Archive for the ‘real estate-construction’ Category

CROFTON – Caruso Homes has begun construction of homes at three communities in Prince George’s County.  Lots at River Gate Estates in Clinton are one acre each, while those at Ashton Estates in Bowie are quarter-acre lots.  The third project is at Wilshire Estates in Laurel.

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ANNAPOLIS – CoStar reports that the owner of Mike’s Restaurant and Crab House has bought the 7,700 square-foot building next door for $2 million.  Brothers Investments LLC acquired the restaurant formerly known as Paul’s, which has about an acre fronting the South River and one boat dock.

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COLUMBIA – The Office of the State’s Attorney for Howard County signed an 11,000-square-foot deal at 8815 Centre Park Drive.  The agency relocated from its previous location on Courthouse Drive in Columbia.   The four-story, 53,765-square-foot Class A office building was built in 1988 on 3.18 acres in the Oakland Executive Park.

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Bob Hannon, AAEDC

GAMBRILLS – This development has inched closer to reality now that 15 amendments to the master plan were approved last week.  Anne Arundel Economic Development chief Bob Hannon said it is up to the county council to approve the plan, which includes significant zoning changes for greater density and mixed use.  There are 76 property owners with a stake in this, so it has been tough to get consensus on issues such as transportation (e.g. Route 175 now will keep its current width) and infrastructural systems for water, sewer and power.  Even after council approval, challenges remain such as funding the upgrade to the sewer system and working with Fort Meade to coordinate the BRAC impact.  Master plan approval could occur at the next county council session.

COLUMBIA – With funding from the Home Depot Foundation, the National Center for Healthy Housing offers a suite of training and informational resources to help affordable housing professionals adopt sustainable and healthy building practices.

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CLARKSVILLE – The Creig Northrop Team of Long & Foster has started a new division for Land & New Home Sales.  Division head Cindy DelZoppo says the group will focus on prospects for whom buying land has become an attractive and cost-effective option.

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CROFTON – Homebuilder Caruso Homes is helping homeowners sell their existing homes in exchange for buying a new home in a Caruso community in Maryland.  Save & Sell offers a reduced 5 percent listing, provides access to resale expertise, and gives agents a $1,500 incentive to help sell the home.

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BALTIMORE – Last night’s meeting of the Md. chapter of the commercial real estate development association showed a debt level of $566 billion for commercial real estate, much of which comes due in 2011 and 2012 and is held by community banks.  Values for office space have further room to fall, and in Maryland the ratio of loans to total capital is well above the national average.  The feds are aware and are looking into how to help, but 285 banks (nationwide) are still expected to fail this year, which will encompass $120 billion of commercial real estate loans.

From left to right: Moderator Jim Lighthizer of Chesapeake Real Estate Group, Rob Carpenter of The Federal Reserve Bank of Richmond, Tom Dwyer of CW Capital, Spencer Levy of CB Richard Ellis, and Shawn Krantz of Brownstone Capital.

INDIANAPOLIS – Simon Property Group, owner of Arundel Mills shopping center and the outlet shopping centers in Queenstown and Hagerstown, has made an offer for the bankrupt General Growth Properties.  The fully financed, $10 billion transaction would include about $9 billion in cash.  GGP owns more than 200 shopping malls and controls most of the development opportunities in the recently approved 30-year master plan for downtown Columbia.

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COLUMBIA – Corporate Office Properties Trust (COPT) posted a 25% total return for shareholders last year.  The numbers included a 5% increase in diluted funds from operations and an 8% decrease in diluted earnings per share.  The company has 1.1 million square feet under construction that is 54 percent leased, and its properties are 90.7% occupied and 91.3% leased.  Renewals on expiring leases are 73% and represent 1.8 million square feet.

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