Chesapeake Park Plaza Puts 225,000 SF Up for Grabs

BALTIMORE, MD-About 225,000-sf of a1.75 million-sf industrial complex in Chesapeake Park Plaza has hit the market and property owner Lockheed Martin Corporation subsidiary LMC Properties Inc. rushes to get the industrial property occupied. LMC Properties, a subsidiary of Lockheed Martin Corporation, previously handled the Chesapeake Bay area property’s leasing activity–which was non-existent until before sole tenant Middle River Aircraft Systems opted to back off on a portion of its space.

Colliers Pinkard is now on board to serve as the designated leasing agent and the real estate services company has just recently started marketing the property. Colliers Pinkard’s J. Richard Latini tells GlobeSt.com that Middle River Aircraft, a division of GE Aircraft Engines, will continue to occupy the remaining predominant space. Located at 103 Chesapeake Park Boulevard, the property occupies a 66-acre plot of land at the corner of Eastern Avenue and Martin Boulevard, and has a current assessed value of about $22.4 million. Martin Marietta Corporation occupied the space before it merged with Lockheed in 1995.

“This is prime property and we’re looking for a single tenant to occupy the space,” Latini says. “We will consider distributors for tenancy but the layout favors manufacturing or processing. We’re asking $3.75-per-sf.” Latini adds that the property, which is in close proximity to near Martin State Airport, is in good shape and LMC will not need to do any major upgrades to accommodate a new occupant.

Colliers Pinkard numbers from July show the Baltimore County vacancy rate for industrial properties is at its highest since nearly a decade ago at about 15.4%.