Chesapeake Real Estate Group’s acquisition of 10270, 10280 and 10290 Old Columbia Road brings comprises 43,400 square feet of flex/office space. (Photo: Chesapeake Real Estate Group)

Hanover-based Chesapeake Real Estate Group has acquired a three-building portfolio in Howard County comprised of 43,400 square feet of flex/office space at10270 (16,411 square feet), 10280 (16,623 square feet) and 10290 (10,372 square feet) Old Columbia Road ― also known as Rivers III ― from Adler Real Estate Partners for $4.8 million.

Rivers III was 78 percent leased and occupied at the time of the closing. Tenants include American Health Associates, CARAFAP, G3 Technologies, Keysight Technologies, Maryland Works and Stage Front Trucks.

The Columbia flex/office market, which consists of nearly 6.5 million square feet of space, is currently nearly 95 percent occupied with a triple net asking rent of $13.56 per square foot. During the past 10 years, the overall vacancy rate for flex space in Howard County has dropped by nearly seven percentage points.
Cris Abramson and Nick Signor of the Newmark Capital Markets team represented the seller and Chesapeake Real Estate Group was self-represented in the transaction.

“The Rivers III portfolio represents an outstanding in-fill location featuring well-constructed and expertly maintained assets with minimum capital improvements needed, while also presenting a strong value-add opportunity that can be achieved with additional leasing,” said Jim Lighthizer, principal, managing partner of CREG. “This acquisition was fueled by our confidence in the enduring fundamentals of the suburban real estate environment, particularly the robust Baltimore-Washington, D.C. Corridor. Companies from a diverse range of industries continue to enter into or expand within Howard County, with many exiting urban locations in exchange for shorter commutes, free parking and a higher quality of life.”