ARLINGTON, VA-MeriStar Hospitality Corp. obtains a $56 million financing package to partially fund its recent $93 million acquisition of the Ritz-Carlton, Pentagon City Hotel in the Washington, DC suburb of Arlington. The loan is being secured by the 366-room luxury hotel.
ALLEGANY COUNTY, MD-American Woodmark Corp. will accommodate its growing business by building a new 250,000-sf manufacturing building in the 150-acre Barton Business Park. The cabinetmaker will spend $12 million to complete the facility, which is expected to open sometime next year.
PRINCE WILLIAM COUNTY, VA-A new 100,000-sf manufacturing facility at Innovation@Prince William Technology Business Park is in the works for Mediatech Inc., a life science products manufacturer. Scheer Partners Inc. is spearheading development of the $10 million state-of-the-art building, which is scheduled to get under way later this summer.
ANNAPOLIS, MD-The State of Maryland may very well find itself with $8 billion in its pockets if it follows through with a potential plan to dispose of part of its vast real estate portfolio. The desire to decrease its property assets is a result of Maryland's having found means to diminish state offices' demand for space.
BOWIE, MD-Free State Mall, a 323,000-sf grocery-anchored shopping center, is in for more changes as owner JBG Rosenfeld Retail announces Phase II of the redevelopment of the three-decade-old property. If all goes as planned construction of the project's second segment will begin by the first quarter of next year.
ASHBURN, VA-The 470,000-sf, multi-structure Beaumeade Corporate Park welcomes a new tenant to its midst. Picture frame parts importer and distributor Turner Associates Inc. will relocate its headquarters to a 36,000-sf space at the property under a three-year lease.
WASHINGTON, DC-The 275,000-sf office tower at 80 M St. gets a new owner as Wells Investment Trust II Inc. snaps up the class A property in a recent transaction valued at a rumored $105 million. Developed in 2001, 80 M St. is currently leased to maximum capacity.
HALETHORPE, MD-The Maryland Food Bank moves into its new home, an 87,000-sf facility on Halethorpe Farms Rd. The warehouse will allow the food distribution organization to stock four times the amount of products they could hold at their former facility.
ROSSLYN, VA-Ownership of Commonwealth Tower changes hands in a recent deal valued at $131 million. CarrAmerica Realty Corp. makes the 350,000-sf office facility the newest addition to its portfolio of properties, taking the class A property off the hands of Kan Am Commonwealth Towers LP.
ANNE ARUNDEL COUNTY, MD-Expansion of Burwood Village Center continues as owner Greenberg Commercial kicks off Phase III of the endeavor. The newest segment of the project, which is already 65% pre-leased, will add 15,300 sf to the 116,000-sf shopping center.