Business Archives - Page 23 of 47

Plans for Development at Montgomery Mall as Westfield Pulls Back From Plan to Sell U.S. Properties

Published October 4, 2023 at 7:59PM

As recently as this past May, Unibail-Rodamco-Westfield (URW) maintained its deleveraging progress with U.S. asset sales with the sale of Westfield Brandon Shopping Center (located in Brandon, Florida) in the US for $220 million. It was reported in 2021 that Unibail-Rodamco-Westfield (URW) planned to sell all of it’s US holdings in 2022. Last year, then-Chief Executive Jean-Marie Tritant told investors that Unibail wants to shed most of its U.S. properties by the end of 2023, which pushed things back about a year, but things appear to have changed according to a report by the Wall Street Journal.

“Unibail is also investing in its top properties.” the report stated. “Unibail is also moving forward with development projects at properties in Illinois, northern New Jersey and Bethesda, Md., including adding apartments and open-air retail and restaurants.” According to development information posted by Westfield, this will include “reimagining the Westfield Montgomery experience by creating a mid-rise multi-family and amenity-rich community with architecture that reflects the seasonal, wooded quality of the community, combined with a modern, urbane feel. And all within easy walking distance from everything you enjoy.” This will include:

Cafe Hong Kong Available for Sale in Germantown

By MCS Staff

Published October 3, 2023 at 5:40PM

Cafe Hong Kong, located at 13038 Middlebrook Rd in the Germantown Commons shopping center, is available for sale for an asking price of $250K. According to the business listing, the 3,150SF restaurant has a lease that expires in September of 2028 and has been in business for 45 years.

Per the listing, the “Chinese Restaurant for Sale – 45 Years in Business! Great Opportunity. Fully Equipped Turn-key Chinese Restaurant for Sale in Germantown Priced to Sell. Opportunities are endless when you have the high traffic counts and tenure this location has provided the nearby community.”

Retail Building in Damascus Sells For $1.14 Million; Now Looking For Additional Tenants

By MCS Staff

Published October 2, 2023 at 1:17PM

A 5,600 SF retail building at 26437 Ridge Rd. in Damascus has been sold to a partnership headed by Alexandria, VA-based Harmon Capital Group for $1.14 million, according to a report by Maryland Newsletters. The building is currently home to Domino’s Pizza on the front-facing side on Ridge Rd, but the restaurant only takes up approximately 1,500 SF with no plans to close. There is an additional 4,100 SF looking to be leased with entrances on the back side of the building.

Per the Capstar Commercial Realty listing, there are two spaces currently available in the building– A 2,800SF space and a 1,250 SF space that was previously home to Verizon. The retail building was built in 1987, and touts “Multiple access points off the intersection of Ridge Rd and High Corner St.” and a “Location adjacent to McDonald’s and at the primary gateway to the bustling Damascus Shopping Center which houses prominent names like Chipotle, Dollar Tree, Advance Auto Parts, T-mobile, Mathnasium, and several more.”

Shady Grove and White Oak Medical Centers Both Earn National Recognition for High Quality Stroke Care

By MCS Staff

Published October 2, 2023 at 12:37PM

Two Adventist HealthCare hospitals, Shady Grove Medical Center and White Oak Medical Center, each have received 2023 achievement awards from the American Heart Association/American Stroke Association (AHA/ASA).

The hospitals earned ‘Get with The Guidelines – Stroke Gold Plus’ awards and Target: Type 2 Diabetes Honor Roll recognition for demonstrating their commitment to following up-to-date, research-based guidelines for stroke treatment, ultimately leading to more lives saved, shorter recovery times and fewer readmissions to the hospitals.

170 Apartments in Silver Spring to Be Converted to 1,250 Affordable Units by Non-Profit

By MCS Staff

Published September 30, 2023 at 11:46AM

In September 2023, APAH completed the purchase of 170 apartments at the Falkland Chase apartment community in downtown Silver Spring, MD from seller JBG Smith. APAH is envisioning a phased redevelopment of approximately 1,250 brand new apartments for this site with a large percentage targeted as affordable for residents with incomes at or below 60% of the Area Median Income (AMI).

Upon vacancy and/or turnover, the existing 170 garden-style apartments will be leased at rents affordable to residents earning 60-65% AMI until the redevelopment begins. While the North parcel of Falkland Chase purchased by APAH is already entitled for the 1,250 new units, APAH intends to modify the existing site plan to maximize the affordability of the future community.

Germantown’s Deka Biosciences Closes $20 Million in Series B2 Financing

By MCS Staff

Published September 30, 2023 at 8:32AM

Germantown, Maryland-based biotech company Deka Biosciences (“Deka”) announced that it has successfully closed a USD $20 Million Series B2 financing with a syndicate of life science investors led by MPM BioImpact. The proceeds of the financing will support the advancement of Deka’s pipeline and drug product manufacturing as they continue clinical trials following the receipt of a notice to proceed letter from the FDA for their investigational new drug (IND) application to evaluate DK2¹⁰ (EGFR). Additionally, Detlev Biniszkiewicz, Ph.D. of MPM-BioImpact, will join the Deka board. Deka Biosciences is located on the Montgomery College Germantown campus at 20378 Seneca Meadows Pkwy. Full press release below:

“This financing round is a significant milestone. We appear to be the only company that has dissociated IL-2 potency from toxicity,” said Dr. John Mumm, CEO of Deka. “It is gratifying to be supported by investors who recognize the potential of our innovative science to radically improve immunotherapy treatments by evaluating each patient’s immune system and combining biology with the power of precision medicine. We have only raised $55 million to date and are already proceeding to dose our third cohort in our Phase 1 clinical trial. Thus far, we have established safety and clear signs of immune activation in our first 2 cohorts. We are encouraged by these results and believe that this combined approach will result in safer, more efficacious, and cost-effective immunotherapies.”

