Commercial real estate development firm sells out of 326-acre project

Chesapeake Real Estate Group, LLC (CREG), a Baltimore-based commercial real estate development and operating company, has announced the sale of their contract interest in the proposed Abingdon Business Park development in Harford County, to an unrelated third-party entity. CREG has been marketing, designing and permitting the project for the last three years. The price was not disclosed.

CREG President Jim Lighthizer said Chesapeake Real Estate Group no longer has any involvement with this Abingdon project. “The opportunity costs and development timeline associated with this project outweighed the upside for our company and we felt the time was right to head in a different direction. We wish the buyers luck as we look forward to refocus and deploy our resources on our other projects under construction and in our pipeline,” Lighthizer explained.

CREG’s sale marks the second time in the last few months the company has sold its land position in a large planned industrial park. In December 2020, CREG sold its interest in the Route 100 Logistics park, a fully-entitled 600,000 square foot planned project in the Severn section of Anne Arundel County.

“These sale transactions are further indication of a red-hot ecommerce and industrial real estate market that shows no signs of slowing down,” Lighthizer added.

CREG has successfully developed a number of commercial real estate projects within Harford County. This includes Trimble Road Business Park, a 101-acre site that contains two-buildings comprising more than 350,000 square feet of Class “A” warehouse/industrial space. Tenants include Amazon, AGCO and Zenith Global Logistics. The company also speculatively constructed Perryman Logistics Center, a 571,000 square foot building located on 610 Chelsea Road and signed XPO Logistics to a long-term lease.

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