Business Archives - Page 32 of 47

Silver Spring Apartment Building Sold For $20 Million

Published January 8, 2023 at 9:32AM

Transwestern Real Estate Services announced its Mid-Atlantic Multifamily Group has brokered the sale of Parkside Terrace, an 87-unit multifamily asset at 502 Easley St. in Silver Spring, Maryland. A partnership led by Enterprise Community Development (ECD), a nonprofit owner and developer of affordable homes, purchased the garden-style community for $20 million, or $229,885 per unit.

Per the press release: “The property has been well managed by long-term owners allowing ECD and its partners to preserve naturally occurring affordability in desirable Montgomery County with a high-quality apartment community,” said Williams, an Executive Vice President at Transwestern. Parkside Terrace features one- and two-bedroom units in a quiet neighborhood east of downtown Silver Spring. The property is situated adjacent to a public park, offering exceptional walkability and convenient access to public transportation and surrounding transportation arteries.

85,000 Square Foot Infill High Bay, Last-Mile Industrial Building in Gaithersburg Has Sold

By MCS Staff

Published January 6, 2023 at 1:31PM

Edge Capital Markets recently brokered the sale of 7601 Lindbergh Drive, an approximately 85,000 square foot high-bay, infill industrial asset in Gaithersburg’s Montgomery Airpark. 7601 Lindbergh has been occupied by Builders Design, LLC for more than 30years. Constructed in 1988, the building sits on 4.15 acres of I-L zoning, is equipped with 30-foot ceiling heights and four dock-high loading doors. 7601 Lindbergh is located in the Montgomery Airpark, and just 5 miles from Interstates 270, and the ICC (MD-200) which provide immediate access to a dense population of over one million residents in Montgomery County and the affluent northwest suburbs of Washington, D.C.

Per Edge: “The new owner acquired a rare, high-bay industrial property in Montgomery County with loading docks, ample truck courts and parking ratio.” stated Joe Friedman of Edge. “Single-occupant, high-bay buildings rarely go up for sale in Montgomery County because of the extreme new supply constraints, low vacancy rate and consistent demand for space to serve the densely populated areas of Montgomery County and the surrounding Washington, DC suburbs.”

Three New Tenants Sign On at 12301 Old Columbia Pike

By MCS Staff

Published January 6, 2023 at 10:15AM

Edge has brokered three new leases at 12301 Old Columbia Pike in the area between White Oak, Fairland, and Calverton (all considered Silver Spring) in Montgomery County. Dance Silver Spring, LLC, an upscale dance studio for children and adults that operates more than 300 studios worldwide, was represented by Jonathan Hamburger of CBRE. Graphic Communications Conference of the International Brotherhood of Teamsters, a union that represents more than 60,000 workers in all craft and skill areas in the printing and publishing industries, and Habesha Spring Driving School, a professional driving school that offers a variety of driving classes for students of all ages were self-represented and are among the new tenants in the building.

Per Edge: Located at the intersection of MD Route 29 and Tech Road, 12301 Old Columbia Pike features nearly 34,000 square feet of commercial office. Renovated in 2021, the asset is less than two miles from MD Route 200 (Intercounty Connector), three miles from Interstate 95, and four miles from the Capital Beltway (Interstate 495). A number of hotels, restaurants, big-box retailers and fitness centers, as well as other amenities, are located within close proximity. The property is also directly across the White Oak Town Center Development, which will house more than 100,00 square feet of new retail amenities.

Rockville’s HighTide Therapeutics Announces $107 Million in Funding to Develop Therapies For Metabolic and Digestive Diseases

By MCS Staff

Published January 6, 2023 at 9:56AM

HighTide Therapeutics Inc. (“HighTide”), a globally integrated clinical-stage biopharmaceutical company developing novel multifunctional therapies for metabolic and digestive diseases, announced the closing of a $107 million Series C/C+ financing led by the TCM Healthcare Fund of Guangdong, managed by China Development Bank Capital. Other investors included Yuexiu Fund and Yuthai Fund. HighTide’s U.S. headquarters are at 11140 Rockville Pike in Rockville.

