X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BALTIMORE-Ports American Chesapeake and the state of Maryland have finalized a 50-year, $1.3 billion lease first announced in November at Seagirt Marine Terminal.

The 50-year lease involves redesigning existing operations at the Dundalk facility, constructing a 50-foot berth, and building and operating a new warehouse/distribution center. McKenna Long & Aldridge LLP (MLA) partner Keith Mason, and Stephen Goldsmith, former Indianapolis Mayor, and an independent consultant to the firm, served as strategic advisors to the transaction.

As part of the deal, Ports America is making a $100-million payment to the Maryland Transportation Authority for infrastructure work on roads, tunnels and bridges. The building is timed to deliver as the Panama Canal’s infrastructure work to expand the size of the ships it can accommodate is complete, in 2014. With the new locks at the Panama Canal, East Coast ports are expected to be more competitive in processing imports from Asia.

The Port of Baltimore has already provided a boost to local industrial performance with the enhancements it made to its commodity handling facilities.

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. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

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.