Joint venture partnership acquired 52-acre site from Paragon Outlets in 2018 and subsequently developed two-building business community containing 750,000 square feet of space
A joint venture partnership between Atapco Properties, Inc. (Atapco) and Chesapeake Real Estate Group, LLC (CREG) have sold Nottingham Ridge Logistics Center, a 52-acre business community situated at the intersection of MD Route 43 and Interstate 95 in the White Marsh section of Baltimore County for $71.65 million. The partnership acquired the site from Paragon Outlets in 2018 and subsequently developed two Class “A” buildings containing 750,000 square feet of warehouse/industrial space. From purchase to sale, the development was completed in approximately eighteen months.
The business community consists of 5301 Nottingham Drive, a single-story 165,000 square foot building that is 67% leased, as well as 5300 Nottingham Drive, a 585,000 square foot building that was recently delivered and is currently unoccupied. Atapco spearheaded development activities for the project.
Nottingham Ridge Logistics Center overlooks Interstate 95 and three major ports can be accessed within 90 minutes including Baltimore (10 miles); Wilmington (50 miles) and Philadelphia (90 miles). In addition, approximately one-third of the United States population resides within a one-day truck drive from the business community. Approximately 750,000 consumers reside within a ten-mile radius of the site and nearly seven million people are located within fifty miles. More than 160,000 vehicles pass the project on I-95 daily
“This sale represents the execution of our on-going strategy to recognize real estate opportunities in the Mid-Atlantic marketplace, build value in a project and sell assets to the benefit of our investors,” stated Armin Groeschel, Vice President of development at Atapco Properties. “Several years ago, we recognized the strategic positioning of this site to meet the real estate requirements of large-scale end users in the warehouse/industrial category. Our team further understood and leveraged the availability of capital to fund the development activities in a highly-desirable market along the Interstate 95 corridor. The Class “A” product built within Nottingham Ridge Logistics Center caters to the modern-day needs of logistics companies and other firms in search of efficient delivery paths.”
Atapco Properties, Inc. is a wholly-owned subsidiary of American Trading and Production Corporation, which was originally formed to consolidate, expand and diversify the business activities of the Blaustein family, the founders of the American Oil Company (AMOCO). Atapco Properties is active in Maryland, Indiana, New Jersey, North Carolina, Pennsylvania, and Virginia, developing state-of-the-art industrial, retail, residential, office and mixed-use projects with an emphasis on sustainability and green building standards. For more information on Atapco Properties, visit www.atapcoproperties.com.
Chesapeake Real Estate Group, LLC, headquartered in Hanover, Maryland, 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 commercial office properties, as well as retail centers. Chesapeake Real Estate Group also participates in joint venture partner arrangements on select investments. Notable projects include the Perryman Logistics Center, Port 95 Industrial Park, Penn 95 Commerce Center, Baltimore Crossroads @95 and 210 Allegheny Avenue. For more information visit www.cregllc.com
