10C — February 2024 — Property Management — Owners, Developers & Managers — M id A tlantic Real Estate Journal
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P roperty M anagement
Howard County props. comprising of 43,400 s/f of flex/office space known as Rivers III Chesapeake Real Estate Group acquires three- building portfolio from Adler Real Estate Part ners
B ALTIMORE, MD — Chesapeake Real Estate Group, LLC (CREG) has acquired a three-building portfolio in Howard County comprising 43,400 s/f of flex/office space. 10270, 10280 and 10290 Old Columbia Rd., also known as Rivers III, were acquired from Adler Real Estate Partners for $4.8 million. The purchase follows CREG’s recent acquisition of 9900 Franklin Square Dr., a 34,000 s/f single-story office building situated in Baltimore County for $4.2 million.
and Stage Front Trucks. The portfolio is situated two miles from I-95, 15 miles from Baltimore and BWI Airport and 30 miles from Annapolis and Washington, DC. With a population of nearly 350,000 people and a media household income approaching $130,000, Howard County is ranked as the fifth wealthiest county in the United States. The Columbia flex/office market, which consists of nearly 6.5 million s/f of space, is currently nearly 95% occu- pied with a triple net asking rent of $13.56 psf. Over the past ten years, the overall vacancy rate for flex space in Howard County has dropped by nearly seven percentage points. “The Rivers III portfolio represents an outstanding in-fill location featuring well- constructed and expertly- maintained assets with mini- mum capital improvements needed, while also presenting a strong value-add oppor- tunity that can be achieved with additional leasing,” said Jim Lighthizer of CREG. “This acquisition was fueled by our confidence in the en - during fundamentals of the suburban real estate environ- ment, particularly the robust Baltimore-Washington, DC corridor. Companies from a diverse range of industries continue to enter into or ex - pand within Howard County, with many exiting urban loca - tions in exchange for shorter commutes, free parking. and a higher quality of life. “This latest acquisition, which was also achieved sub- stantially below replacement cost, continues our mission to identify and acquire opportu- nistic and value-add acquisi- tions designated for long-term hold. “Leveraging our deep broker, investor, and busi- ness relationships throughout the Mid-Atlantic region, we intend to pursue additional opportunities in a range of real estate asset classes to fur- ther bolster our portfolio and deliver risk-adjusted yields to our investors. “CREG continues to dem- onstrate the strength and effectiveness of our team, and we intend to remain aggres- sive and thoughtful in our approach to secure additional acquisition opportunities,” Lighthizer added. MAREJ
Cris Abramson and Nick Signor of the Newmark Capital Markets team rep- resented the seller and Chesa- peake Real Estate Group was self-represented. Rivers III, consisting of 10270 Old Columbia Rd. (16,411 s/f), 10280 Old Co- lumbia Rd. (16,623 s/f), and 10290 Old Columbia Rd. (10,372 s/f) was cumulatively 78% leased and occupied at the time of the closing. Ten- ants include American Health Associates, CARAFAP, G3 Technologies, Keysight Tech - nologies, Maryland Works
Rivers III
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