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Federal Realty Buys Maryland Retail Plaza for $187M

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Federal Realty Buys Maryland Retail Plaza for 7M


One of the nation’s oldest real estate investment trusts has acquired an open-air retail plaza in eastern Maryland, the latest firm to snag a substantial property amid the retail’s resurgence. 

North Bethesda, Md.-based Federal Realty Investment Trust, founded in 1962, has paid $187 million for the retail portion of the mixed-use Annapolis Town Center, a 480,000-square-foot shopping center in Annapolis. PGIM Real Estate sold the complex, which is anchored by Whole Foods alongside fellow tenants such as Anthropologie, Sephora, Restoration Hardware, and Williams Sonoma.

SEE ALSO: SL Green Buying Blackstone’s Park Avenue Tower for $730M: Sources

“This is exactly the kind of opportunity we target: a dominant asset with strong fundamentals, competitive positioning, and the potential to unlock further value under our ownership,” Don Wood, Federal Realty president and CEO, said in a statement. 

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Federal Realty’s new property is just a portion of the 2 million-square-foot Annapolis Town Center, developed in 2008 at 1906 Towne Centre Boulevard by Greenberg Gibbons. PGIM acquired the mixed-use complex in 2018, though earlier this year it opted to sell the property’s multifamily component — two buildings totaling more than 400 units — to Peterson Companies for $160 million.

Federal Realty joins other investment firms acquiring Maryland malls in the past 12 months, though under widely varying circumstances. 

In November, Spinoso Real Estate Group paid $190 million for the 1.2 million-square-foot White Marsh Mall near Baltimore. Spinoso had been the mall’s court-appointed receiver for about a year at the time, owing to financial distress from former owner Brookfield

European mall giant Unibail-Rodamco-Westfield (URW) meanwhile has faced its own distress with Westfield Wheaton, a 1.7 million-square-foot plaza on the northern outskirts of Washington, D.C. The mall was transferred to special servicing in April after URW failed to meet its March debt maturity, and the company has reportedly opted to sell following a meager $166 million appraisal in August, Bisnow reported at the time

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

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Attempted traffic stop leads to arrest of Maryland man wanted for kidnapping

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Attempted traffic stop leads to arrest of Maryland man wanted for kidnapping


Frederick County Sheriff’s Office (FCSO) announced the arrest of a man wanted for kidnapping on Thursday afternoon.

Suba Washington Jr., 27, of Williamsport, Maryland, was apprehended in Frederick after an attempted traffic stop early Thursday morning, according to deputies. 

The pursuit

When officers tried to pull over a Hyundai Elantra in the 7300 block of Crestwood Blvd., the driver, later identified as Washington, refused to stop. 

Deputies were later notified that Washington was wanted on charges of kidnapping, first-degree assault, second-degree assault, and reckless endangerment in Washington County, Maryland.

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As Washington fled northbound on Route 85, he struck a car near Crestwood Blvd. and Buckeystown Pike; however, the driver of the vehicle was unharmed as the suspect continued onto northbound I-270 and then westbound I-70.

Washington’s tires were eventually flattened after deputies deployed stop sticks near the Middletown exit. 

Though the pursuit still wasn’t over, as the vehicle managed to cross over into Washington County, where the Washington County Sheriff’s Office (WCSO) and Maryland State Police (MSP) aided in apprehension.

Washington was taken into custody after his vehicle approached the Route 40 exit, coming to a full stop on the highway. 

The charges

A 17-year-old in the passenger seat was found with Washington during the pursuit. The teenager was released to WSCO.

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According to FCSO, Washington Jr. was taken to the Frederick County Adult Detention Center and charged with numerous traffic citations, including reckless driving, negligent driving, and two counts of attempting to elude law enforcement.



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Maryland to launch study on economic impacts of climate change

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Maryland to launch study on economic impacts of climate change


Maryland will launch a study to analyze the economic impacts of climate change to determine the costs associated with storm damage and health outcomes. 

The move is part of the Moore-Miller administration’s strategic approach to investing in a clean energy economy and modernizing the state’s energy infrastructure. 

“While the federal government has spent the past year rolling back climate protections and driving up energy costs, Maryland is taking a responsible step toward understanding the true price tag of climate change,” Gov. Wes Moore said in a statement. “This study will give us a clear, data-driven look at the real burden taxpayers are shouldering as climate change drives more extreme and costly weather events.” 

The RENEW Act Study will be funded by investments and state sources, including $30,000 from philanthropic funding and $470,000 from the Strategic Energy Investment Fund, to assess the burden that Marylanders are paying due to intense weather events and environmental shifts. 

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Marylanders on climate change 

The announcement comes months after Maryland lawmakers opposed a proposal by the U.S. Environmental Protection Agency to recind its 2009 endangerment finding, which determined that greenhouse gases were a danger to public health. 

Lawmakers raised concerns that the move would mean engine and vehicle manufacturers would not be required to measure, control or report greenhouse gas emissions. They also raised concerns that the decision could impact climate change and harm local communities.

The EPA said it intended to retain regulations for pollutant and toxic air measurement and standards. In September, the agency initiated the formal process to reconsider the finding. 

In March, a Johns Hopkins University poll found that nearly 73% of surveyed Baltimore City and County residents were concerned that climate change would affect them. 

According to the study, city residents were more concerned about personal harm from climate change than county residents. However, county residents expected to see higher costs in the next five years due to climate change. 

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About 70% of Baltimore area residents believe climate change will increase costs for homeowners and businesses in the next five years, the study found. 

An April report ranked the Washington/Baltimore/Arlington region as the 36th worst in the country and second worst in the mid-Atlantic region for ozone smog. The report graded Baltimore County an “F” for ozone smog. 

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Combination of cold and snow coming to Maryland

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Combination of cold and snow coming to Maryland




Combination of cold and snow coming to Maryland – CBS Baltimore

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Combination of cold and snow coming to Maryland

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