LEXINGTON PARK, MD-CRG Development just broke ground on a 180,000-sf project here that will consist of retail and possibly other uses in later phases of the project. Phase I, which is being developed for $25 million, is primarily retail.

The firm inked a prelease for 90,000 sf with a major retailer last year, Andrew Ettinger, principal at CRG Development, tells GlobeSt.com. With commitments from local tenants and a Rite Aid in one of the three pod sites, the space is now 65% leased, he says. Asking rates are in the low $30s per sf.

The project, located at the corner of Route 235 and Buckhewitt Rd., will expand an additional seven acres in phase II. The company is currently evaluating the best use for the remainder of the site. Possibilities include hotel and office space, he says.

This is the first project that CRG has developed in this submarket. The company likes its fundamentals as the Paxtuxent Naval Air Station, which employs more than 20,000 military and civilian personnel, is nearby. There is also more than one-million-sf of class A office space less than a mile away from the site and 400 new multifamily units being developed behind the property, he adds. The company acquired the land for the project, which then held a manufactured housing community, about a year ago. The residents were relocated, he adds.

Wrightwood Capital is providing the financing. LB Jennings is the general contractor.

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