Chesapeake Real Estate Group, LLC is developing 1.5 million sq.ft. of industrial space on 240 acres at the new Baltimore Crossroads@95 business park located 2.9 miles east of I-95 and White Marsh Blvd. The nine-building plan offers a variety of building features and sizes: from under 50,000 sq.ft. to over 500,000 sq.ft. Prudential Real Estate Investors (PREI®), the real estate investment and advisory business of Prudential Financial, Inc. (NYSE:PRU) is the equity partner in the development. Bay Contracting, LLC, a newly-formed subsidiary of Chesapeake Real Estate Group, is the general contractor.
Chesapeake's development will occur in Areas 6, 8 and 10 and is currently working with Baltimore County to obtain grading and building permits. Ground breaking is expected to be this October. Three buildings in Area 8 and one building in Area 10 will be built first. Area 8 is comprised of 3 buildings totaling 219,000 sq. ft. and they will be available for lease or sale. The first building at Area 10 is planned to be 400,000 sq. ft.
"The business park, location and our industrial buildings will be first class," said Jim Lighthizer, Partner at Chesapeake. "We have had inquiries from both local businesses and companies from outside the area who are attracted to the location, amenities and image we will offer."
Baltimore Crossroads @95 will feature nearly 5.5 million sq.ft. of space, including 2.5 million sq. ft. of R&D/flex/office space, 2.5 million sq. ft. of manufacturing/ industrial space and 500,000 sq. ft. of retail space. The extension of Maryland Route 43 from White Marsh to the Baltimore County waterfront will provide Baltimore Crossroads @95 with three miles of road frontage, as well as easy access to I-95, the Port of Baltimore, Amtrak/CSX, and two airports (Martin State and BWI).
Other projects currently under development by Chesapeake include office, industrial and retail projects in Baltimore City, Anne Arundel County, and Prince George's County.
Prudential Real Estate Investors is comprised of fund management centers in Parsippany, NJ; Atlanta, GA; Munich, London and Singapore and supported a network of local offices throughout the world. Its specialized operating units offer a broad range of investment opportunities and investment management services in the United States, Europe, Asia and Latin America.
PREI managed $20.2 billion in net assets for more than 300 clients as of December 31, 2005.