ATAPCO PROPERTIES AND CHESAPEAKE REAL ESTATE GROUP JOINT VENTURE ACQUIRE 52-ACRE FORMER PARAGON OUTLETS SITE

BALTIMORE, MD (July 16, 2018) – A joint venture partnership between Atapco Properties, Inc. and Chesapeake Real Estate Group, LLC (CREG) have acquired a 52-acre parcel of land, located at the intersection of MD Route 43 and Interstate 95 in the White Marsh section of Baltimore County. The purchase was made from Paragon Outlets, Baltimore. Formerly the site of a proposed 525,000 square foot retail outlet shopping center, the new owners intend to develop a mixed-use business community, which may include industrial, retail and office uses.

 

“This site is shovel-ready and we intend to leverage the existing pent-up demand for strategically located office/warehouse, and commerce space along the Interstate 95 corridor,” explained Jim Lighthizer, Founder and Owner of Chesapeake Real Estate Group. “Few sites in the Mid-Atlantic region can match this project’s outstanding highway visibility and access from Interstate 95, proximity to several ports including Baltimore, Philadelphia and Wilmington, and access to nearly one-third of the United States population within a one-day truck drive. We have recently begun marketing the site to end-users and it is being extremely well received.”

 

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 via Interstate 95 on a daily basis on a highway that was recently expanded to facilitate usage and traffic flow.

 

“Atapco has developed a number of other similar business parks with retail components, and this site is among the best,” stated Brian Conklin, Director of Acquisitions for Atapco Properties. “This high-profile site, with approximately 2,000 square feet of frontage along Interstate 95, will finally be developed. We are excited to be working with Chesapeake’s team again.”

 

Chesapeake Real Estate Group and Atapco Properties have completed a number of real estate projects together including Antrim Commons Business Park on the I-81 corridor in Pennsylvania, Patuxent Range Road in the Baltimore Washington Industrial Park in Maryland. Chesapeake has been the leasing broker on the highly successful Steeplechase 95 International Business Park, located in Prince George’s County, Maryland. Atapco Properties and Chesapeake Real Estate Group are both Baltimore-based, full-service real estate development companies. The project team is working on concept plans and more details on the project will be available soon.

 

 

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Chesapeake Real Estate Group, LLC, headquartered in Baltimore, 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. The firm currently has more than two million square feet of industrial projects planned or under construction in the Mid-Atlantic region and over three million square feet under management. 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

 

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Atapco Properties, Inc. is a wholly-owned subsidiary of American Trading and Production Company, an entity formed to consolidate, expand and diversify the business activities of the Blaustein family, the founders of the American Oil Company (AMOCO). Headquartered in Baltimore, Maryland, Atapco Properties is active in Maryland, Virginia, Pennsylvania, North Carolina, Indiana and New Jersey, 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 visit www.atapcoproperties.com

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Media Contact:

Brian Conklin

Director

bconklin@atapco.com

410-347-7138

www.atapcoproperites.com