MCB Real Estate Rings in 2025 Following Two Years of Exceptional Growth

MCB Real Estate, an institutional commercial real estate investment management firm and developer with nationwide holdings, saw a steady level of growth in in 2023 and 2024 in new developments, leasing, assets under management, awards, joint ventures, acquisitions, and geographic reach into new markets. In the 24-month period, the firm acquired approximately $600 million in new assets and leased 2,300,000 square feet of property. The firm closed 2024 commanding an impressive $3 billion in assets under management, boasting a diverse portfolio of nearly 15 million square feet across high-demand sectors such as industrial, office, retail, mixed-use, multifamily, and life sciences properties, with almost four million square feet actively under development.

“2024 has been a year of remarkable growth and achievement for MCB,” says MCB Managing Partner and Co-Founder P. David Bramble. “We’re incredibly proud of the milestones we’ve reached, from delivering innovative real estate projects to bolstering communities to strengthening our investor partnerships across the country. Our team’s dedication and vision have set the stage for even greater success in the years to come.”

MCB began 2024 with a milestone achievement, announcing in February the largest attainable housing project deal in the history of Baltimore County, Maryland. MCB, in partnership with the Baltimore County government and Goldman Sachs Asset Management’s Urban Investment Group, preserved 460 affordable housing units across three multifamily properties in Baltimore County.  Later in the year, MCB’s considerable efforts were later recognized with the 2024 Community Development Network of Maryland Impact Award, which MCB proudly shared with the Baltimore County Department of Housing and Community Development.

MCB built on the momentum with an announcement that the firm and its partners had executed a 1.2 million-square-foot tenant lease of its Currwood Logistics Center property in Hagerstown, Maryland. MCB and its partners led the conception design and construction of this premier industrial property with the specific goal of acquiring top-tier, innovative businesses that would drive economic growth and deliver substantial economic value to the region.

In West Baltimore, the Reservoir Square development remained a key highlight for MCB in 2024 and furthered the ongoing renaissance of the neighborhood. The eight-acre parcel, formerly known as Madison Park North, is being transformed into a vibrant mixed-use development featuring retail and office spaces, 200 apartments—including workforce units—and 120 market-rate single-family townhomes currently under construction, 34 of which have already been sold by national home builder, Ryan Homes.

Additionally, it was announced that Reservoir Square will become the new home for the Baltimore Mayor’s Office of Employment Development Headquarters using an innovative financing structure that gives the City the ability to finance this new asset at significantly less cost than a traditional City project.

May and June continued the success, ushering in a flurry of substantial deals and development announcements:

●       A joint venture between MCB and Generation Properties on The Shops at Fairway Village, a $115 million mixed-use development in Waldorf, Charles County, Maryland, is already 95% pre-leased. When complete, the project will feature 120,000 square feet of retail, grocery, and restaurant space, along with 186 residential units.

●       MCB initiated construction on the Drexeline Medical Office Building, a 60,000-square-foot, three-story property that is a component of MCB’s Drexeline Town Center, a mixed-use development situated in the Philadelphia suburb of Drexel Hill, Pennsylvania. The property is already fully leased by the Delaware County and Children’s Hospital of Philadelphia.

●       MCB announced it will lead development for the 280-acre Viva White Oak, in Montgomery County, Maryland.  The property has the potential for 12 million square feet of mixed-use development including up to 4,500 best-in-class residences, and more than six million square feet of retail, commercial, higher educational, and biomedical/biotech labs, offices, and research and development facilities.

●       MCB ended May with the groundbreaking of the 110,00-square-foot retail center Armory Square in Prince Frederick, Maryland. The 12.5-acre property is another collaboration between MCB and Generation Properties.

MCB’s growing national portfolio of properties has also seen considerable leasing success, signing new leases totaling 626,395 square feet. From supporting local entrepreneurs opening their first storefronts through the Harborplace BOOST initiative, to attracting premium tenants like Dick’s at Upland Square in Pennsylvania and Trader Joe’s at Lynncroft Shopping Center in North Carolina, the firm has strategically activated retail spaces with the right users to meet community needs while driving sustainable growth and strong returns. Additionally, MCB successfully re-tenanted pad sites at Central Park in Fredericksburg, Virginia welcoming Silver Diner and Chase Bank to further enhance the center’s offerings.

