2nd warehouse due at I-95 business park

March 28, 2007|By Lorraine Mirabella | Lorraine Mirabella,Sun reporter

Developers expect to complete the second major warehouse at the new Baltimore Crossroads @95 business park in Baltimore County by July, First Industrial Realty Trust Inc. said yesterday.

First Industrial, a developer of industrial buildings, started work on a 300,000-square-foot warehouse despite the lack of a tenant.

The Chicago-based company also is completing a 130,000- square-foot building for moving company Alexander's Mobility Services to occupy in the next 30 days.

Eventually, the 1,000-acre, mixed use business park near White Marsh is expected to employ more than 10,000 workers at more than 5 million square feet of flex/office, office, warehouse and industrial space, 400,000 square feet of shops and two hotels.

Baltimore developer St. John Properties is building more than 680,000 square feet of flex space, 1.2 million square feet of office space and a 65,000-square-foot shopping center. And Glen Burnie-based Chesapeake Real Estate Group purchased 240 acres in the park in June and is building three buildings, including a 100,000- square-foot building where BGE Home will lease 55,000 square feet for a headquarters and warehouse.

Mark McConnell, managing director of First Industrial, said he expects the new warehouse will attract companies seeking direct access to points along the Mid-Atlantic corridor via Interstate 95. The business park is at Pulaski Highway and the new Route 43 about 10 miles northeast of Baltimore.

"We don't have any leases out or any commitments, but after we create the access road and once people can get to the property, we expect there to be demand in this market," said McConnell, who said the access road should be completed in several weeks.

Regional and national companies seeking industrial space have shown interest in the site, most notably companies that ship from or receive consumer products from the port of Baltimore or those with a presence in New York seeking a large building close to I-95, said J. Richard Latini, senior vice president for Colliers Pinkard, the brokerage heading the leasing.

Latini said he has also met with local companies that need additional space.

The warehouse could be divided for up to three tenants., he said.

"That Route 43 corridor ... is a very dynamic corridor," Latini said. First Industrial "wanted to get in play in that location. We're very optimistic that we can achieve 50 percent leasing by the third quarter."

On the office side, St. John has built four flex/office buildings, totaling 175,000 square feet, of which 40,000 square feet is leased and another 50,000 is under negotiation. The developer also has built three single-story office buildings, totaling 150,000 square feet.

Gerard J. Wit, a St. John vice president, said the company plans to break ground soon on three 9,000-square-foot buildings and several stand-alone pads to house service retail, such as coffee and sub shops.

"We're very bullish on Baltimore Crossroads@95," Wit said.


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