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12/15/2006
  Baltimore Business Journal - Arundel property in limbo
  Real Estate & Economic Development
by Daniel J. Sernovitz

An Anne Arundel County construction firm has agreed to pick up all the expenses for a 2.13-acre office property in Glen Burnie, in exchange for having another nine to 12 months to decide if it wants to buy the land.

Chesapeake Real Estate Group recently sent out notifications to interested parties that the property at 6711 Dover Road in the Baymeadow Industrial Park was back on the market after sensing the firm's interest had cooled on the prospect of buying the site, said Chesapeake partner Jim Lighthizer. Lighthizer declined to identify the firm because it has not yet decided if it wants to buy the property.

After e-mailing the notification and hearing from several interested parties, Chesapeake took the property off the market again at the company's request and also agreed to extend by several months the contract period for the firm to figure out if it wants the land.

"It's a unique opportunity for a small company to own their own property," Lighthizer said.

There is a 16,625-square-foot building at the property, and Lighthizer said there is another acre of undeveloped land at the site that can be developed for another 17,000-square-foot of space. The construction company, which Lighthizer declined to identify, initially said it was looking to move into the property, or expand it and either sell it or lease it to another company.

Ed Brady, a leasing agent with Chesapeake, said the company recently decided it wants more time to consider its purchase and, in addition to posting a nonrefundable deposit, has agreed to assume all costs, including insurance and utilities while it does so. The structure is set up as office space, but Brady said there is room to add loading bays to convert the space into a warehouse facility. The company has asked to extend the closing period through June.