Development site suitable for up to 400,000 square feet of industrial development

Chesapeake Real Estate Group, LLC (CREG) has announced the acquisition of 101 acres of land in the Edgewood section of Harford County, Maryland from Prologis for an undisclosed price. The parcel, situated near the intersection of Trimble Road and Emmorton Road (MD Route 24), is suitable for the development of industrial/warehouse buildings with a total square footage of up to 400,000 square feet. Matt Laraway of Chesapeake Real Estate Group represented the buyer and Mark Shearer of Prologis represented the seller in this transaction.

“We are investigating our options and timing for this site, but our company has been extremely successful in the development and leasing of speculative warehouse and industrial product in Maryland and Pennsylvania by anticipating demand,” explained Matt Laraway, SIOR, Partner at Chesapeake Real Estate Group. “Our company leased more than 1.2 million square of space in our portfolio in 2016, and existing market drivers and fundamentals indicate the continuation of strong demand for industrial in the coming year. This site is perfectly positioned to satisfy continued industrial demand and we expect to start site improvements early in 2017.”

The development site is located less than one mile from US Route 40, approximately three miles from Interstate 95 and less than twenty miles from the Port of Baltimore. Other major Tenants located in this park are Kohls Department Stores (one million square feet) and AGCO (105,000 square feet).

Chesapeake Real Estate Group completed the 571,000 square foot Perryman Logistics Center, located at 610 Chelsea Road in Aberdeen Road last year, and executed a full-building lease with XPO Logistics in fall 2016. CREG and their financial partner USAA Real Estate Company constructed the warehouse/distribution building on the 48.4 acre site near MD Route 159. The company is also building 550,000 square feet of warehouse and distribution product in two buildings at Port 95 Industrial Park in Baltimore City.

Chesapeake Real Estate Group, LLC, headquartered in Baltimore, Maryland is a full-service commercial real estate operating company that includes brokerage, property management and development services. The firm currently has 2.2 million square feet of industrial projects in some phase of development and 2.6 million square feet of industrial, office and retail under management in the Mid-Atlantic region. Notable projects include Penn 95 in Prince George’s County, Baltimore Crossroads in White Marsh, Perryman Logistics Center in Harford County and Port 95 in Baltimore City. For more information visit www.cregllc.com