350K Feet Of Warehouse Space Under Construction On Trimble Road

HARFORD COUNTY, MD — Ground has been broken in the Trimble Road Business Park in Edgewood. The Baltimore-based Chesapeake Real Estate Group announced this week that it has broken ground on a two-building site consisting of 350,000 square feet of warehouse/industrial space built on a speculative basis.

About 50,000 square feet of space has been leased by AGCO, a company that manufactures agriculture equipment.

"The Trimble Road site works extremely well because it allows us to get quality products to our dealers more efficiently,” AGCO Director of Operations David Rubin said.

The 140,450-square-foot building where AGCO will be located at 103 Fulfillment Drive is about 3 miles from Interstate 95.

TA Realty acquired the site from Chesapeake Real Estate Group in 2018 and is constructing the two buildings at 102 Fulfillment Drive and 103 Fulfillment Drive. Both will be done in 2019.

Due to their proximity to I-95, the Port of Baltimore, I-695 and the Port of Delaware, officials say the warehouses will be within a day's drive from nearly 50 percent of the U.S. population.

The location at 102 Fulfillment Drive 210,000 square feet of speculative space.

"The development philosophy of CREG continues to be to proactively construct real estate product to remain ahead of tenant demand,” Chesapeake Real Estate Group (CREG) partner Matt Laraway said. "We are extremely confident and excited to build another project in Harford County’s business-friendly environment and hope to capitalize on the strong market fundamentals."

There is incredible demand in Harford County for warehouse buildings, according to Laraway.

The vacancy rate for warehouse space in Harford County is 1.1 percent as of the third quarter of 2018, according to research from commercial real estate services and investment firm CBRE.

E-commerce, food and beverage, building materials, third-party logistics and retail fulfillment were behind the activity, based on the research, which predicted demand to increase in the next year and a half.

"Regionally, the volume of transactions remains unprecedented as retailers cannot gain access fast enough to large-scale warehouse buildings situated near major population centers to support the same-day or next-day delivery expectations of the American consumer,” Laraway said in a statement.

"We are riding a wave that few have experienced in their real estate careers," Laraway continued. "Much of this activity is being driven by the tremendous liquidity in the capital markets, coupled with the insatiable demand for stabilized industrial product by institutional owners."

Chesapeake Real Estate Group also developed the Perryman Logistics Center off Chelsea Road in Aberdeen.

The new buildings on Fulfillment Drive will be located off Trimble Road near the Kohl's Distribution Center.

Image courtesy of CREG.