St. John Properties, Inc. has completed the sale of a 13.52-acre land parcel at Lexington Exchange, the firm’s 140-acre mixed-use business community in Maryland, to The Home Depot. The transaction marks a notable commitment by the home improvement retailer, which plans to open its first store serving southern Maryland at the project.
The seller was represented internally by St. John Properties’ team, with Assistant Vice President, Acquisitions, Alex Lyons and Senior Vice President, Retail, Bill Holzman leading negotiations on behalf of the developer. On the buy side, Greg Ferrante, Executive Vice President with Segall Group, represented The Home Depot in the transaction.
Lexington Exchange is master planned as a mixed-use business community combining retail, flex, and research-and-development space. The project currently consists of five buildings, which together contain approximately 120,000 square feet of flex and R&D space, along with 65,000 square feet of retail. At full build-out, the park is configured to accommodate about 600,000 square feet of commercial space, leaving substantial remaining development capacity beyond the newly sold parcel.
The Home Depot will join an established roster of retail and service tenants already operating at Lexington Exchange. Existing occupants include grocery operator ALDI, convenience store Royal Farms, fast-casual restaurant Chipotle Mexican Grill, and entertainment provider RC Theatres. The new home improvement store is expected to complement these uses by adding a large-format retail draw to the community’s merchandising mix, although specific store size details were not disclosed.
In addition to current buildings and tenants, St. John Properties and its development partner, Chaney Enterprises, are actively marketing several remaining pad sites within Lexington Exchange. According to the companies, those pads are suitable for uses such as restaurants, financial institutions, or urgent care facilities, further broadening the range of potential commercial offerings at the project. The combination of existing flex, R&D, and retail space, along with the park’s remaining entitled capacity and pad sites, positions Lexington Exchange for continued phased build-out as tenant demand materializes.
The sale to The Home Depot and the retailer’s plan to open its first southern Maryland location at Lexington Exchange underscore the ongoing evolution of the property as a regional commercial node anchored by a mix of daily-needs and destination-oriented tenants.
