X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.