Connect with us

Maryland

Finmarc Buys Maryland Retail Plaza for $30M

Published

on

Finmarc Buys Maryland Retail Plaza for M


Bethesda, Md.-based Finmarc Management wants to build a $250 million diverse real estate portfolio by the end of 2025, and the acquisition of a retail plaza not far from their home base keeps them well on target.

The firm has purchased Riverview Plaza, at 5425 Urbana Pike in Frederick, Md., for $30 million, Commercial Observer has learned. A joint venture between Edens and J.P. Morgan Chase sold the 185,275-square-foot shopping center, represented by Ryan Sciullo and Casey Benson Smith of CBRE. Finmarc was self-represented in the deal.

SEE ALSO: MetLife Acquires SoCal Office From Former Borrowers at 45% Discount

Riverview Plaza is currently 95 percent leased, anchored by TJ Maxx, Michaels, PetSmart and Bob’s Discount Furniture. Staples, The Home Depot and Target are also tenants.

Advertisement

It’s now the second plaza in Finmarc’s Federick-area cadre. The firm acquired the neighboring Frederick Corporate Park for $43 million in 2020.

“Riverview Plaza in an institutional-quality regional shopping center with a proven track record

of high occupancy, tenant retention and strong sales,” David Fink, Finmarc’s co-founder and principal, said in a statement. “During a time when other retail venues suffered during the pandemic, the center’s national tenant mix pushed sales to new heights and more than 4 million shoppers visited Riverview Plaza last year, marking another high.”

Finmarc’s stated goal of building a robust portfolio doesn’t mean that the firm is afraid to shed some properties, however.

The Riverview Plaza purchase follows the firm’s sale earlier this year of 8000 Granier Court, an 88,000-square-foot flex/warehouse property in Northern Virginia, for about $16 million to C2 Imaging. The building is part of an 11-building group Finmarc acquired in mid-2022 for $128 million.

Advertisement

“We are especially interested in underperforming properties that provide our team opportunities to build value with proven leasing and asset management tactics,” Fink said. “We view our private, internal capital as an advantage, as we are not constrained by a particular period for holding an investment or defined internal rate of return goals for any investor or partner that other companies may have.”

Nick Trombola can be reached at NTrombola@commercialobserver.com.



Source link

Advertisement

Maryland

Baltimore leaders tout law limiting ICE cooperation, cite new claims of overreach

Published

on

Baltimore leaders tout law limiting ICE cooperation, cite new claims of overreach


As Baltimore leaders celebrated a new law limiting city cooperation with U.S. Immigration and Customs Enforcement (ICE) on Thursday, they also shared new accounts alleging federal agents have gone too far.

At a news conference the same day the mayor signed legislation restricting the city’s cooperation with ICE, City Councilman Zeke Cohen described what he said was a troubling incident outside his children’s school.

“ICE was behaving in ways that were unsafe, that caused stress, and trauma, and harm to our communities, so as a result we asked for increase school police presence,” Cohen said.

He added, “I think it’s incredibly ironic we need our own local school police to protect our kids and our families from the federal government.”

Advertisement

ALSO READ | Baltimore police: Man told guard “I’m an addict” during Orioles Team Store armed robbery

From the floor of the council chambers last month, Councilwoman Odette Ramos described what she said was fear in the community and accused ICE of targeting people based on race.

“Let us call it what it is it’s racism and white supremacy,” Ramos said.

She added, “They wait in parking lots for anyone who is brown. They do not care if you’re a citizen or not, so I’m waiting for my turn obviously.”

Critics have questioned the stories from politicians.

Advertisement

Dr. Richard Vatz, a retired professor of rhetoric, called the city’s approach “utterly irresponsible leadership,” saying, “They ought to think, ‘Who am I helping, who am I hurting?’”

When FOX45 News pressed council members last month on whether they’d witnessed ICE breaking the law in Baltimore, Ramos said, “I have not personally, however, I know that we are now seeing an escalation.”

After Cohen’s account about what happened outside his children’s school, an email was sent to the council president seeking clarification, including: “Did you see the ICE activity yourself and, if so, what was taking place?”

Clarification had not yet been provided.

Sgt. Betsy Branford-Smith, with the National Police Association, said stories of fear put officers at risk too.

Advertisement

“These agents have now been additionally endangered. It’s already dangerous enough,” Smith said.



Source link

Continue Reading

Maryland

Maryland students react to Canvas data breach

Published

on

Maryland students react to Canvas data breach


An online learning management system is back online after a cyberattack created chaos for local school districts and colleges in Maryland.

Canvas, an online portal used by students and teachers, and parent company Infrastructure were attacked by hacking group ShinyHunters. The group is tied to several other notable attacks, including the Live Nation hack.

In a statement to CBS News on Friday, Instructure said the company took Canvas offline after learning that hackers had “made changes to the pages that appeared when some students and teachers were logged in.”

The hackers exploited an issue linked to its Free-For-Teacher accounts, the company said.

Advertisement

“As a result, we have made the difficult decision to temporarily shut down our Free-For-Teacher accounts,” the company said. “This gives us the confidence to restore access to Canvas, which is now fully back online and available for use. We regret the inconvenience and concern this may have caused.”

Canvas was also removed from a dark web leak site created by the ransomware group to publish stolen data.

Several school districts in Maryland avoided using Canvas altogether on Friday, including Anne Arundel County Public Schools, Harford County Public Schools, and Howard County Public School System. Baltimore City Public Schools uses the site, but said it had minimal impacts and does not believe the district’s data was stolen.

Baltimore County Public Schools does not use Canvas, and it was not impacted.

