(For more retail coverage, click GlobeSt.com/RETAIL the industrial market, click here.)
WASHINGTON, DC-BTR Capital Group has acquired a seven-property portfolio for $31 million. The 727,569-sf package is a mix of mostly industrial properties, but it also holds some retail, office and land, all in Baltimore.
The seller was undisclosed although sources say it was a local investor. Louis Week, managing director of Columbia National Real Estate Finance LLC's Baltimore office, brokered the deal. Calabasas, CA-based Countrywide Commercial Real Estate Finance provided the financing.
Bill Lafferty, Countrywide's senior vice president in New York City, tells GlobeSt.com that the portfolio deal for the locally based buyer illustrates the type of deals that the lender is eager to finance in the region. "We love industrial right now," he says. "It doesn't have to be inside the Beltway either--the whole of Baltimore, the port of Baltimore--are showing strong signs of pick up now, especially in bulk distribution."
Countrywide also is focused on office and multifamily transactions, Lafferty adds. "We are seeing a lot of good opportunities out there and have been focusing on closing quality transactions in these three sectors," he says.
Recent deals Countrywide Commercial has refinanced a pair of fixed-rate, $43-million loans for unrelated properties in Prince George's County, MD. One went to Herschel Blumberg for Prince George's Center II, a 394,000-sf, 10-story building, and the other to MTM Builder/Developer Inc. for Inglewood Park, a 536,000-sf office park with two five-story office buildings and five single-story, office flex structures. In Wilmington, DE, Countrywide Commercial recently provided a fixed-rate $97-million loan to 1201 N. Market St. LLC to refinance the 440,000-sf, 23-story, class A office building at that address.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
