Preston Partners, Inc. Announces Redevelopment Plans For Hollins End Corporate Park And Hollins End East Corporate Park
May 29, 2008
Baltimore, May 29, 2008 On June 11, 2008, Preston Partners, Inc. will hold a groundbreaking ceremony with Baltimore County officials to announce its redevelopment plans for Hollins End Corporate Park, located at 4801 Hollins Ferry Road and Hollins End East Corporate Park, located at 4700 Trident Court, in Halethorpe, Maryland. The projects are being developed by Preston Capital Management, Inc. (PCM), the development and investment division of Preston Partners, Inc. Preston Capital Management, Inc. has 6 projects totaling approximately 3.1 million square feet currently planned for development in the Baltimore–Washington Corridor.
The Hollins End Corporate Park property was formerly a four building complex owned by a New York investor and under a master lease to Ocean Logistics, LLC. Preston Capital Management saw a major redevelopment opportunity and plans to improve the site with a combination of one fully–renovated building and several new ground–up construction projects. Shortly after the Hollins Ferry Road acquisition, Preston Capital Management acquired the neighboring 4700 Trident Court which was owned by a group of local investors. With the Trident Court acquisition, PCM sought to enhance its presence in this submarket and, when combined with Hollins End, create a critical mass of infill industrial development. Both acquisitions play into the company's strategy of owning and developing significant industrial projects within the land-constrained Baltimore–Washington Corridor market. The neighboring projects will total 1.3 million square feet of Class A and Class B industrial warehouse space. A major tenant has already committed to a 13 year lease for 125,000 square feet in Hollins End Corporate Park.