Local colleges and universities halted to a standstill in the middle of finals because of the breach. The University of Maryland urged faculty and students not to access the site on Friday morning. By midday, Canvas was fully restored.

Advertisement

Student reaction

Students at Johns Hopkins University say the website was down for about four hours Thursday night. This breach occurred during the middle of finals at the university, and students say that without the site, they didn’t have access to study materials.

“I don’t think I can manage without Canvas,” Aseel Adam, a first-year student at Hopkins, said. “I had a final today, so I was like, ‘Oh no’. I had to email my teacher about the slides final practice. It was bad.”

Students called it a major inconvenience and said they had a late-night studying after Canvas came back online.

“5 pm hits, Canvas is shut down,” Alveena Nasir, a first-year student at Hopkins, said.  “I am screwed. I have a final tomorrow. I have no access to any my files. I have no downloads…For that to shut down, I feel like the whole school shuts down.”

Canvas is used by students to review materials, submit assignments, and view their grades. Teachers are also able to communicate with students on the platform.

Advertisement

Students say they also don’t know what data may have been leaked and if it’s their personal information.

“They can get a lot of my information, fake it for someone else, or some bad, heinous crime. It did kind of worry me,” Adam explained.

Preventing future attacks

The Johns Hopkins University Information Security Institute has been testing websites and platforms like Canvas, trying to find vulnerabilities to help prevent these types of attacks. Now, AI is making it easier than ever to take down this kind of system.

“In the old days, usually [it would] take an expert maybe a month to really come up with those complicated attacks. Recently, with the help of AI, [it takes] sometimes maybe one or two days, they can really come up with those complicated attacks,” Yinzhi Cao, technical director of the institute and associate professor of computer science, tells WJZ.

Cao says everyone needs to be more cyber-aware. To protect yourself, don’t give out deeply personal information to online platforms, use two-factor authentication, and even watch out for phishing emails.

Advertisement

Now, students are questioning the school’s reliance on Canvas and how they can be more prepared if there’s an attack in the future.

“The idea that we depend so much on Canvas for a lot of things is also an issue. I think there should be a balance,” Adam said.

“For having a website so fundamental to our education and not being able to protect it, I think there should be some considerations on improving it,” Nasir concluded.

Advertisement



Source link

Continue Reading

Maryland

How mighty megalodon rose from extinction to be Maryland state shark

Published

on

How mighty megalodon rose from extinction to be Maryland state shark


play

Advertisement
  • Maryland has become the first state to designate a state shark, choosing the extinct megalodon.
  • The effort was led by paleontologist Stephen Godfrey of the Calvert Marine Museum.
  • Fossils of the prehistoric shark are commonly found throughout Maryland’s Chesapeake Bay region.

As paleontologist Stephen Godfrey walked into the Calvert Marine Museum one morning in April, staff members congratulated him. In a way, he brought an extinct species back to life.

Two days earlier, in the final hours of Maryland’s legislative session, lawmakers passed a bill that made megalodon — the largest shark that ever lived — the state shark.

Godfrey, the marine museum’s curator of paleontology, helped come up with the idea and testified at the State House in support of it. Now, Maryland is the first to have a state shark, he said.

“As long as people have been here in Maryland, they have been noticing and collecting megalodon teeth,” he said.

Fossils of the prehistoric shark can be found throughout the Chesapeake Bay region.

Advertisement

“It was a prime place for early paleontologists in American history to come to collect fossils, to document the succession of life,” said Godfrey, who grew up in Quebec, Canada. He has been interested in natural history since he was young and turned his childhood bedroom into a museum.

“Hey, why don’t we try to make it the state shark?” Godfrey recalled asking.

Students join in effort to honor the mighty megalodon

He checked whether any other state had beat them to the idea. He found that North Carolina designated the megalodon tooth as its state fossil — but not its state shark.

“It was like, ‘Wow, this is like a golden opportunity,’ ” he said. “I’m surprised that nobody has thought of this.”

Advertisement

So he reached out to Marianne Harms, a former member of the marine museum’s board who had helped get it recognized as the state’s paleontology center. She connected him with Sen. Jack Bailey, R-Calvert and St. Mary’s.

“We just started working on it last summer when I took Stephen in to meet Sen. Bailey, and it is a difficult process to have something named as a state entity,” Harms said.

Bailey introduced the bill in the Senate, and Del. Todd Morgan, R-Calvert and St. Mary’s, introduced it in the House.

Godfrey testified in support of the bill twice, bringing along his daughter, Zoey, who is in third grade.

Advertisement

Calvert County officials and members of the public also wrote letters of support. Representatives of the Natural History Society of Maryland and the Chesapeake Bay Foundation sent in written testimony favoring the bill.

Fourth-grade teacher Anna Shay also shared letters and pictures from her students.

“The megalodon shark is strong and brave so people will think we are also strong and brave,” one student wrote.

Megalodon encounters resistence in Maryland legislature

It faced some pushback from AMndy Ellis, a Green Party candidate for governor, who wanted to designate megalodon as the state historic shark to leave room for a living one to have that designation.

At one point, the bill stalled in the General Assembly. But on the last day of the session, it was tacked on as an amendment to a bill recognizing a state natural sciences museum and Oct. 1 as a day to honor victims and survivors of domestic violence. It passed through both chambers and is on its way to the governor’s desk.

Advertisement

“I can’t believe this actually happened,” said Godfrey, adding that he thought the bill had died.

“To me, it’s like, just one of the super fun things that I’ve been a part of.”



Source link

Advertisement
Continue Reading
Advertisement

Trending