BALTIMORE, MD–Chesapeake Real Estate Group has acquired 259 acres of land near Fort Smallwood Road in Anne Arundel County from Exelon Corp., on a site called Brandon Woods III. It plans to begin speculatively developing up to one million square feet of industrial and warehouse space across two buildings that can serve as companies' last mile distribution point.
The approximate 500,000 square foot facilities will be developed for about $35 million each, a spokesperson tells GlobeSt.com.
David Baird of Cushman & Wakefield represented the seller in this transaction.
CREG is partnering with EverWest Real Estate Partners to begin the first building. At 36' clear, the mega-warehouse is targeting the largest distribution and fulfillment users in the country. It will be the largest speculative building ever constructed in Anne Arundel County, and one of the largest built in the State of Maryland, according to CREG.
The strategically-located tract presents a tremendous opportunity to continue our e-commerce and industrial building program in the Mid-Atlantic region, Jim Lighthizer, CREG's owner and managing partner says in a prepared statement.
“This site, with immediate proximity to the Port of Baltimore and Baltimore-Washington International Airport, as well as access to major transportation arteries, is perfectly positioned for our targeted use,” he says.
Chesapeake has recently completed projects totaling 571,000 square feet in Harford County, 435,000 square feet in Baltimore County, and is currently under construction with a 413,000 square foot building in Baltimore City. Together with a joint venture partner, ATAPCO, the company is building a 432,000 square foot build-to- suit facility for Eldorado Stone in Pennsylvania. Earlier this year, the company acquired more than 100 acres in Harford County for the development of approximately 400,000 square feet of space.
The land is located within the Brandon Wood Business Park, a business community originally developed by Constellation Real Estate, the real estate subsidiary of BGE. Sites were developed and leased to companies with large distribution and warehouse requirements including Reliable Churchill, Fila USA and Under Armour.
BALTIMORE, MD–Chesapeake Real Estate Group has acquired 259 acres of land near Fort Smallwood Road in Anne Arundel County from Exelon Corp., on a site called Brandon Woods III. It plans to begin speculatively developing up to one million square feet of industrial and warehouse space across two buildings that can serve as companies' last mile distribution point.
The approximate 500,000 square foot facilities will be developed for about $35 million each, a spokesperson tells GlobeSt.com.
David Baird of Cushman & Wakefield represented the seller in this transaction.
CREG is partnering with EverWest Real Estate Partners to begin the first building. At 36' clear, the mega-warehouse is targeting the largest distribution and fulfillment users in the country. It will be the largest speculative building ever constructed in Anne Arundel County, and one of the largest built in the State of Maryland, according to CREG.
The strategically-located tract presents a tremendous opportunity to continue our e-commerce and industrial building program in the Mid-Atlantic region, Jim Lighthizer, CREG's owner and managing partner says in a prepared statement.
“This site, with immediate proximity to the Port of Baltimore and Baltimore-Washington International Airport, as well as access to major transportation arteries, is perfectly positioned for our targeted use,” he says.
Chesapeake has recently completed projects totaling 571,000 square feet in Harford County, 435,000 square feet in Baltimore County, and is currently under construction with a 413,000 square foot building in Baltimore City. Together with a joint venture partner, ATAPCO, the company is building a 432,000 square foot build-to- suit facility for Eldorado Stone in Pennsylvania. Earlier this year, the company acquired more than 100 acres in Harford County for the development of approximately 400,000 square feet of space.
The land is located within the Brandon Wood Business Park, a business community originally developed by Constellation Real Estate, the real estate subsidiary of BGE. Sites were developed and leased to companies with large distribution and warehouse requirements including Reliable Churchill, Fila USA and Under Armour.
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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.
