Thirty-year commercial real estate veteran tapped to oversee new division with objective to acquire up to $250 million worth of value-add commercial office, retail, and industrial assets
Gene Parker, Jim Lighthizer and Rick Wuest (Image credit: Chesapeake Real Estate Group)
Chesapeake Real Estate Group, LLC (CREG), a Baltimore-based commercial real estate development company that has completed more than 45 projects totaling more than 15 million square feet, with $1.5 billion in value since 2004, has announced the formation of a new long-term investment platform. In addition to development, CREG will now acquire industrial, flex/office, single-story commercial office, and retail assets. In a concurrent move, CREG has appointed Gene Parker, a commercial real estate veteran with more than 30 years of experience, as President. CREG Founder, Managing Partner, and Principal Jim Lighthizer transitions to Chief Executive Officer.
Over the next five years, CREG intends to grow their portfolio of commercial real estate assets in the Mid-Atlantic region. The group is targeting acquisitions between $3 million and $20 million with at least 50 percent occupancy, with an emphasis on value-add properties below replacement cost. The sweet spot for acquisitions is properties located within a 90-minute drive of BWI Airport. Current CREG principals have formed a joint venture with a longtime partner Rick Wuest, CEO of Thompson Creek Window Company, who has joined the team as a major investor and real estate advisor. This new JV has teamed up with friends and family private equity to recently acquire three properties totaling over $20 million.
Parker was with Continental Realty Corporation for 26 years, serving as President for 10 of those years. Gene hasbeen recruited to serve as a C-Suite executive for several commercial real estate firms in the Baltimore Washington area before joining CREG. He has also been directly involved with raising over $500 million in private equity over the past dozen years. Parker also teaches graduate commercial real estate courses at Johns Hopkins Carey Business School and Georgetown University. He also serves on the boards of directors of Royco Properties, The Chevy Chase Land Company, and Snell Properties. Gene is also a Principal and broker of record for Rosso Commercial Real Estate Services based in Annapolis. Gene is a licensed real estate broker in MD, DC, VA, DE, NC & SC. Gene was also a U.S. Marine and a volunteer firefighter/EMT.
“CREG’s investment approach stems from the team’s ability to leverage their tremendous relationships in the business, commercial real estate and brokerage communities, as we seek to uncover compelling acquisition opportunities,” explained Gene Parker. “CREG is highly differentiated by ready access to internal capital, with an unlimited investment horizon and certainty to close. CREG intends to target properties at price points which do not typically attract institutional capital, which will allow the firm to be the buyer of choice in most instances. Additionally, CREG’s long-term hold strategy is extremely tax-efficient and matches the long-term nature of commercial real estate investments.”
“Our team is extremely adept at recognizing under-performing properties and executing proactive leasing and asset management programs that maximize the asset’s long-term value,” Parker said. “We expect emerging opportunities to present themselves in the greater Baltimore-Washington, D.C. area as certain owners struggle to maintain occupancy at buildings and decide to pursue exit strategies. Given our long-term approach, the cyclical nature of the real estate industry and our ability to make quick capital decisions, we are extremely confident in our ability to deliver solid risk-adjusted returns to our investors.”
“Gene is widely regarded as the consummate real estate professional and leader. He brings tremendous integrity and a proven track record in building teams and scaling and running successful companies,” said CREG’s Jim Lighthizer. “Gene joins CREG at a pivotal moment as the company gears up to accelerate our acquisitions, attract new investment partners and execute ambitious growth plans. Together with Rick Wuest’s input and participation, CREG has attracted two leaders with the ability to drive growth. The presence of Gene and Rick allows me to focus more intently on engaging new investment partners and overseeing initiatives that will contribute to the momentum of the company.”
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 properties. CREG 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 www.cregllc.com.
