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CREG Buys Maryland Office Building for $4M
Chesapeake Real Estate Group (CREG) expanded its portfolio with the purchase of 9900 Franklin Square Drive in White Marsh, Maryland, for $4.2 million.
The 34,000-square-foot office building, previously part of the Trident Pacific Real Estate portfolio, was 74% leased during the acquisition. This all-brick property, built in 1999, has over 200 parking spaces. CREG plans to manage leasing and property functions internally. With current tenants like The Traffic Group and Celebree School of Nottingham, approximately 8,800 square feet are available for lease.
“This acquisition, which was achieved substantially below replacement cost, demonstrates our on-going strategy to identify and acquire opportunistic and value-add acquisitions in different asset classes designated for a long-term hold portfolio,” said Jim Lighthizer of CREG.
- ◦Sale/Acquisition
