Gateway Business Park Construction Kicks Off in Union Township

New York-based Clarion Partners, a real estate investment manager, together with Baltimore-based MRP Industrial, an affiliate of MRP Realty, began construction this week on a new development in Jonestown, PA. The project sits on the site of the former I-81/I-78 Logistics Park in Union Township; last October, Clarion and MRP purchased a 129-acre parcel with plans to develop two buildings within the three building, 1.9M-square-foot Gateway Logistics Park. This week they broke ground on Building B, a 500,000 square foot structure at 545 Old Forge Road.

The development includes pad-in-place development parcels for both a 1,002,000-square-foot distribution center at 575 Old Forge Road and Building B. MRP Realty said it is talking to prospective lease and build-to-suit prospects, and that the buildings would be ideal for northeast region distribution and e-fulfillment retail operations.

The third building in the development is being planned by Pennsylvania real estate company Vision Group Ventures, according to corporate spokesperson. That building will be approximately 400,000 square feet.

For more news and information visit Blumberg Partners.

MRP & Rockpoint Sell Buildings at Bethesda Crossing

MRP Realty and Rockpoint Group announced this week that the joint venture has sold two of the three buildings that make up Bethesda Crossing in Bethesda, Maryland for an undisclosed sum. J.P Morgan Asset Management purchased the two office towers in the office complex, formerly known as the Air Rights Center. MRP will retain ownership of the facility's office building at 4550 Montgomery Avenue and continue as the property manager at the Wisconsin Avenue building, known as the Wisconsin Towers.

"The sale of Bethesda Crossing is another step forward in our committed strategy of acquiring well- located, urban-infill assets and renovating, repositioning and rebranding them into premier office and residential properties," said MRP Managing Principal Bob Murphy in a press release. "It's a significant enhancement in the overall tenant experience for our occupants and further drives home our commitment to creating additional investment value for our investor partners."

MRP and Rockpoint bought the property in January 2013, then invested almost $30 million in renovations. "The investment we made in Bethesda Crossing allows us to take advantage of its irreplaceable location in the heart of Bethesda," Zach Wade, principal of MRP Realty, said in a press release. "Bethesda Crossing was already a strong office product, and we have added value to current and future tenants through this modernization process."

For more news and information visit Blumberg Capital Partners.

MRP to Develop Brookland Metro Station Complex

MRP Realty and CAS Riegler, both located in Washington, DC, have been selected to build a mixed-use development on the transit agency's property outside the Brookland station. The Metro's Board of Directors will still need to approve the team selected by the joint venture, but construction is expected to start as early as 2016. The joint venture will negotiate a development agreement with Metro for 2 acres at the Brookland Metro, to include 280 residential units and 9,000 square feet of retail for the Metro property, and must also include a new, 35-space Kiss and Ride lot, according to a Washington Business Journal report.

The site is attractive to developers in part because of the Red Line station and its location across the street from one of the biggest developments under construction in the District, the $200 million mixed-use Monroe Street Market, according to a Washington Post article. Developed by Jim Abdo, Pritzker Realty Group and the Bozzuto Group with Catholic University, Monroe Street Market is well on its way to becoming home to a bevy of new restaurants, a new book store for Catholic University and artists' housing. Some restaurants and stores are already open and artists are now occupying studios along a pedestrian Arts Walk.

For more news and information visit Blumberg Capital Partners.