LAUREL, MD—Atlanta-based Wood Partners is quickly moving forward to monetize its purchase of a 5.24-acre site it made last month from the former owner of the adjacent Towne Center at Laurel.
The company has announced it will develop a 340-unit luxury apartment next to the center. Wood Partners purchased the site from the then-owner Greenberg Gibbons Commercial for about $8.5 million.
Wood Partners will be the general contractor of the four-story community, which will be 640,000-square feet wrapped around a 555-space parking garage and outdoor courtyards. It is scheduled to deliver in summer of 2017 with leasing to begin earlier that year.
The Towne Center at Laurel has also traded, a bit earlier than Wood Partners' entrance on the scene. An affiliate of UBS Realty acquired the 387,041-square foot center from the JV owners/developers, which included Somera Capital Management, Greenberg Gibbons and AEW Capital Partners.
They redeveloped the former Laurel Mall for about $130 million, leasing up the once flagging retail center with such names as Harris Teeter and Regal Cinemas. Phase 2 delivered last year.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
