Petrie Ross Ventures buys City Place Mall
Developer Petrie Ross Ventures of Annapolis has acquired the 348,000-square-foot City Place Mall in downtown Silver Spring.
The mall, anchored by Marshall’s and Burlington Coat Factory, has 55 specialty stores and restaurants, including Footlocker, Nine West, Ben and Jerry’s, Chipotle Mexican Grill and GNC.
‘‘We are excited to become part of the dynamic revitalization of Silver Spring,” Walt Petrie, chairman, said in a statement. ‘‘We have an exciting merchandising plan to create a prime destination for shoppers as well as current and future retailers.”
Petrie Ross has developed 2 million square feet of retail space, with 6 million more square feet under development. Among its projects are Woodmore Town Centre in Prince George’s County and Annapolis Town Centre.
Merkle president wins award
David Williams, president and CEO of Merkle Inc. of Lanham, last week received the Ernst & Young Entrepreneur of the Year Award in the Consulting Services category in Maryland. The award recognizes outstanding entrepreneurs who are building and leading dynamic, growing businesses.
The privately held company, with expected revenue of $200 million this year, is one of the largest database marketing agencies in the country, employing more than 850 people in Maryland, Boston, Chicago, Denver, Philadelphia, San Francisco and Seattle, according to a company statement. Merkle plans to relocate to new headquarters in Columbia next spring.
Emergent gets $30M loan to fund development
Emergent BioSolutions Inc., a Rockville biopharmaceutical company, has signed a $30 million loan agreement with HSBC Realty Credit Corp., a division of financial services company HSBC of Prospect Heights, Ill., and plans to use the money primarily for its manufacturing expansion in Lansing, Mich.
This loan replaces a prior arrangement with HSBC involving a $10 million term loan and a $5 million revolving line of credit.
Emergent BioSolutions develops, manufactures and commercializes vaccines and therapeutics to prevent or treat disease.
$1.1B Bethesda firm to merge with Brown
Bethesda’s Beaty, Haynes & Associates, an investment company that serves ‘‘high net worth” individuals and families with about $1.1 billion under management, plans to merge with Baltimore investment company Brown Advisory.
The combined firm will be one of the largest independent advisory firms in the Washington, D.C., area in terms of client assets, according to John T. ‘‘Terry” Beaty, co-owner of the 17-year-old Bethesda company.
Brown Advisory has more than $12 billion in client assets, including nearly $1 billion in the Washington metropolitan market. ‘‘This will give us a notably bigger presence,” Beaty said. ‘‘We’ve done our business with no advertising and not much marketing, basically through client referrals up to now. ‘‘
Beaty, who will stay with the combined company, to be called Brown Advisory, said, ‘‘It’s not a sale. It’s a marriage.”