Thursday, November 16, 2017

Tradepoint Atlantic signs first retail tenant

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Tradepoint Atlantic, the 3,100-acre multimodal global logistics center near Baltimore, announced that locally-headquartered convenience store chain Royal Farms has signed a long-term lease.

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Royal Farms is the first tenant of Tradepoint Atlantic’s retail component, The Shoppes at Tradepoint Atlantic, a planned retail development comprising more than 70 acres of the redeveloped site of a steel mill at Sparrows Point. The Royal Farms development plans retail gas and diesel fueling, a convenience store, and car wash.

The news follows Tradepoint’s announcement Nov. 8 that Amazon had signed to develop an 855,000-square foot fulfillment center at the site served by CSX and Norfolk Southern.

Royal Farms will develop a 3.7-acre location with direct access to I-695, and more than 43,000 households in the area. Tenants at The Shoppes also benefit from the Chesapeake Enterprise Zone property tax credit, building materials state sales tax exemption and numerous employment and job tax credits.

“Today’s announcement is a first step in the development of the retail portion of our project,” said said Eric Gilbert, Chief Development Officer of Tradepoint Atlantic. “We expect the thousands of people who will work at Tradepoint Atlantic and the tens of thousands that travel I-695 every day will welcome this highly accessible retail development to the area.”

Royal Farms will occupy one of the site’s seven free-standing retail pads, and is expected to open in late 2018. Headquartered in Baltimore, Royal Farms manages 180 store locations in Maryland, Delaware, Virginia, New Jersey and Pennsylvania.

Real estate firm JLL is the exclusive broker for Tradepoint Atlantic.

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