NEWS & NOTABLES

ROCKVILLE, MD–Federal Realty Investment Trust has promoted three executives to new positions.

• Melissa Solis has been promoted to Senior Vice President – Chief Accounting Officer. Solis joined Federal Realty in 2007 as Controller. Prior to joining Federal Realty, Solis was a senior manager at Ernst & Young in the assurance and advisory business services group.
• Christian Fleming has been appointed to Vice President – Asset Management. Fleming joined the Trust in 2007 as a Development Finance Manager. Prior to joining the Federal Realty, Fleming was a Senior Investment Manager at Northmarq Capital.
• Patrick McMahon has been promoted to Vice President – Development. Prior to joining Federal Realty in 2013, McMahon was the Vice President of Development in the Northeast Region at Simpson Housing LLLP.

DEAL TRACKER

BALTIMORE, MD–TIER REIT has completed the sale of 500 East Pratt, a 280,000 square foot property, for $60 million. The sale marks the REIT's exit from the Baltimore market, and reduces the number of markets in which it operates to six, including five of its target growth markets of Austin, Dallas, Houston, Charlotte and Nashville.

COLUMBIA, MD–A joint venture partnership between Feldman Bergin Properties and Fortified Property Group has acquired 9176 Red Branch Rd., a single-story, 81,000 square foot flex/light-industrial building in the Columbia North submarket for $7.2 million. The asset was purchased from an affiliate of ShoreGate Partners, an Easton-based commercial real estate company that was represented by Cris Abramson, Ben McCarty, Brian Kruger and Nicholas Signor of Newmark Knight Frank. The buyers were self-represented in this transaction. This was the second acquisition in Howard County for the Feldman Bergin Properties and Fortified Property Group partnership in recent months. Last fall, the JV purchased a three-building, 85,000 square foot portfolio at 8970, 8980 and 8990 Route 108 Columbia.

GREENVILLE, NC–The Preiss Co., a privately-held, student housing owner-operator, has signed a management contract to oversee operations for a 1,692-bed student housing complex, serving Eastern Carolina University and Pitt Community College here. Previously named Captain Quarters, the complex has been rebranded to Paramount 3800 and will undergo a multi-million renovation, to be overseen by The Preiss Co. The complex recently was acquired by a joint venture between FM Capital, in conjunction with Gottlieb Family Partners, and AMAC Holdings.