Chesapeake Inks 165 KSF MD Industrial Lease
- Aug 30, 2017
Chesapeake Real Estate Group closed a 165,000-square-foot lease within Port 95 Industrial Park in Baltimore, to Johns Hopkins Health System. In partnership with USAA Real Estate Co., Chesapeake is developing the former Sun Products facility into a 1 million-square-foot warehouse and industrial site. Conewago Enterprises Inc. is serving as the general contractor for the building.
Upon purchasing the 47-acre site in 2015, the partners upgraded a 500,000-square foot building and demolished five others to begin new construction. The structure was purchased by EverWest Real Estate Partners earlier this year.
Partner at Chesapeake Real Estate Group Matt Laraway, and Scott Skogmo of Chesapeake Real Estate represented the landlord. Jim Callahan of Johns Hopkins Facilities and Real Estate represented the tenant in this transaction.
Located at 5300 Holabird Ave., a 413,000-square-foot building is currently being constructed, with completion slated for October. The property will feature a cross-dock design, 79 dock doors, 36-foot ceiling heights, two drive-in doors and the truck court depth will measure 130 feet. John Hopkins will occupy 40 percent of the asset upon completion.
“5300 Holabird Ave. satisfied each important real estate requirement necessitated by Johns Hopkins, and attracting a tenant of this high quality and pedigree represents the perfect way to kick off and anchor Port 95 Industrial Park,” said Laraway, in prepared remarks. “Interest remains strong as this business community is perfectly positioned to seize emerging real estate needs that continue to surface in the marketplace, led by the site’s direct proximity to major transportation axes. Our development and leasing program remains on schedule.”
Port 95 is within close proximity to MD Route 40 and Interstates 95 and 895. The site offers quick access to the Port of Baltimore and the Baltimore-Washington International Airport.
In another deal with EverWest, CREG acquired 259 acres of land on Brandon Woods III, a site located in Anne Arundel County, to develop another 1 million-square-foot industrial and warehouse project.
Image courtesy of Chesapeake Real Estate Group