Chesapeake Real Estate Group (CREG) has recently expanded its portfolio with the purchase of a 34,000-square-foot office building located at 9900 Franklin Square Drive in White Marsh, Maryland. The property was acquired for $4.2 million and was previously part of the Trident Pacific Real Estate portfolio. At the time of acquisition, it was already 74% leased.
Built in 1999 and boasting an all-brick exterior, this property offers over 200 parking spaces for tenants’ convenience. CREG plans to handle leasing and management internally for this asset. Notable current tenants include The Traffic Group and Celebree School of Nottingham; however, approximately 8,800 square feet are still available for lease.
According to Jim Lighthizer from CREG: “This strategic acquisition demonstrates our ongoing commitment to identifying opportunistic value-add properties across different asset classes that align with our long-term hold investment strategy.”