Proceeds of the financing will be used to advance multiple global development programs, including mid-to-late-stage clinical trials, and the commercialization and business development of the company’s robust pipeline. HighTide’s lead candidate HTD1801, is a novel multifunctional molecule, being developed for the treatment of patients suffering from complex metabolic and digestive diseases. HighTide has successfully completed multiple clinical trials of HTD1801 and continues to advance its global development programs as follows:

Beyond MoCo: Howard County’s Columbia Ranked Second in “2023’s Best Places to Find a Job” List

By MCS Staff

Published January 4, 2023 at 8:16AM

With the unemployment rate at 3.7% and employers planning to hire 15% more new graduates from the Class of 2023 than they did from the Class of 2022, the personal-finance website WalletHub today released its report on 2023’s Best Places to Find a Job, with nearby Columbia, MD (Howard County) ranked #2 on the list.

Columbia, Maryland, has the highest median annual household income (adjusted by cost of living), $104,486, which is 3.5 times higher than in Newark, New Jersey, the city with the lowest at $30,271. To determine the strongest local job markets in the U.S., WalletHub compared more than 180 cities across 32 key metrics. The data set ranges from job opportunities to employment growth to monthly average starting salary. Top 10 and bottom 10 can be seen below:

2022’s Top Stories: Rockville Town Square Sold for $33 Million

By MCS Staff

Published December 30, 2022 at 12:58PM | Updated December 30, 2022 at 2:15PM

As 2022 ends, we’re sharing a few of our most-read stories of the year, from September 2022: Morguard North American Residential REIT announced earlier this week that it has acquired the retail portion of Rockville Town Square. Having purchased Fenestra Apartments in 2017, this acquisition of the remaining retail in this mixed-use asset expands Morguard’s investment in the City of Rockville. The transaction closed at a purchase price of US$33.0 million, excluding closing costs. The news was brought to our attention by The MoCo Source earlier this month.

Per the press release: “Morguard is pleased to expand our investment in Rockville, Maryland by acquiring the retail space,” said K. Rai Sahi, Chairman and Chief Executive Officer of Morguard North American Residential REIT. “This acquisition along with our ownership and management of Fenestra Apartments gives Morguard the opportunity to better execute on our long-term vision.” Connected to Morguard’s Fenestra apartments, Rockville Town Square at 30 Maryland Avenue encompasses 183,000 square feet of retail, dining, and municipal and financial services. The mixed-use pedestrian-friendly location offers public gathering areas, entertainment events, and serves as a neighbourhood hub in the affluent Montgomery County. A short drive from Washington D.C., Rockville Town Squarefeatures spaces to live, work and shop including:

Cyber Security Solutions Company Volexity Signs Lease in Silver Spring

By MCS Staff

Published December 29, 2022 at 7:20PM

Company chooses ideal location with proximity to amenities & transportation options

Edge represented cyber security solutions company Volexity in its recent 2620 square foot lease at 8455 Colesville Road in the Silver Spring section of Montgomery County, Maryland. Kristin Rebeck, Vice President, Advisory Services for Edge represented the tenant and Danny Sheridan of JLL represented the landlord, Goodstone in this transaction. Volexity is a leading provider of threat intelligence and incident suppression services and solutions based in the Washington, D.C, area. The company provides cyber security and digital forensics products and services to Fortune companies, government agencies, and leading security vendors across the globe.

Envision Now Signs Lease to Elevate Rockville Office Building to 100% Occupancy

By MCS Staff

Published December 29, 2022 at 7:01PM | Updated December 29, 2022 at 7:25PM

Edge has elevated 12712 Rock Creek Mill Road to 100% occupancy with the recent leasing of 3600 square of space to Envision Now, LLC. The 59,800-square-foot flex/office building is situated in the North Bethesda submarket of Montgomery County and owned by Crystal Development RCM LLC. Envision Now offers move & relocation services and building repairs and maintenance services. Envision Now was founded in 2015 by Katherine Rooker. Ms. Rooker has 20 years of construction and government experience and supported Federal contracts ranging from $10,000 to $70 million dollars. Kenneth Fellows and Robert Pugh, both Partners, Advisory Services for Edge, oversaw the leasing strategy and program on behalf of the landlord. Marek Rich and Nick Pugh of Scheer Partners represented the tenant in this leasing transaction.

