Liberty Property Trust acquires seven Maryland properties in $1.5B deal

Liberty Property Trust is acquiring an operating partnership in Cabot Industrial Value Fund III, a move that will add seven Maryland properties to Liberty's industrial holdings. Malvern, Pa.-based Liberty said it would pay $1.5 billion in the deal that includes 23 million square feet and 177 buildings across the U.S. Cabot also owns 30 other properties in the region that are part of other funds. (Balt. Bus. Journal)

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August 1 // O’Malley touts biotech industry in Baltimore

Gov. Martin O’Malley stopped at the University of Maryland BioPark Wednesday to tout the state’s biotechnology industry, but also took a moment to celebrate the development of what once a barren stretch in West Baltimore. “There was a time when many of the … opinion leaders in town thought there’d never be development on this side of Martin Luther King Jr. Boulevard,” O’Malley said. “Right now you see it happening. There’s more in the pipeline.” (Daily Record)

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GSA wants redevelopment ideas for Metro West complex in Baltimore

The federal General Services Administration is looking for help from the local real estate community on what to do with the 1.1 million-square-foot Metro West Social Security complex on Baltimore’s west side. The GSA said Wednesday it’s willing to turn the building at 300 N. Greene St. over to a company willing to perform repair and construction services on federal buildings. The options also include a public or negotiated sale, or potentially some other deal structure that could put the building to new use. (Balt. Bus. Journal)

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Belvedere Square would become Belvedere City Market in latest plan

The owners of Belvedere Square are seeking city approval for a revamp that will likely include a rebranding of the historic North Baltimore shopping center that will “hark back to the neighborhood’s commercial heydey” of the 1940s. In documents submitted to the city’s Planning Department, Cross Street Partners LLC is proposing a huge new neon sign above Belvedere Square’s storefront markets along East Belvedere Avenue; awnings and large panel signs using 1940s-era fonts; and metal blade signs that will be visible to pedestrians at the street level. (Balt. Bus. Journal)

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Hunt Valley Towne Centre wants apartments, but Sears doesn't approve

Hunt Valley Towne Centre LLC has a deal to sell part of the property to a national developer that would build 400 apartments at the shopping center that is home to Sears Roebuck & Co., Wegmans and other retailers. But the deal with AvalonBay Communities Inc. hinges on Hunt Valley Towne Centre getting approval from Sears, one of the mall’s anchor tenants. Hunt Valley Towne Centre and Sears are fighting it out in U.S. District Court in Baltimore over an attempt to force the retailer into arbitration to get Sears to consent to a modification of the shopping center’s site plan that would allow for the apartments, according to court filings. (Balt. Bus. Journal)

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AirPatrol to expand in Howard County

AirPatrol Corp., a Columbia-based cybersecurity firm that focuses on wireless and mobile systems, will relocate its headquarters to Maple Lawn Corporate Center park in Howard County and expand, the Howard County Economic Development Authority announced late Wednesday. The growing company's offices currently are on Broken Land Parkway, a few miles away from the new development in Fulton. (Balt. Sun)

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Evergreen Health Co-op to open four Baltimore-area clinics

Evergreen Health Co-op plans to open four new health centers and hire 45 clinical employees to flesh out the new insurance company’s in-house health care network. Evergreen will have medical facilities in The Rotunda in North Baltimore, White Marsh, Columbia and Greenbelt where people who buy Evergreen insurance can see doctors. Each center will have a staff of eight employees, including doctors, nurse practitioners, social workers and case managers. (Balt. Bus. Journal)

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BGE profit up 64% on higher electricity, gas rates

Baltimore Gas & Electric Co.’s earnings rose 64 percent, to $23 million, in the second quarter on higher rates for electricity and gas. BGE’s revenue increased 6 percent to $653 million, up from $616 million. Meanwhile, Exelon Corp., the parent company of BGE, posted quarterly adjusted earnings of $454 million, or 53 cents a share. (Balt. Bus. Journal)

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