This Week's Baltimore Deal Sheet
A partnership led by an affiliate of MCB Real Estate finalized a lease with Lancaster, Pennsylvania-based The Webstaurant Store LLC for 1.2M SF at Currwood Logistics Center in Hagerstown.
According to the development team, the location will be the cornerstone of Webstaurant’s northeast distribution network of 20 facilities nationwide. Webstaurant added the space at Currwood to bolster its supply chain to achieve two-day shipping to 96% of the country.
The Class-A Currwood Logistics Center delivered this fall with more than 1.5M SF of industrial, warehouse and logistics space. The developers broke ground on the project in October 2022.
At that time, MCB Real Estate Managing Partner P. David Bramble extolled the industrial and warehouse development potential in the Hagerstown area, noting those assets held a sub-4% vacancy rate.
The team behind Currwood Logistics Center is a joint venture with real estate investment manager Invesco Real Estate, Curated Development Group, Birchwood Capital Partners and Artemis Real Estate Partners.
LEASES
InventWood, a startup focused on cellulose-based material and nanotechnology innovations, has leased nearly 89K SF at 5971 Jefferson Station Court in Frederick. InventWood plans to relocate because it outgrew its incubator space at the University of Maryland, College Park. The company inspected buildings ranging from old factories to sawmills in locations across Maryland, Delaware and Virginia before deciding on the property at Jefferson Station Court. KLNB Vice President Kristin Rebeck represented the tenant in the deal.
***
The Village Square Offices at the Village of Cross Keys is fully leased after adding CGA Capital and CI Renewable to its tenant roster, Caves Valley Partners’ Arsh Mirmiran said in a statement. Investment firm CGA Capital will occupy nearly 4K SF overlooking Village Square, while renewable energy development company CI Renewable will utilize 2,258 SF of office space. Renowned Rouse Co. founder Jim Rouse developed Cross Keys in 1965. Baltimore-based Caves Valley Partners purchased the property in 2020 and is in the process of overhauling the development. It completed the renovation of the Village Square and the construction of two restaurant pads, and it intends to eventually add 350 apartments and new retail and office buildings.
***
Window Nation has agreed to lease 51K SF at 8110 Maple Lawn Blvd. in Howard County. The building is part of master developer Greenebaum Enterprises and St. John Properties’ 605-acre mixed-use Maple Lawn project. Window Nation consolidated two locations into a single 23K SF space at Cromwell Business Park and plans to keep a showroom and warehouse at that location. Bill Jautze, St. John Properties assistant vice president of leasing, represented the landlord.
SALES
Ganges Laurel LLC has purchased the property at 9705 Washington Blvd. N. in Laurel from Olive Enterprises LLC for $3M. Ganges Laurel, part of the Virginia-based Ganges Property Group, plans to develop the property for childcare and early education franchise The Learning Experience. High Roads Academy previously operated at the address. Hyatt Commercial’s Cecil Cummins and Eric Pinkett represented Olive Enterprises in the deal.
PERSONNEL
Howard County-based commercial real estate brokerage and management firm Lee & Associates | Maryland has hired a dedicated mid-Atlantic retail sales and leasing team that previously worked at Broad Reach Retail Partners. Lee & Associates added Mark Mueller and Glenn Ulick as senior vice presidents and Kaitlyn Thomas as an associate. The team combines for more than 70 years of real estate and business experience.
