Chesapeake Real Estate Group Acquires Three-Building Portfolio in Howard County, Maryland for $4.8M

Purchase of assets comprising 43,400 square feet of space by vertically-integrated commercial real estate company follows recent acquisition of 34,000 square foot building in Baltimore County

Chesapeake Real Estate Group, LLC (CREG), a Baltimore-based commercial real estate development and operating company that has completed more than 45 projects totaling more than $1.5 billion in value in the greater Baltimore area, has acquired a three-building portfolio in Howard County, Maryland comprising 43,400 square feet of flex/office space. 10270, 10280 and 10290 Old Columbia Road, 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 Drive, a 34,000 square foot single-story office building situated in Baltimore County for $4.2 million. Cris Abramson and Nick Signor of the Newmark Capital Markets team represented the seller and Chesapeake Real Estate Group was self-represented.

Rivers III, consisting of 10270 Old Columbia Road (16,411 square feet), 10280 Old Columbia Road (16,623 square feet), and 10290 Old Columbia Road (10,372 square feet) was cumulatively 78 percent leased and occupied at the time of the closing. Tenants include American Health Associates, CARAFAP, G3 Technologies, Keysight Technologies, Maryland Works and Stage Front Trucks.

The portfolio is situated approximately two miles from Interstate 95, 15 miles from Baltimore and BWI Airport and 30 miles from Annapolis and Washington, D.C. 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 square feet of space, is currently nearly 95 percent occupied with a triple net asking rent of $13.56 per square foot. 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 minimum capital improvements needed, while also presenting a strong value-add opportunity that can be achieved with additional leasing,” explained Jim Lighthizer of CREG. “This acquisition was fueled by our confidence in the enduring fundamentals of the suburban real estate environment, particularly the robust Baltimore-Washington, D.C. corridor. Companies from a diverse range of industries continue to enter into or expand within Howard County, with many exiting urban locations in exchange for shorter commutes, free parking. and a higher quality of life.

“This latest acquisition, which was also achieved substantially below replacement cost, continues our mission to identify and acquire opportunistic and value-add acquisitions designated for long-term hold. “Leveraging our deep broker, investor, and business relationships throughout the Mid-Atlantic region, we intend to pursue additional opportunities in a range of real estate asset classes to further bolster our portfolio and deliver risk-adjusted yields to our investors.

“CREG continues to demonstrate the strength and effectiveness of our team, and we intend to remain aggressive and thoughtful in our approach to secure additional acquisition opportunities,” Lighthizer added.

Chesapeake Real Estate Group, LLC, headquartered in Hanover, 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 office properties, as well as retail centers. Chesapeake Real Estate Group has also been one of the most active ground-up developers of industrial projects within the last 10 years. Notable projects include the Nottingham Logistics Center, Port 95 Industrial Park, Baltimore Crossroads @95 and the under-construction Chesapeake Trade Center on Peppermill Drive in Glen Burnie.  For more information visit