Baltimore-based development company intends to immediately begin comprehensive exterior and interior renovation and upgrade strategy designed to re-tenant park on 1003-1015 Old Philadelphia Road

FRP Development Corp. (FRP), a Baltimore-based full-service development and investment company, has acquired Cranberry Run Business Park, a five-building industrial park containing approximately 270,000 square feet of warehouse and flex space in the town of Aberdeen, Harford County for $6.34 million from an entity associated with Kinsley Properties. Located on 1003-1015 Old Philadelphia Road and constructed in the 1980s, the business community was approximately 15% leased and occupied at the time of the purchase. This represents the first local acquisition for FRP Development since the company’s announcement last year to strategically deploy proceeds generated from the disposition of 40 industrial and warehouse properties and three land parcels for nearly $350 million.

FRP intends to immediately initiate a comprehensive exterior and interior renovation and upgrade strategy designed to re-tenant the business park and build value in the project which is located 4.5 miles from Interstate 95, and adjacent to the Perryman Industrial area. The improvement program will include making structural enhancements to the overall building envelope and roof; elevating the quality and efficiency of the loading docks and associated equipment; enhancing the electrical and lighting packages and improving the concrete dolly pads and exterior paving. Certain portions of the interior will be demolished to create additional flexibility for future tenants, and the exterior landscaping will also be replaced and reconfigured.

“The fundamentals of this park remain in excellent condition, but we are strategically investing to modernize the internal systems and elevate the functionality of Cranberry Run Business Park to position it in line with available real estate product located along the Interstate 95 corridor,” explained Todd R. Evans, Acquisitions and Portfolio Management for FRP Development. “We were attracted to the portfolio because of the opportunity to enter a supply-constrained market in Harford County with product that will appeal to a wide range of end-users based on its strategic location and immediate availability of spaces to accommodate users from 6000 square feet up to 90,000 square feet contiguous. Activity among warehouse and industrial users in the Mid-Atlantic region remains white hot, and we do not expect to see this subside. In the near future, we will elevate Cranberry Run Business Park to a business community offering nearly 230,000 square feet of warehouse and flex space.”

Cranberry Run Business Park offers a diversity of product types ranging from a freestanding building containing 9,000 square feet of space to 3,000 to 12,000 square feet of space in the two multi-tenant buildings that consist of approximately 40,000 square feet of space each. The largest building contains nearly 130,000 square feet of space. Structures contains ceiling heights of 18 to 22 feet and 27 to 32’, dock and drive-in doors, large truck courts and abundant parking in adjacent lots.

Cranberry Run Business Park is situated approximately 25 miles from Baltimore, Maryland 50 miles from Wilmington, Delaware and 70 miles from Philadelphia, Pennsylvania, which each contain major East Coast ports of call. The project’s positioning in the Mid-Atlantic region makes it accessible to nearly 40% of the United States population within a single-day truck drive. The Baltimore-Washington, D.C. region, with more than 10 million consumers in the Combined Statistical Area (CSA) is currently ranked as the fourth largest metropolitan region in the country.

“Based on our market research, the typical Cranberry Run Business Park tenant will range between 10,000 and 40,000 square feet of space, with the majority of interest emanating from the immediate area,” Evans added. “Vacancy, divisibility and flexibility position Cranberry Run Business Park well to accommodate the needs of neighboring bulk tenants for overflow and special projects, as well as the overall market in search of competitively priced, well-located and functional space in a submarket currently hovering around 5% vacancy.”

“Our team continues to scour the Mid-Atlantic region for emerging and compelling real estate opportunities that match our exacting acquisition criteria,” explained David deVilliers, Jr., President and Chief Operating Officer of FRP Development Corp. and Florida Rock Properties. “Together with our strong internal team and development partners, we expect to acquire additional value-add properties while also maintaining an active development pace.”

FRP Development Corp./Florida Rock Properties, Inc. (FRP) is a Maryland-based full-service development and investment company specializing in commercial, mixed use, and industrial real estate. Incorporated in May of 1989, the company is a wholly-owned subsidiary of FRP Holdings, Inc., a Florida-based company, publicly traded on the NASDAQ Stock Exchange under the symbol “FRPH.”

For other projects located outside of the Baltimore/Washington area please visit our website at www.frpdev.com