First two leases at 5301 Nottingham Drive, constructed on speculative basis and expected to be delivered this month, elevates leasing of warehouse building to 67%
A joint venture partnership between Atapco Properties, Inc. (Atapco) and Chesapeake Real Estate Group, LLC (CREG) have signed separate leases with two companies comprising 110,000 square feet of space within 5301 Nottingham Drive, a 165,000 square foot warehouse/industrial building contained within the Nottingham Ridge Logistics Center. Atapco and CREG are developing the 52-acre site situated at the intersection of MD Route 43 and Interstate 95 in the White Marsh section of Baltimore County. The building is being constructed on a speculative basis and is expected to be delivered this month, with the single-story building now approximately 67% leased prior to completion.
Velux USA, a market leader in skylights, roof windows and other products, has signed a lease for a 65,000 square foot showroom and distribution center and was represented by Brian Kuger, Senior Managing Director at Newmark Grubb Knight Frank. KCI Technologies, a locally-based engineering, planning and construction services firm, has signed a 45,000 square foot warehouse lease and was represented by Mark Deering, Senior Vice President and Principal with MacKenzie Commercial Real Estate Services. Matt Laraway and Ed Brady of Chesapeake Real Estate Group represented the landlord partnership in both transactions.
Together with 5300 Nottingham Drive, a 585,000 square foot warehouse/industrial building also under construction, Nottingham Ridge Logistics Center offers more than 750,000 square feet of Class “A” space. The business community is being developed on the former Paragon Outlets Baltimore site overlooking Interstate 95. 5301 Nottingham Drive features 32 foot clear ceiling heights and is equipped with drive-in and dock door loading capabilities. Approximately 56,000 square feet of space, accounting for 33% of the building, remains available for lease.
Atapco and CREG initiated construction of the two buildings in May 2019. Atapco is spearheading development activities for the project while CREG is managing the marketing and leasing program which is being overseen by Matt Laraway, Ed Brady and Scott Skogmo.
“The strong leasing velocity we continue to experience at Nottingham Ridge Logistics Center has matched our expectation for a site offering immediate access to the I-95 corridor that serves the entire Mid-Atlantic region,” stated Armin Groeschel, Vice President of development at Atapco Properties. “Consumers now demand next-day and even same-day delivery of products that are purchased on-line which requires additional strategically-positioned sites positioned near major population centers. We are also seeing changes in the way typical companies approach their logistics operations, with a move towards the use of a central warehouse to create an efficient delivery path. Strong consumer confidence continues to fuel the historically-high activity we have experienced regionally.”
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. Three major ports can be accessed in less than 90 minutes including Baltimore (10 miles); Wilmington (50 miles) and Philadelphia (90 miles).
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). AtapcoProperties 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
