From left, Gene Parker, Jim Lighthizer and Rick Wuest. (Image courtesy of Chesapeake Real Estate Group)

Hanover-based developer Chesapeake Real Estate Group has formed a new long-term investment platform that will allow CREG to acquire industrial, flex/office, single-story commercial office and retail assets.

In concurrent moves, CREG has appointed Gene Parker, a 30-year-plus commercial real estate veteran formerly of Continental Realty Corp. who has been involved in raising more than $500 million in private equity during the past dozen years, as president; with CREG Founder, Managing Partner and Principal Jim Lighthizer transitioning to CEO.

During the next five years, CREG intends to grow its portfolio of assets in the mid-Atlantic. The company is targeting acquisitions between $3 million and $20 million with at least 50 percent occupancy, and will focus on value-add properties below replacement cost. The company is targeting properties located within a 90-minute drive of BWI Thurgood Marshall Airport.

In addition, CREG principals have formed a joint venture with a long-time partner Rick Wuest, CEO of Thompson Creek Window Co., who has joined the team as a major investor and adviser. This new entity recently worked with friends and family to make private equity investments to acquire three properties totaling more than $20 million.

“CREG’s investment approach stems from the team’s ability to leverage their tremendous relationships in the business, commercial real estate and brokerage communities, as we seek to uncover compelling acquisition opportunities,” said Parker.

“CREG is highly differentiated by ready access to internal capital, with an unlimited investment horizon and certainty to close. CREG intends to target properties at price points which do not typically attract institutional capital, which will allow the firm to be the buyer of choice in most instances,” he said. “Additionally, CREG’s long-term hold strategy is extremely tax-efficient and matches the long-term nature of commercial real estate investments.”