BALTIMORE, MD—Chesapeake Real Estate Group, a Baltimore-based commercial real estate development and operating company that has completed more than 45 projects totaling more than $1.5 billion in value in the greater Baltimore area, has acquired 9900 Franklin Square Drive (21236), a 34,000-square-foot single-story office building situated in Nottingham, for $4.2 million.
The real estate owned (REO) asset, which was formerly part of the Trident Pacific Real Estate portfolio, was 74 percent leased at the time of the transaction. Richie Blue and Paul Obrecht III of Blue & Obrecht Realty represented the receivership and Chesapeake Real Estate Group was self-represented.
Delivered in 1999, the building features an all-brick exterior with a prominent window line providing natural light to the interior spaces as well as direct access to the individual suites. More than 200 parking spaces are on the surface parking lot. 9900 Franklin Square Drive is visible from I-95 and is close to MD Route 7 as well as a diverse array of shopping and restaurant options including The Shoppes at Nottingham I & II and The Avenue at White Marsh.
Existing tenants include The Traffic Group, Celebree School of Nottingham, and Neopost Mid Atlantic. Two spaces, totaling approximately 8,800 square feet of space remains available for lease. CREG, backed by its vertically-integrated team will assume all leasing and property management functions.
“This acquisition, which was achieved substantially below replacement cost, demonstrates our on-going strategy to identify and acquire opportunistic and value-add acquisitions in different asset classes designated for a long-term hold portfolio,” explained Jim Lighthizer of CREG. “Our team intends to build value at 9900 Franklin Square Drive by attracting new companies, finalizing leasing activities and implementing new property management protocols to improve overall operational efficiencies.
“We are extremely familiar with the Maryland, Pennsylvania, Washington, D.C., and Northern Virginia real estate landscape. We have deep relationships throughout the region and will evaluate and act upon various real estate asset classes including warehouse/industrial, retail, industrial outdoor storage, and select single-story office projects. Our team believes in the enduring fundamentals of the Baltimore market as well as our ability to execute successful leasing strategies.”
“In addition to our highly-experienced and diversified team, CREG is differentiated from our peers by our access to ready capital and certainty to close,” Lighthizer added.
Chesapeake Real Estate Group, LLC, headquartered in Hanover, is a fully-integrated commercial real estate operating company that focuses on real estate development, leasing, property management and brokerage services. The company owns a diverse portfolio encompassing Class “A” industrial and office properties, as well as retail centers. Chesapeake Real Estate Group has also been one of the most active ground-up developers of industrial projects within the last 10 years. Notable projects include the Nottingham Logistics Center, Port 95 Industrial Park, Baltimore Crossroads @ 95 and the under-construction Chesapeake Trade Center on Peppermill Drive in Glen Burnie.
Photo via CoStar Group