BALTIMORE, MD — Chesapeake Real Estate Group, LLC (CREG) and EverWest Real Estate Investors, LLC (EW), on behalf of an EverWest separate account client, have executed a lease with Best Buy for 500,400 s/f of space within Brandon Woods III, a 259-acre site located near Fort Smallwood Rd. in Anne Arundel County. The Baltimore-based real estate company acquired the site from Exelon Corporation last summer and, through a partnership with EW, intend to build up to 1 million s/f of industrial development. Matt Laraway and Scott Skogmo of Chesapeake Real Estate Group represented the landlord and Michael Royce of Avison Young represented Best Buy in this lease transaction.
Best Buy plans to consolidate three existing locations throughout the Baltimore-Washington, DC, metropolitan region to occupy the building at 7550 Perryman St. CREG broke ground on this speculative building - featuring 36-foot-clear ceiling heights - last year, and it is currently 90% completed. It is considered the largest industrial speculative project ever constructed in Anne Arundel County and one of the largest built in the state of Maryland. Best Buy expects to take occupancy in March 2019.