Chesapeake Real Estate Group and Cicero Capital Partners Announce Partnership on 100,000 Square Foot Building in BWI Airport Submarket

Comprehensive renovation strategy set to initiate this spring to elevate asset to best-in-class status 

BALTIMORE, MD (June 5, 2018) – Chesapeake Real Estate Group, LLC (CREG) and Cicero Capital Partners, LLC (CCP) have partnered on 1199 Winterson Road, a four-story, 100,000 square foot office building positioned in the BWI Airport submarket in the Linthicum section of Anne Arundel County. Cicero Capital Partners, which purchased the property at auction last September for $3.6 million, recently brought CREG and other investors into the ownership group, which has plans to immediately execute a comprehensive renovation strategy valued at $3.5 million to elevate the unoccupied building to best-in-class status in this submarket. Located at the intersection of Winterson Road and W. Nursery Road, the building was constructed in 1988 by Heffner & Weber and was also previously owned by Corporate Office Properties Trust.

This represents the second time CREG and Cicero have partnered on a commercial office building redevelopment, the first being the purchase in 2016 of 210 Allegheny Avenue, a five-story, 30,000 square foot commercial office building positioned in the central business district of Towson. The ownership group completed a $1 million exterior and interior renovation of the unoccupied project in late 2017 and, earlier this year, signed Stanley Black & Decker to a full-floor 6,600 square foot lease at the building.

“We see numerous similarities between these two buildings highlighted by the tremendous upside that can be achieved by implementing meaningful value-add improvements,” explained Christopher Murray, Vice President at Chesapeake Real Estate Group who oversees the commercial office division of the company. “1199 Winterson Road is contained within a highly desirable business community and surrounded by attractive amenities including restaurants, retail and full-service hotels with conference facilities. Its unoccupied status provides a clean slate to address the structural, design and hardscape improvements we believe are necessary to attract long-term leasing commitments.”

Improvements planned for 1199 Winterson include the updating of the exterior façade and installation of new windows; the renovation of all common areas and bathrooms including new finishes; a reimagining of the first-floor lobby which features a four-story atrium and the reestablishment of the front door entrance of the building which was altered by the former user. Amenities such as a state-of-the-art fitness center, small conference room and self-serve snack food area will also be added.

“Chesapeake Real Estate Group and Cicero Capital Partners enjoyed tremendous synergy when improving and leasing 210 Allegheny Avenue, and we plan to replicate this success with the strategic repositioning of 1199 Winterson,” stated Evan Kurtz, Partner with Cicero Capital Partners. “We believe the comprehensive capital improvement plan with flexible build-out options, together with the property’s convenient access, ample parking, and walkability to restaurants will allow us to deliver the amenities desired by today’s office tenants at competitive rents, making 1199 Winterson one of the most desirable properties in the market.”

The building contains floorplates of approximately 25,000 square feet of space, a 4/1000 parking ratio, and the availability of signage opportunities for tenants. It is located adjacent to MD Route 295 and Interstate 100 and is less than three minutes from the Baltimore-Washington International Airport.

Chesapeake Real Estate Group, LLC, headquartered in Baltimore, Maryland, is a fully-integrated commercial real estate operating company that focuses on real estate development, leasing, property management and brokerage services. The company owns a diverse portfolio encompassing Class “A” industrial and commercial office properties, as well as retail centers. Chesapeake Real Estate Group also participates in joint venture partner arrangements on select investments. The firm currently has more than two million square feet of industrial projects planned or under construction in the Mid-Atlantic region and over three million square feet under management.  Notable projects include the Perryman Logistics Center, Port 95 Industrial Park, Penn 95 Commerce Center, Baltimore Crossroads @95 and 210 Allegheny Avenue.  For more information visit www.cregllc.com

Cicero Capital Partners, LLC (“Cicero”), established in 2009, is an SEC registered investment adviser located in Columbia, Maryland.  Cicero specializes in alternative asset management strategies, with expertise in commercial real estate assets, commercial mortgage backed securities, agency mortgages, and other public and private commercial real estate related securities and investments.   For more information visit www.cicerocapitalpartners.com

 

 

 

Cicero Capital Partners and Chesapeake Real Estate Group plan to immediately execute a comprehensive renovation strategy valued at $3.5 million to elevate the unoccupied building to best-in-class status in this submarket.

