Chesapeake Real Estate Group acquires land in Harford County
Chesapeake Real Estate Group said Tuesday it has acquired about 100 acres of industrial land in Harford County.
The firm hopes to redevelop the Edgewood property, located near the intersection of Trimble and Emmorton roads, with about 400,000 square feet of warehouse space, said partner Matt Laraway. The two available sites are along the southern edge of the property; much of the remainder of the site immediately adjacent to Trimble Roard must remain undeveloped as wetlands, he said.
Terms of the deal were not disclosed.
The seller, San Francisco-based Prologis, purchased the industrial park in 2005 for $21.25 million, according to state land records. It subsequently sold a warehouse on the site to Kohl’s for $20.5 million. But another proposal to sell acreage to the county for an incinerator fell through after neighborhood opposition.
Chesapeake Real Estate Group, located in Hanover, has about 2.6 million square feet of space under management in the region and another 2.2 million square feet in industrial projects in some phase of development. The firm leased 1.2 million square feet in 2016 — including to XPO Logistics in Aberdeen, Laraway said.
The firm plans to go to the county for permissions to ready infrastructure on the site and expects to decide later this year whether to move forward without a tenant in place, he said.
“Things are as busy as they’ve been since I’ve been in the market,” said Laraway, who has worked in the industry for more than 15 years. “We’re just really, really bullish on the industrial market.”