MIE buys 80 acres in Woodlawn for 15-building business park Baltimore Co. vacancies, new offices at low point

Commercial real estate

November 19, 1997|By Kevin L. McQuaid | Kevin L. McQuaid,SUN STAFF

MIE Properties Inc. has acquired one of the last undeveloped business park tracts in Baltimore County, where the Catonsville developer plans to invest $40 million to construct 15 buildings.

MIE's plans for the 80-acre Windsor Corporate Park in Woodlawn come at a time when vacancy levels in the county are shrinking and expanding businesses are clamoring for space amid a relative dearth of new construction.

"We have a lot of business momentum and this helps keep the momentum strong," said Baltimore County Executive C. A. Dutch Ruppersberger. "And that area specifically is one where we are aggressively pursuing economic development activities."

Under plans filed with the county, MIE intends to develop 800,000 square feet of "flex" space, buildings that can function as offices and warehouses.

"The beauty of flex space is that it can be all things to a lot of different companies," said Gail Chrzan, a senior associate at CB Commercial Real Estate Group Inc. "In the case of Windsor, it's a great opportunity. It has easy access to Baltimore, Washington and Columbia, and at this point no one else is building anything in Baltimore County."

For MIE, which owns more than 7 million square feet, Windsor Corporate Park is the latest in a series of projects under way.MIE bought the ground for $2.5 million from Signet Bank/Maryland.

MIE is developing $60 million worth of retail and industrial space at the 110-acre Cromwell Business Center in Glen Burnie, and a $16 million project known as the International Trade Center, where the company plans to build 310,000 square feet of "flex" space.

"This fills in a big hole for us," said Gerard J. Wit, an MIE vice president. "With Windsor, we'll be in a position to offer flex space in projects that will almost ring the Beltway."

Pub Date: 11/19/97

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