BALTIMORE, MD—A new spec industrial building is going up in the Aberdeen section of Hartford County here: Chesapeake Real Estate Group and USAA Real Estate Co. are building a 571,000-square foot warehouse distribution facility that will be located at 610 Chelsea Rd. It is expected to deliver in summer 2015.
Bill Pellington, Toby Mink and Jon Casella of CBRE represented the buyers in this land sales transaction. In addition, their team will lease the complex, which will be called the Perryman Logistics Center. The land was formerly owned by FO Mitchell Bro.
The industrial building will feature 36 foot clear ceiling heights, 175 rear loading docks and two drive-in docks, a 130-foot truck court and an adjacent surface parking area. The project is less than four miles from US Route 40, eight miles from Interstate 95 and approximately 30 miles from the Port of Baltimore.
Perryman Logistics Center is being designed with large-scale warehouse, distribution and logistics operations in mind. It can also be sub-divided.
Strong and sustained market fundamentals and the enormous appetite in the e-commerce sector are the reasons why the company decided to move forward without preleases in place, according to Jim Lighthizer, founder and owner of Chesapeake Real Estate Group. “The e-commerce industry is growing at the rate of 15 to 20% annually, and we are aware of numerous manufacturing and distribution companies that are searching for fulfillment centers close to significant population markets such as Baltimore," he says in a prepared statement.
"We are seizing this opportunity to leverage short-term and long-term market conditions.”
Chesapeake Real Estate Group has more than two million square feet of industrial projects planned in the Mid-Atlantic region. Other projects include the Landover Logistics Center, Steeplechase @95 International Business Park, 8235 Patuxent Range Rd and 1200 East Patapsco Ave.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