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Stanley Black & Decker will be the inaugural tenant of renovated commercial office building in downtown Towson.

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Stanley Black & Decker Becomes Inaugural Tenant at 210 Alleghany Ave. in Towson with 6,600 SF Lease

Owners Chesapeake Real Estate Group and Cicero Capital Partners recently completed $1 million improvement program for five-story commercial office building at intersection of Bosley Avenue and Allegheny Avenue

BALTIMORE, MD (January 29, 2018) –Stanley Black & Decker has signed a 6,600 square foot lease with Chesapeake Real Estate Group, LLC (CREG) and Cicero Capital Partners, LLC (CCP) as the inaugural tenant for 210 Allegheny Avenue, a five-story, 30,000 square foot commercial office building positioned in the central business district of Towson, Maryland in Baltimore County. The partnership acquired the asset last fall and recently completed a comprehensive interior and exterior improvement program valued in excess of $1 million. Christopher Murray, Vice President of Chesapeake Real Estate Group represented the landlord and Douglas Brinkley, Senior Managing Director at Cushman & Wakefield represented the tenant in this transaction.

Stanley Black & Decker will occupy the entire top floor of the building with plans to move to the new location in first quarter 2018.

“Attracting a company with such a prominent profile, both within their industry and in the Maryland business community, as our first tenant represents a significant win and validates the investment of our renovation program,” explained Christopher Murray of Chesapeake Real Estate Group. “We continue to experience strong leasing interest for the remaining spaces as companies recognize the best-in-class office product we have created in Towson.”

The improvement program centered on the complete exterior renovation and reskinning of the building, highlighted by the installation of a new windows and coating that resulted in a modernized appearance. Additional improvements included new flooring and exterior signage, the renovation of all common areas and bathrooms including new finishes, and a reimagining of the first floor lobby.

“The renovation of 210 Allegheny Avenue transforms a prominent corner in downtown Towson and continues the exciting revitalization of this community,” stated Baltimore County Councilman (Fifth District) David Marks. “I would like to recognize Chesapeake Real Estate Group and Cicero Capital Partners for the work renovating this highly-visible building.”

The 6,600 square foot floorplates are configured to support multi-tenant uses ranging in the 1000 to 3000 square foot range while also accommodating full-floor requirements. The building is within walking distance from the County Courthouse and the central business core, including a number of business amenities including sit-down and fast-casual restaurants at all price points.

“We conducted a wide-ranging real estate search encompassing signature office buildings throughout Baltimore County, and 210 Alleghany Avenue emerged as the winner based on its combination of its newly-redeveloped façade and interior building systems, nearby amenities and its strong presence within the Towson central business district core,” stated Douglas Brinkley, Senior Managing Director at Cushman & Wakefield.

Ammon Heisler Sachs Architects provided exterior architectural services and Aumen Asner, Inc. was the interior designer for this project. Holland Construction is the general contractor.

Chesapeake Real Estate Group, LLC, headquartered in Baltimore, Maryland, is a fully-integrated commercial real estate operating company that focuses on real estate development, leasing, property management and brokerage services. The company owns a diverse portfolio encompassing Class “A” industrial and commercial office properties, as well as retail centers. Chesapeake Real Estate Group also participates in joint venture partner arrangements on select investments. The firm currently has more than two million square feet of industrial projects planned or under construction in the Mid-Atlantic region and over three million square feet under management. Notable projects include the Perryman Logistics Center, Port 95 Industrial Park, Penn 95 Commerce Center, Baltimore Crossroads @95 and 210 Allegheny Avenue. For more information visit www.cregllc.com

Cicero Capital Partners, LLC (“Cicero”), established in 2009, is an SEC registered investment adviser located in Columbia, Maryland. Cicero specializes in alternative asset management strategies, with expertise in commercial real estate assets, commercial mortgage backed securities, agency mortgages, and other public and private commercial real estate related securities and investments. For more information visit www.cicerocapitalpartners.com

Cicero Capital Partners and Chesapeake Real Estate Group announce that Stanley Black & Decker has signed a lease in 30,000 square foot commercial office building positioned in Towson’s central business district.

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Cicero Capital Partners and Chesapeake Real Estate Group initiated a $1 mission improvement program for five-story commercial office building in Towson.

