JLL Capital Markets has announced that it has secured the $194 million sale of 8001 Woodmont, a 322-unit trophy multifamily asset with 19,452 SF of retail space in Bethesda, Maryland. JBG Smith Properties Sold the building to Peterson Companies.
Business
Montgomery County government is reminding businesses and residents that the county’s minimum wage will increase by 50 cents on July 1, adjusting for inflation as required by county law. The new rates will be $17.65 per hour for large employers, $16 per hour for mid-size employers, and $15.50 per hour for small employers. (more…)
Last October, Buy Buy Baby announced that it will be closing all existing stores and transforming into a digital-first brand “focusing all our energy on providing an exceptional online shopping experience.” The last day for its Rockville location (1683 Rockville Pike), which is the first location to ever open, will be Tuesday, February 25th, an employee confirmed this morning.
The Burtonsville Commerce Center (4000-4060 Blackburn Ln) been purchased by an LLC affiliated with The Premier Companies for $10.1 million, according to a report by Maryland Newsletters.
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Holy Cross Silver Spring and Holy Cross Germantown have announced that they have achieved Gold Certification from the Cribs for Kids® National Safe Sleep Hospital Certification Program.
Rockville-based Compost Crew Inc. (12343 Carroll Ave.) announced its annual results for 2024, which saw the company’s business grow significantly from the prior year. The company collected almost 26 million pounds of food scraps in 2024, an increase of roughly 30% over its 2023 total. The company also exceeded 20,000 homes serviced for the first time, placing Compost Crew among the largest dedicated food scrap recycling companies in the country.
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In October, Buy Buy Baby announced that it will be closing all existing stores and transforming into a digital-first brand “focusing all our energy on providing an exceptional online shopping experience.” As the last of the remaining stores set to close, the Buy Buy Baby brand has been purchased by the owner of Bed Bath & Beyond. The first Buy Buy Baby store opened in Rockville, MD in 1996.
In a recent real estate transaction, a commercial property on Rockville Pike has officially changed ownership. The property located at 1470 Rockville Pike, previously a BB&T Bank branch, has been acquired by Potomac-based RPR LLC for $1.3 million.
With around 1 in 5 new businesses failing within the first year and inflation making things even more difficult, the personal-finance website WalletHub today released its report on the Best & Worst States to Start a Business in 2025, with Maryland coming in ranked 46th overall.
Back in March 224, we let you know that 255 Rockville Pike, a property in Rockville known as the Rockville Center, was sold via auction for $5.72 million. Now 255 Rockville Pike LLC has submitted an application to redevelop the property with a maximum of approximately 550 multifamily units and a Level 2 site plan applicant for the first phase of redevelopment with approximately 285 multifamily units.
Sentinel Real Estate Corp. has made a significant investment in the DC Metro Area– acquiring two recently constructed multifamily buildings for over $317 million. Among these properties is Rockwell at Crown, formerly known as Aventon Crown, in Gaithersburg’s Downtown Crown neighborhood.