Class A facility to be built at prime location near Baltimore-Washington International Airport
Baltimore, August 5, 2015 – Ridgeline Property Group (RPG) announced today that it will develop a Class A distribution center in Hanover, Md., southwest of the city of Baltimore, with capital partner Cabot Properties Inc. Hanover Business Center, a 100,000-square-foot distribution facility, will occupy a prime location at 1250 Stoney Run Road adjacent to Baltimore-Washington International Airport.
The project will be built on a 7.9-acre site purchased by RPG and Cabot Properties. Construction will begin in second-quarter 2016 and completion is scheduled for first-quarter 2017.
“Demand is very strong for Class A space as industrial tenants continue to expand in the Baltimore market, but developable land is in short supply, particularly in prime locations such as the site for Hanover Business Center,” said Greg Thurman, CEO of Ridgeline Property Group. “Hanover Business Center will offer modern, efficient Class A space in a highly desirable location only three miles from Baltimore-Washington International Airport. The site also provides excellent access to the nearby Baltimore-Washington Parkway and Interstate 95.”
Hanover Business Center will feature 28-foot clear heights, early suppression fast response (ESFR) fire sprinklers, 1.4 parking spaces per thousand square feet, a 120-foot truck court, and separate entrances for cars and trucks.
“Cabot Properties is pleased to expand our relationship with Ridgeline Property Group and partner with them on this project, which is strategically located to provide superior access to the Baltimore-Washington corridor. With the ongoing strong demand for industrial space, this is an excellent time to develop Hanover Business Center,” said Patrick V. Ryan, Executive Vice President of Investments at Cabot Properties.
RPG also is partnering with Cabot Properties on Susquehanna Logistics Center, a 423,300-square-foot distribution facility in York, Pa., scheduled to be completed in December 2015. Since its inception in 2014, RPG has developed projects totaling 5.9 million square feet across the United States.
About Ridgeline Property Group
Ridgeline Property Group is a commercial real estate development and investment company operating throughout the United States. Headquartered in Atlanta, the firm has a particular focus on the acquisition, development and management of high-quality industrial and office properties in strategic markets. RPG’s regional partners have more than 125 years of combined experience in the commercial real estate industry and have developed in excess of 115 million square feet of space in more than 30 states.
About Cabot Properties
Cabot Properties is a private equity real estate investment firm. The firm is a leading investor, developer and operator of industrial properties throughout North America and the United Kingdom. Formed in 1986, Cabot has invested $6.2 billion in industrial real estate, managing and operating approximately 3,000 tenants in more than 140 million square feet.