In the multifamily and student housing sectors, the firm’s prowess was on full display with the completion of vertical construction at The Enolia, a 151-unit, 473-bed, off-campus housing project located less than one mile from Maryland’s flagship HBCU, Morgan State University in Baltimore. Named after civil rights pioneer and educator Enolia Pettigen McMillan, the property is the first new, privately built off-campus housing project to serve Morgan students in more than 20 years  and comes at a crucial time for the university as it faces a housing shortage amid record enrollment.

David K. Wilson, president of Morgan State University, says of The Enolia, “Having this new off-campus student housing complex named in honor of the esteemed civil rights pioneer Enolia McMillan is a fitting tribute, and we look forward to this development’s positive impact on our students and the broader community.”

The year was also full of significant acquisitions for the company that showcased MCB’s expanding presence in markets across the country. Some of the most prominent include the 273,424-square-foot Falcon Ridge Town Center in Fontana, California for $64.7 million. Another noteworthy retail property addition to MCB’s portfolio was the $14.6 million purchase of the 51,205-square-foot Takoma Park Shopping Center in Takoma Park, Maryland, just six miles from downtown Washington, D.C.

One of the more notable industrial acquisitions for MCB in 2024 included a 368,000-square-foot warehouse in Howell, New Jersey for $69.9 million, which included a full building lease that was signed at closing.

In the commercial healthcare sector, one of the most significant deals for MCB Science + Health, MCB’s life science subsidiary, was the $28 million purchase of the 72,000-square-foot, four-story iMed Naperville Medical Center office building in Naperville, Illinois. The building was 96% leased and occupied at the time of sale.

November brought some pivotal news for MCB, as Baltimore City voters overwhelmingly approved, by a 3-2 margin, the firm’s proposal to reimagine Baltimore’s iconic Harborplace pavilions. MCB’s vision will be a full transformation to include new green areas, residential, retail, and office space, along with public gathering spaces. As Bramble shared, MCB’s goal is to “replicate and eclipse the excitement that Harborplace generated as a destination in the 1980s.”

Throughout 2024, MCB and its team were celebrated for success and leadership. In April, MCB won two “Best in Commercial Real Estate” Awards at NAIOP Maryland’s biannual “Awards of Excellence” ceremony. The event honors the innovative achievements of regional commercial real estate developers, along with the companies and professionals who support the industry across the Maryland region. In addition to recognizing MCB’s projects industry awards, MCB’s staff was also widely celebrated in 2024. In June, Amy Bonitz, managing director of community development, was named a 2024 honoree of the Baltimore Business Journal Women Who Mean Business awards. Then, in July, President Gina Baker Chambers was named to GlobeSt.’s Women of Influence Class of 2024 in the Investment Professional category.    P. David Bramble was acknowledged in September with the Community Impact Award at the Baltimore Met Gala for his ongoing efforts to support local communities across Charm City.

MCB further solidified its position as an industry leader in June through an industry spotlight that highlighted the skillful assembly of a capital stack for the firm’s Yard 56 development in East Baltimore, a 100,000-square-foot mixed-use project that won the 2023 ULI Wavemaker Award. In the same month, MCB achieved a rapid lease-up of the Lofts at Yard 56, the residential portion of the property, reaching stabilization in just ten months—well ahead of the 18-month projection. MCB also showcased its unmatched expertise and thought leadership in the retail sector by publishing the “Retail Investing Outlook”, a detailed market analysis of the U.S. retail market, spotlighting key growth areas and opportunities for savvy investors.

To help fuel the company’s strategic growth, MCB welcomed 36 new team members in 2024. This included the June hiring of Jared Stile as the company’s new CFO, bringing decades of industry-leading expertise.

As Bramble adds, MCB’s success in 2024 is only possible because of one thing: the team.

“Our accomplishments are a direct result of the incredible talent, dedication, and collaboration of our team. Everyone plays a crucial role in bringing our vision to life, and it’s their hard work and passion that have driven our achievements, and they will be what drives us to even greater success in the future.”

Looking ahead to 2025, MCB is excited about the opportunities on the horizon, with a focus on optimizing 15 million square feet of existing properties, advancing four million square feet of transformative projects, and delivering 700,000 square feet of new, market-leading developments. MCB is committed to attracting diverse capital, forging strong partnerships, and pursuing acquisitions in high-growth areas to further strengthen the firm’s portfolio. By driving innovation and strategic investments, MCB continues to shape markets and create lasting value, while remaining dedicated to supporting small businesses, promoting sustainability, and strengthening communities for long-term, positive impact.