Sodexo Pulls $5.59 Million Permit As it Prepares to Leave Gaithersburg For Pike & Rose

By MCS Staff

Published September 26, 2023 at 7:52PM

Last November we let you know that Sodexo committed its U.S. headquarters to 915 Meeting Street, a new 276,000-square-foot trophy office building currently under construction at the award-winning mixed-use development of Pike & Rose in North Bethesda, Maryland. Sodexo’s headquarters are currently located at 9801 Washingtonian Blvd in Gaithersburg (next to Rio Lakefront). According to a recent Maryland Newsletters report, the firm pulled a permit toward a $5.59 million fitout of 51,907 square feet at the North Bethesda building.

Sodexo will be taking 52,000 square feet, along with Choice Hotels International, Inc. (NYSE: CHH), which signed a long-term lease to occupy 105,000 square feet. Sodexo is a leading global provider of catering, facilities management, employee benefits and personal home services to 100 million daily consumers in 56 countries. It will be moving from its current location in Gaithersburg to Pike & Rose in Spring 2024 (renderings are available below courtesy of Federal Realty).

Rio Owner, Peterson Cos., Acquires Rockville Apartment Complex For $135.5 Million

By MCS Staff

Published September 26, 2023 at 7:03PM | Updated September 30, 2023 at 2:02PM

Peterson Cos. has acquired the 402-unit Huntington at King Farm: Phase II apartment complex in Rockville for $135.5 million, according to a recent BizJournals report. This is the first residential holding for Peterson Cos. in Montgomery County. On the retail side, Peterson Cos. owns Downtown Silver Spring, Milestone Center in Germantown, and Rio Lakefront in Gaithersburg. Peterson Cos purchased the property on September 21st.

“Located at 801 Elmcroft Boulevard in Rockville, Huntington at King Farm: Phase II is a unique multifamily property in the prestigious King Farm neighborhood. The community has a total of 402 rental units, 165 of which are townhomes with private parking garages. Originally built in 2000 with generously sized floor plans of nearly 1,200 square feet on average, the community has benefitted from by long-term institutional ownership that maintained the property to a high level. Since 2011, approximately 342 units have been renovated.

Former Montgomery County Planning Board Chair Casey Anderson Hired By Rodgers Consulting

By MCS Staff

Published September 26, 2023 at 4:56PM

Former Montgomery County Planning Board Chair Casey Anderson has been hired by Rodgers Consulting– a land development consulting company based in Germantown. Anderson resigned from the Planning Board amid allegations of creating a toxic work environment, but was fully exonerated in the investigation that followed. The full press release from Rodgers Consulting can be seen below, via Montgomery Perspective:

“Casey Anderson, who led the most sweeping overhaul to Montgomery County’s land use and transportation plans in more than half a century as chair of the Maryland-National Capital Park and Planning Commission, is joining Rodgers Consulting, a purpose-driven land development consulting and design firm.

Dr. Sonya Bruton of Silver Spring’s CCI Health Services Awarded Inaugural Game Changer Award from the WNBA’s Washington Mystics

By MCS Staff

Published September 12, 2023 at 3:31PM | Updated September 14, 2023 at 2:34PM

Dr. Sonya Bruton, Chief Executive Officer (CEO) and President of CCI Health Services, located in Silver Spring, has been awarded the inaugural Dr. Sheila C. Johnson Game Changer Award from the WNBA’s Washington Mystics.

“I am humbled and deeply honored to be the first person to receive the Dr. Sheila C. Johnson Game Changer Award from the Mystics,” said Dr. Bruton. “Dr. Johnson has a legacy of modeling what right looks like. She has done it in television, self-care, healthcare and the arts. Her business strategies and community contributions have populated my playbook, so her recognition adds fuel to my commitment to advance health equity.”

10 DMV Harris Teeter Locations to Be Sold to Parent Company of Piggly Wiggly

By MCS Staff

Published September 11, 2023 at 11:09AM | Updated September 11, 2023 at 11:31AM

The Kroger Co. and Albertsons Companies Inc. announced today that they have entered a definitive agreement with C&S Wholesale Grocers, LLC for the sale of select stores, banners, distribution centers, offices and private label brands in connection with their proposed merger previously announced on October 14, 2022. Kroger operates in Montgomery County as Harris Teeter while Albertsons operates as Safeway. Kroger will be acquiring Albertsons in the merger. C&S is the parent company of Grand Union and Piggly Wiggly Supermarkets.

10 Harris Teeter stores located in the DMV (DC/MD/VA) will be divested by Kroger following the closing of the merger with Albertsons Cos. The announcement does not disclose which locations will be divested, but Montgomery County is home to seven Harris Teeters stores located in Bethesda, Clarksburg, Darnestown, Gaithersburg, Olney, Potomac, and Rockville.