The two-story building was delivered in 1984 and is located within close proximity to MD Route 586 (Veirs Mill Road) and MD Route 355 (Rockville Pike). More than 160.000 people reside within a three-mile radius of the asset with an average household income exceeding $94,000. A free surface parking lot, loading docks, and drive-ins service the building. “12712 Rock Creek Mill Road features a highly-flexible interior layout that makes it suitable for a diverse range of businesses, ranging from professional services to light manufacturing and logistics,” stated Kenneth Fellows of Edge. “Its strategic location close to Interstate 270 and two Metro Station stops, and nearby amenities were all significant factors that contributed to this leasing success.”

Thirty Start-ups Compete for $10K in Entrepreneurship Lab’s Equity Incubator

By MCS Staff

Published December 27, 2022 at 5:28PM

“Shark Tank,” eat your heart out. In an eight-week program that ultimately led to an exciting finale reminiscent of the popular reality TV show, 30 teams of start-up businesses participated this fall in the Universities at Shady Grove (USG) Lab for Entrepreneurship and Transformative Leadership’s second “Equity Incubator” for minorities and women.

Five teams qualified to compete in the showcase at the conclusion of the program on December 8, with the $10,000 grand prize ultimately going to NanoBioFAB, a local nanotechnology firm that uses artificial intelligence-driven sensors to support innovative medical treatments and healthcare solutions.

Olney-Based Sandy Spring Bank Eliminates Non-Sufficient Funds Fees, Lowers Overdraft Fees

By MCS Staff

Published December 24, 2022 at 10:05AM | Updated December 24, 2022 at 11:06AM

Olney-based Sandy Spring Bank announced it has eliminated non-sufficient funds (NSF) fees on all personal accounts, and has made changes to its overdraft policy and fees, as part of a comprehensive strategy to regularly review fee structures and make banking easier and more affordable for consumers.

Per Sandy Spring Bank: “We are always listening to our clients and refining and enhancing products based on their feedback,” said Jay O’Brien, Executive Vice President and Chief Banking Officer of Sandy Spring Bank. “Individuals and families want to be in control of their banking in ways that best meet their financial goals, regardless of when, how and where they bank with us. Our bankers bring a personalized approach and consult with each client to help them choose the products and services that best meet their individual needs.”

Under Armour Names Marriott’s Stephanie Linnartz New President and CEO

By MCS Staff

Published December 23, 2022 at 1:06PM

Under Armour, founded by MoCo native Kevin Plank, announced that Marriott’s Stephanie Linnartz will join the company as President, Chief Executive Officer, and member of its Board of Directors, effective February 27, 2023. Her appointment follows a thorough and deliberate search led by a committee of independent members of Under Armour’s Board of Directors. Linnartz currently serves as the president of Bethesda-based Marriott International, Inc., the world’s largest hospitality company, with a portfolio of nearly 8,200 properties across 138 countries and territories and 30 brands, including The Ritz-Carlton^®, St. Regis^®, Marriott Hotels^®, W^® Hotels, and Westin^® as well as the industry’s most extensive customer-loyalty program, Marriott Bonvoy^®, which has 173 million members.

Per the press release: “As a 25-year veteran of one of the world’s most respected global companies, we are thrilled to welcome Stephanie to the brand,” said Kevin Plank, Under Armour Executive Chair and Brand Chief. “She is a proven growth leader with a distinguished track record of brand strategy, omnichannel execution, talent acquisition and development, and passion for driving best-in-class consumer connectivity, experience, and brand loyalty.”