March 18, 2020
A joint venture between Atapco Properties and Chesapeake Real Estate Group has sold Nottingham Ridge Logistics Center, a 52-acre business community in Baltimore County for $71.6 million.
The JV acquired the site from Paragon Outlets in 2018, and developed two buildings containing 750,000 square feet of warehouse and industrial space. From purchase to sale, the development was completed in approximately 18 months. The property consists of 5301 Nottingham Dr., a single-story 165,000-square -foot building that is 67% leased, as well as 5300 Nottingham Dr., a 585,000-square foot-building that was recently delivered and is currently unoccupied.
“This sale represents the execution of our on-going strategy to recognize real estate opportunities in the Mid-Atlantic marketplace, build value in a project and sell assets to the benefit of our investors,” said Armin Groeschel, vice president of development at Atapco. “Several years ago, we recognized the strategic positioning of this site to meet the real estate requirements of large-scale end users in the warehouse/industrial category. Our team further understood and leveraged the availability of capital to fund the development activities in a highly-desirable market along the Interstate 95 corridor.”
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