CREG Buys 259-Acre Anne Arundel Site From Exelon, Plans 1M SF Industrial Development
The Baltimore-based developer bought the land, part of the Brandon Woods Business Park, from Exelon Corp. in a deal that closed Thursday. Cushman & Wakefield's Dave Baird brokered the deal.
In partnership with EverWest Real Estate Partners, Chesapeake plans to immediately break ground speculatively on Phase 1, a 500K SF industrial building with 36-foot ceilings. The project, which it says is the largest spec building ever constructed in Anne Arundel County, is aimed at attracting e-commerce users looking for a distribution facility. The developer is planning up to 1M SF of industrial space for the full project, estimated to cost $70M.
The site is just over 10 miles from Baltimore-Washington International airport. Chesapeake is also working on a three-building, 1M SF industrial development at the Port of Baltimore.
"With the scarcity of land and suitable development sites available for large-scale warehouse and distribution product, this strategically located tract presents a tremendous opportunity to continue our e-commerce and industrial building program in the Mid-Atlantic region,” Chesapeake Managing Partner Jim Lighthizer said in a release.