will be part of the city's recently expanded enterprise zone.
Ruppert buys Westminster property for $5M
Ruppert Properties of Laytonsville has entered the Westminster market by acquiring Gateway West from First Potomac Realty Trust of Bethesda, a 4-acre property with four single-story flex buildings totaling 110,147 square feet, for $4.96 million.
“At a purchase price of $45 per [square foot], we see these institutionally owned and maintained properties as an exceptional value-add investment opportunity,” William Meissner, president of Ruppert Properties, said in a statement.
Ruppert is renaming the property Airpark Square. Built from 1988 to 2002, it is on the west side of Route 97 at the corner of Airport Drive, near Carroll County Regional Airport. Built between 1988 and 2002, the buildings are 40 percent leased. Tenants include Science Applications International Corp., the Social Security Administration and Mid-Atlantic Farm Credit.
WRIT joint venture building $43.5M apartment complex in Arlington
Washington Real Estate Investment Trust of Rockville is going in on a joint venture with Crimson Partners to develop a six-story, 150-unit mid-rise apartment complex in Arlington, Va.
The venture purchased roughly 37,000 square feet at the corner of North Glebe and North Carlin Springs roads, across the street from Ballston Common Mall and near the Ballston Metro Station and a Harris Teeter grocery store, according to a statement from Washington Real Estate, which will own 90 percent of the project. The total cost is estimated at $43.5 million.
Crimson Partners of Herndon, Va., will be responsible for developing and constructing the project, while the trust will manage it and take care of leasing.
The companies expect construction to begin in the second quarter of 2012 and finish within 18 months.
“The Ballston submarket has consistently proven to be one of the strongest in our region among all property types, year in and year out,” George F. McKenzie, president and CEO of the Rockville trust, said in the statement. “This neighborhood is a vibrant, urban environment with a strong amenity base of restaurants, entertainment and retailers alongside office buildings and transit, making it a prime location for renters. This transaction fits well into our stated strategy of owning high quality properties in infill locations and we look forward to seeing it to completion.”
Staff Writer Virginia Terhune contributed to this report.
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