Duke Realty Corp. Sells 14 Acres of Land in Chesapeake Commerce Center in Baltimore Port to Maryland Port of Admistration
Duke Sells 14 Acres of Land in Chesapeake Commerce Center to the Port of BaltimoreSecond Land Disposition Demonstrates Appeal of Development to Entities Involved in Logistics
(Baltimore, Md. – January 30, 2009) Duke Realty Corporation (Duke) announces that the Port of Baltimore/Maryland Port of Administration has purchased 14.606 acres in Chesapeake Commerce Center, its warehouse and distribution development in East Baltimore City. The Port of Baltimore plans to use this land for cargo needs.
Chesapeake Commerce Center is located adjacent to I-95, I-895, and the Port of Baltimore and is served by two railroads. Duke has delivered two buildings on the site, a 117,600-square foot office/warehouse building and a 342,000-square foot, cross-dock distribution center, both of which are 100 percent leased.
In the summer of 2008, Duke sold a 13-acre parcel of land in the development to Merchants Terminal Corporation, who is constructing one of the most environmentally friendly, perishable foods distribution centers in the United States. With this latest land disposition, Duke has 133 acres remaining in the park for future development.
“The location of the Chesapeake Commerce Center immediately adjacent to the thriving Port of Baltimore and to several major highways makes it appealing to businesses involved in the logistics industry,” said John Macsherry, Vice President, Leasing and Development in Duke’s Baltimore office. “The recent leasing and sales momentum in Chesapeake Commerce Center is indicative of the need for companies involved in the storage and transportation of goods to be close to the port and multiple modes of transportation.”
”This parcel of land, located so close to the Port of Baltimore, represents an excellent opportunity for us to continue to grow our business,” said James J. White, executive director of the Maryland Port Administration. “Land is an important ingredient to strengthen our position as one of the most productive ports in the United States.”
In 2006, Duke purchased the General Motors Broening Highway plant with the goal of redeveloping it to include distribution buildings adjacent to the Port of Baltimore. Upon final build-out, Chesapeake Commerce Center will consist of office, warehouse, and distribution center buildings offering 2.8 million square feet of space.
For more information about leasing and development opportunities, contact: John Macsherry, john.macsherry@dukerealty.com or (410) 843-0705
