Business

A fund of CBRE Investment Management has just increased its portfolio along Maryland’s Interstate 95 corridor. The Los Angeles-based private investment firm recently acquired its fifth warehouse in the Harford and Cecil County submarkets, a 672,000-square-foot facility at 511 Chelsea Road. The warehouse is fully leased to Bob’s Discount Furniture as a mid-Atlantic distribution center.

A Bethesda office site that recently traded hands now appears to be headed toward a transformation into a residential and retail complex, in line with Montgomery County’s vision for the neighborhood. The property, located on about 1.4 acres at 4405 East West Highway, is currently home to a 65,000-square-foot office building and a surface parking lot in Bethesda’s central business district, just a few blocks from the Red Line’s Bethesda Metro station. Perseus TDC, which recently acquired the property from Klinedinst Management for an undisclosed price, plans to replace the office space with some 320 multifamily units over 8,000 square feet of ground-floor retail, beginning in 2024.

A Greenmount West building just blocks from Penn Station has been purchased by a local developer and nonprofit who plan to preserve its long-standing status as a hub for the city’s arts community. Area 405 was bought by a partnership consisting of the Central Baltimore Partnership and Baltimore real estate developer Ernst Valery for $3.8 million, the organizations announced Tuesday. The 120-year-old, 71,744-square-foot building was listed for sale last summer and is located at 405-417 E. Oliver St., near Penn Station, which is in the midst of a massive overhaul.

Terran Biosciences Inc. has entered into an agreement with the University of Maryland, Baltimore for a worldwide exclusive license to develop and commercialize a portfolio of UMB’s patents and data to support a novel approach to the treatment of neurological and psychiatric illnesses with psychedelic therapeutics. Terms of the deal were not disclosed.

Local hospitality giants are watching for both near-term and long-term effects on their holdings, industries and staffs as Russia continues to wage a brutal war against neighboring Ukraine. Both Marriott International Inc. (NASDAQ: MAR) and Hilton Worldwide Holdings Inc. (NYSE: HLT) say they are monitoring the situation closely in Ukraine, where much of their response thus far has been humanitarian in nature.

A significant percentage of Carroll County’s workforce is expected to retire within the next five years, so officials are working to find new ways to attract and retain employees. In 2021, 14% of Carroll’s workforce was at or above the average age of retirement (62.5 years old), according to a study by Segal, a consulting firm the county hired. In 2026, that percentage is expected to jump to 30%.

The legal tug-of-war over development of waterfront land in Baltimore’s Westport neighborhood has tilted in favor of a high-speed maglev train operator seeking to build a passenger station on the site where a developer separately proposed housing. The Court of Special Appeals, the state’s second-highest court, granted the appeal of Baltimore Washington Rapid Rail LLC, which is planning a $10 billion project to link Washington and Baltimore and eventually New York with a superconducting magnetic levitation rail system.