Davis and Phillips-Hutton Sell Cambridge Industrial Development Valued at $9.9M

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Salisbury, MD – Principal Chris Davis and Associate Advisor Chelsye Phillips-Hutton of NAI Coastal recently brokered the lease and sale of 810-812 Chesapeake Drive, a 90,000 square foot industrial development in Cambridge, Maryland. Situated just off of Woods Road, the warehouse buildings are central to Dorchester County’s business corridor and are within a mile of US Route 50 (Ocean Highway).

“The NAI Coastal team led by Chris Davis, Tori Brown and Chelsye Phillips-Hutton provided outstanding service to us in marketing our two newly constructed warehouses in Cambridge,” said Tom McCullough, member of the selling partnership. “In a challenging economic climate with rising interest rates, they negotiated a lease with a national tenant and sold both buildings at top dollar prior to the completion of construction. Chris Davis secured both buyers, one being a local investor and the other a longtime, repeat customer from New Jersey.”

The first of the two buildings totals +/- 70,000 square feet and is now occupied by Bay Valley Foods LLC, a national credit tenant commonly known as TreeHouse Foods. Phillips-Hutton initiated contact with the tenant as a result of an internally developed tenant procurement process. The remaining +/- 20,000 square foot building is now fully owner-occupied by a local business owner.

“It was a pleasure to work for Tom and his development partner,” said Davis. “When they approached me with their plans for developing this site, I immediately recognized the need that this project would fulfill. There is a high, immediate demand for quality industrial space across the Delmarva Peninsula and the sellers delivered upon that for Dorchester County. Their proactivity paired with their confidence in our team is much appreciated and we are thrilled to have helped them see this project through from concept to completion.”

NAI Coastal collaborated with Michael Roden of CBRE, co-listing broker, and Scott Wingrat of Cresa Global, tenant representative. For more information on the sale and lease transactions, contact Chris Davis / Tori Brown or Chelsye Phillips Hutton by emailing Chris@NAICoastal.com / Tori@NAICoastal.com / Chelsye@NAICoastal.com or by calling 410-543-5115.