News Article

Commercial Real Estate: Ryland Homes pays $17.8M for Muirkirk parcel


(6/25/2010) Ryland Homes has bought 45 acres for $17.76 million at Brick Yard Station in Muirkirk, where developer Jackson-Shaw said it will turn its attention from office buildings to the residential component of the 125-acre planned community.

The Calabasas, Calif., homebuilder plans to construct 51 single-family homes and 354 townhomes that will be part of the development's residential offerings. Jackson-Shaw of Dallas will focus on the multifamily phases of the project.

The planned community is between Beltsville and Laurel, on the former site of the Washington Brick Co. manufacturing complex and mine. It is being marketed as a sustainable development, with all buildings planned for certification under the U.S. Green Building Council's Leadership in Energy and Environmental Design program, according to Jackson-Shaw information.

"[Brick Yard Station] is easily accessible to several government agencies with a large number of employees and to other major employment and retail centers, so there are unlimited opportunities for us to attract new home buyers," said Stephen Fritz, president of the Washington, D.C., region for Ryland Homes, in a statement.

"Jackson-Shaw has done a great job with the overall planning and design of this development and, for one for the few times I can remember, we are taking on a project that does not require any changes," Fritz said.

The project also incorporates multiple open spaces, including a seven-acre lot that Jackson-Shaw donated to the Maryland-National Capital Park and Planning Commission, which is planning a 20-acre dinosaur park on the site of a significant fossil deposit on a portion of the land.

In addition to the Ryland Homes construction, Brickyard Station will include 50,000 square feet of commercial space and two phases of multifamily development with 860 units surrounding the Muirkirk MARC station.

"Their commitment to quality construction and pursuit of innovative, sustainable building practices makes them an ideal partner for this development," said Chase Galbraith, vice president of development for Jackson-Shaw, in a statement. "As we turn our attention to the project's multifamily phases, we are confident that this component is in the best hands."

Officials with Jackson-Shaw and Ryland Homes could not be reached for comment Thursday.

The move to residential construction follows the successful start of the Brick Yard Business Park, where Jackson-Shaw plans 704,000 square feet of light industrial, office, flex and warehouse space on 60 acres.

Despite breaking ground after financial markets collapsed and the recession started in 2008, the firm has achieved a 70-percent occupancy rate, including Party Rental, Ltd. leasing 82,000 square feet and Limbach Facility Services leasing 40,000 square feet. Jackson-Shaw has poured more than $75 million into the project and has sold three buildings to FLOORMAX, Freestate Electrical and American Mechanical Services totaling 105,318 square feet. A fourth building is under contract to an undisclosed buyer, leaving one more completed building with 100,000 square feet available for sale or lease, said Tom Aylward, Jackson Shaw's vice president for development, who is based in the firm's Lanham office.

The firm has completed building 425,000 square feet in the business park and has permits in hand to build "three or four more buildings, depending on the market," he said.

Jackson-Shaw is now looking for another home builder to begin construction on the multifamily housing component "as quickly as possible," Aylward said.

The regional chapter of the National Association of Industrial and Office Properties last month designated the Brick Yard as the winner of its 2010 Award of Excellence in the "Best Industrial/Flex Project" category. [...]

By Sonny Goldreich

Copyright © 2010 Post-Newsweek Media, Inc./Gazette.Net

Link to the article: Commercial Real Estate: Ryland Homes pays $17.8M for Muirkirk parcel

Source: The Gazette