CHESAPEAKE REAL ESTATE GROUP AND USAA REAL ESTATE COMPANY ACQUIRE NEARLY 50 ACRES OF LAND IN ABERDEEN, MARYLAND FOR DEVELOPMENT OF 571,000 SQUARE FOOT DISTRIBUTION BUILDING
From Chesapeake Real Estate Group, LLC:
Baltimore-based commercial real estate company partners with USAA Real Estate Company for speculative project expected to be completed in Harford County by summer 2015
Chesapeake Real Estate Group, LLC and their financial partner USAA Real Estate Company have announced the acquisition and groundbreaking of a 48.4 acre, 571,000 square foot warehousing distribution building on a speculative basis in the Aberdeen section of Harford County, Maryland. The companies development of the Perryman Logistics Center will be a state-of-the-art project located at 610 Chelsea Road, with completion expected in summer 2015. It will include a separate Climate controlled warehouse space.
Bill Pellington, Toby Mink and Jon Casella of CBRE represented the buyers in this land sales transaction and their team has been selected as the broker to market and lease Perryman Logistics Center. The land was formerly owned by FO Mitchell Bro.
The Class “A” 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 that can accommodate more than 500 vehicles. The project is situated within immediate proximity to Perryman Road (MD Route 159), and is less than four miles from US Route 40, eight miles from Interstate 95 and approximately 30 miles from the Port of Baltimore.
“Strong and sustained market fundamentals, led in particular by the enormous appetite in the e-commerce sector for large-scale distribution and warehouse projects, have given us extreme confidence to move forward with this strategically-located speculative project,” explained 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. Our development team has deep experience in this product category and we are seizing this opportunity to leverage short-term and long-term market conditions.”
Perryman Logistics Center is ideally suited for large-scale warehouse, the facility is equipped with the best teardrop pallet rack system. The facilities are also suited for distribution and logistics operations and can also be sub-divided to satisfy the customized real estate needs of several companies.