ATAPCO PROPERTIES AND CREG PROPERTIES SELL NOTTINGHAM RIDGE LOGISTICS CENTER FOR $71.36 MILLION

Joint venture partnership acquired 52-acre site from Paragon Outlets in 2018 and subsequently developed two-building business community containing 750,000 square feet of space

 

BALTIMORE, MD (February 27, 2020) – A joint venture partnership between Atapco Properties, Inc. (Atapco) and Chesapeake Real Estate Group, LLC (CREG) have sold Nottingham Ridge Logistics Center, a 52-acre business community situated at the intersection of MD Route 43 and Interstate 95 in the White Marsh section of Baltimore County for $71.65 million. The partnership acquired the site from Paragon Outlets in 2018 and subsequently

developed two Class “A” buildings containing 750,000 square feet of warehouse/industrial space. From purchase to sale, the development was completed in approximately eight months.

 

The business community consists of 5301 Nottingham Drive, a single-story 165,000 square foot building that is 67% leased as well as 5300 Nottingham Drive, a 585,000 square foot building that was recently delivered and is currently unoccupied. Atapco spearheaded development activities for the project.

 

Nottingham Ridge Logistics Center overlooks Interstate 95 and three major ports can be accessed within 90 minutes including Baltimore (10 miles); Wilmington (50 miles) and Philadelphia (90 miles). In addition, approximately one-third of the United States population resides within a one-day truck drive from the business community. 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.

 

“This sale represents the execution of our on-going strategy to recognize real estate opportunities in the Mid-Atlantic marketplace, build value in a project and sell assets to the benefit of our investors,” stated Armin Groeschel, Vice President of development at Atapco Properties. “Several years ago, we recognized the strategic positioning of this site to meet the real estate requirements of large-scale end users in the warehouse/industrial category. Our team further understood and leveraged the availability of capital to fund the development activities in a highly-desirable market along the Interstate 95 corridor. The Class “A” product built within Nottingham Ridge Logistics Center caters to the modern-day needs of logistics companies and other firms in search of efficient delivery paths.”