Lee & Associates I Maryland chosen to lease 27,000 square feet of space available in building
(Photo credit: TPC Racing)
More than three years after acquiring a site on 7869 Dorsey Run Road, TPC Racing has broken ground on its new 40,000 square foot headquarters building located in the Jessup section of Howard County, Maryland. The purchase was necessary following a nearly 10-year search to find suitable space for the automotive group involved in the international racing circuit and the sale and repair of high-end performance vehicles. Kate Jordan, SIOR, Principal and Marley Welsh, SIOR, Vice President with Lee & Associates l Maryland brokered the purchase of the four-acre site and was also retained by TPC Racing to lease the available 27,000 square feet of industrial/warehouse space in the under-construction building. The single-story project is expected to be delivered in Q4 2023which is expected to cost $8 million.
TPC Racing takes the wheel of its real estate requirement
TPC Racing founder Michael Levitas continually came up empty in his quest to find a suitable home for his expanding enterprise in the Howard County region, with a land-constrained market and preference of retail and industrial uses over industrial ones along the US Route 1 Corridor making the search all but impossible for this extremely unique requirement.
Finally, after more than a decade of coming up empty, TPC Racing decided to take the wheel, at the recommendation of Lee & Associates.
“Acquiring land and constructing a build-to-suit project represented the most viable option for TPC Racing and, to further improve the financials, it was determined to develop a structure that could be leased out to other companies,” explained Kate Jordan of Lee & Associates. “Luckily, TPC Racing was patient enough to wait for the perfect opportunity and we assembled the perfect team that executed our vision. We believe there exists the perfect solution to every challenge, as long as you don’t give up and have the creativity and determination to find it.”
Expanding need for automotive requirements in Corridor area
“We are experts in the automotive industry so, by designing this building from scratch, we have the unique opportunity to engineer every necessary and important feature and amenity into this project,” stated Michael Levitas. “This includes drive-in bays, a window-dominant exterior, an industrial-strength heating and ventilating system and durable flooring. Looking back, this should have been our approach from the outset but it took many rejections and disappointment to arrive at the best possible outcome.”
Levitas intends to move approximately ten full-time employees into the building which is contained upon a four-acre site. TPC Racing organizes and competes in racing competitions internationally with a focus on Porsche automobiles, with its owner achieving widespread recognition in events including the Grand American Rotex Sports Car Series. DSC Sports is engaged in the manufacture of specialty parts used in performance racing and also provides service for vehicles.
Building specifications and targeted uses
Nine bays, each offering 3,000 square feet of space, will be available for lease at 7869 Dorsey Run Road and end-users can have access to multiple bays. The building features roadside visibility from Dorsey Run Road and is adjacent to MD Route 175. Interstate 95 and MD Routes 32 and 100 are in close proximity and the site is approximately 10 miles from Columbia, 15 miles from Baltimore and 30 miles from Washington, D.C. With the extension of Dorsey Run Road, a substantial portion of the Route 1 traffic has shifted over to Dorsey Run giving this building amazing visibility from the road. Additionally, it sits a stone’s throw from the entrance to National Business Park and the dense population of defense contractors who work there.
“We are targeting multiple users for the remaining space, and it is especially suitable for companies requiring a showroom component, as well as those willing to pay a premium for its outstanding roadside visibility,” said Marley Welsh of Lee & Associates. “Functional, clean, at grade drive in, small bay warehouse/industrial spaces remain extremely hard to find in the Corridor and we are extremely confident in our ability to conclude a rapid lease-up.”
Chesapeake Contracting Group is acting as general contractor for the project because, according to Levitas, “they are right company to handle this assignment due to the scope of the work and prior experience.” Levitas added, “we are determined to construct the premier race workshop in the country dedicated to service, sales and racing.”
Lee & Associates is a commercial real estate brokerage, management and appraisal services firm. Established in 1979, Lee & Associates has grown its service platform to include 70 offices in the United States and Canada. Lee & Associates provides superior market intelligence in office, industrial, retail, investment and appraisal to meet the specialized needs of our clients. Visit https://www.lee-associates.com/offices/office/?id=1591
