Fort Ritchie Finds New Owner for Nearly $8M

CASCADE, MD-Change is afoot at the former US Army base known as Fort Ritchie now that Corporate Office Properties Trust has signed on to acquire the 600-acre property from the PenMar Development Corp, a state government-created entity responsible for redeveloping the site. Reportedly, Corporate Office Properties will pay $7.5 million for the property. The deal is not yet set in stone, but the parties involved have conceded that a 90-day due diligence period is in place.

Fort Ritchie is currently home to a series of unused office and residential buildings, as well as vast acres of open space. The locale was decommissioned as an active military base in 1998, and a series of plans to redevelop the sprawling property have since fallen by the wayside.