Chesapeake Acquires Baltimore-Area Office Complex
- Sep 15, 2016
Baltimore—Full-service commercial real estate company Chesapeake Real Estate Group recently acquired a two-building, 26,000-square-foot office complex situated in the Hanover/Arundel Mills section of Anne Arundel County from Corporate Office Properties Trust. The asset sold for $2.9 million and it represents CREG’s first investment in the office market.
The office complex consists of 1341 Ashton Road, a 100 percent leased 16,000-square-foot single-story building, and 1343 Ashton Road, a 10,000-square-foot single-story building that is currently vacant. The complex is situated near the intersection of Routes 170 and 176 and in close proximity to Route 100. The property is located less than 4 miles away from the Baltimore-Washington International Airport, 2 miles from Arundel Mills and 12 miles from downtown Baltimore.
The buildings are slated for interior and exterior improvements worth approximately $600,000, amounting to a total investment of $3.5 million. CREG is also currently negotiating with prospective tenants.