Attributes
| Building Area |
|
Property Description
| Address: | 103 and 105 Chesapeake Boulevard, Elkton, Maryland 21921 |
| Total Square Footage: | 26,915 |
| Occupancy: | 100% |
| In-Place NOI: | $473,276 |
| Weighted Average Lease Term: | 6.60 Years |
Investment Highlights
- Best-in-Class Office Park – 103 and 105 Chesapeake are located in the well maintained Chesapeake Corporate Center one of very few office products in Cecil County offering ample parking, a corporate setting, and immediate access to Route 40
- Stable Tenancy: 73% government tenancy - 27% medical tenancy – All five government tenants are divisions of state and federal agencies. The two medical tenants located in 103 Chesapeake Blvd are part of larger regional or national medical groups
- Tenant retention averaging over 20 years at the location – The USDA is the most recent tenant to move into the Properties in 2004
- Recent long-term commitment from the Maryland Motor Vehicle Administration – MVA has agree to a 10-year renewal. The Driving Test Area was repaved in May and is one of the few locations in the state that can accommodate the Commercial Driving Test
- Long-term additional development potential under the Driving Test Area
- Within a cluster of medical and government buildings serving the city of Elkton and Cecil County – Located next to the Cecil County Administration office, the Cecil County Sheriff’s department and the Cecil County Department of Emergency Services
- “Shadow Anchored" by a Super Wal-Mart in a thriving retail corridor along Route 40 – over 1.9 million square feet of retail space within 5-miles of the Properties along Route- 40
- Strategic Mid-Atlantic Location – Cecil County is located almost directly between the Philadelphia metro and Baltimore metro areas. Tenants choose to locate in Cecil County due to the access to major metro amenities, with the benefit of lower business costs
- Recent Capital Improvements – All HVAC units were replaced in 2019. The MVA Driving Test Area was recently repaved striped
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