A partnership between Atapco Properties and Chesapeake Real Estate Group has sold Nottingham Ridge Logistics Center, a 52-acre business park in White Marsh, Md., for $71.6 million, according to the sellers.
The buyer was not disclosed.
“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,” Armin Groeschel, Atapco’s vice president of development, said in a prepared release.
The joint venture sellers originally purchased the property in 2018 for $15 million from Paragon Outlets Partners, when plans for an outlet mall fell through, according to the Baltimore Business Journal.
Two buildings consisting of 750,000 square feet of warehouse and industrial space were constructed—5301 Nottingham Drive, a single-story 165,000-square-foot building and 5300 Nottingham Drive, a 585,000-square foot-building.
The latter building was just completed while 5301 Nottingham Drive is currently 67 percent leased. Earlier this year, Velux USA, a skylight and roof window company signed a 65,000-square-foot lease at the site becoming its first tenants. Soon after, KCI Technologies, an engineering and construction services firm, signed a 45,000-square-foot warehouse lease, according to NottinghamMD.com.
“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,” Groeschel said. “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.”