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Chesapeake Real Estate Group and Cicero Capital Partners Initiate $1 Million Improvement Program for Five-Story Commercial Office Building in Towson

Asset, located at intersection of Bosley Avenue and Allegheny Avenue, acquired by partnership last fall

BALTIMORE, MD (July 19, 2017) – Chesapeake Real Estate Group, LLC (CREG), together with partner Cicero Capital Partners, LLC (CCP), have initiated a comprehensive interior and exterior improvement program for 210 Allegheny Avenue, a five-story, 28,000 square foot commercial office building positioned in the central business district of Towson, Maryland in Baltimore County. The $1 million renovation strategy is expected to be completed this fall. CREG and Cicero acquired the asset, located at the intersection of Bosley Avenue and Allegheny Avenue in the fall of 2016. The building was formerly occupied by law firm Venable LLP.

The program centers around the complete exterior renovation of 210 Allegheny Avenue, highlighted by the installation of a new coating that will alter the appearance of the building. Additional improvements include the installation of new windows, flooring and exterior signage, the renovation of all common areas and bathrooms including new finishes, and a reimagining of the first floor lobby.

210 Allegheny Avenue contains floorplates exceeding 6,000 square feet of space, an on- site parking field that accommodates 67 vehicles and the availability of signage opportunities for tenants. It is positioned within walking distance to the Baltimore County Courthouse Complex as well as the entire Towson central business district including numerous sit-down and fast-casual restaurants.

“After surveying competitive real estate product in the local marketplace, and evaluating amenities and project features that best suit the needs of end-user companies, we devised a program to reposition and elevate this asset to trophy-quality status in the Towson office sub-market,” explained Christopher Murray, Vice President, Chesapeake Real Estate Group. “The floorplates are configured to support multi-tenant uses ranging in the 1000 to 3000 square foot range, but can also accommodate full-floor requirements. Parking is at a premium in the Towson central business district, so the availability of on- site spaces is a differentiating point. The building is also within walking distance from the County Courthouse and the central business core. Our research shows healthy real estate activity among professional services firms in the Towson area and we are confident about the reception this modern Class ‘A’ product will generate upon its reintroduction to the market.”

Ammon Heisler Sachs Architects provided exterior architectural services and Aumen Asner, Inc. was the interior designer for this project. Holland Construction is the general contractor.

“It was extremely important to select materials that would make an impact on the Towson marketplace, especially given the high visibility that 210 Allegheny Avenue enjoys at a key intersection,” explained David Ammon, Principal of Ammon Heisler Sachs Architects. Our goal was to design an eye-catching façade to change the perception of this building to a contemporary office building in a thriving neighborhood.”

“We invested a great amount of time to create a dynamic environment in the lobby, hence the usage of large format porcelain tiles, custom millwork, accent wallcovering, and contemporary lighting fixtures,” explained Karen Aumen, Principal of Aumen Asner.

Chesapeake Real Estate Group recently launched its marketing and leasing campaign targeting potential tenants for 210 Alleghany Avenue. The first tenants will be able to occupy the renovated building this fall.

Chesapeake Real Estate Group, LLC, headquartered in Baltimore, Maryland, is a full- service commercial real estate operating company that includes development, property management and brokerage services. The firm currently owns and operates nearly twenty-five office, industrial and/or retail projects in the Mid-Atlantic region and has more than three million square feet of industrial projects planned for development in the Mid-Atlantic region. Chesapeake Real Estate Group also manages more than three million square feet of space including third-party services. Notable projects include Baltimore Crossroads in Baltimore County; Perryman Logistics Center in Harford County; Port 95 Industrial Park in Baltimore City; and Penn 95 and 4200 Parliament Place in Prince George’s County. For more information visit www.cregllc.com.

Cicero Capital Partners, LLC (“Cicero”), established in 2009, is an SEC registered investment adviser located in Columbia, Maryland. Cicero specializes in alternative asset management strategies, with expertise in commercial real estate assets, commercial mortgage backed securities, agency mortgages, and other public and private commercial real estate related securities and investments. For more information visit www.cicerocapitalpartners.com.

Cicero Capital Partners and Chesapeake Real Estate Group announce that former Venable building at 210 Alleghany Avenue in Towson’s central business district will undergo significant exterior and interior improvement program.

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Cicero Capital Partners and Chesapeake Real Estate Group Acquire Five-Story Commercial Office Building in Towson

Recognized as “The Bosley Building,” asset is positioned in heart of Towson business district

BALTIMORE, MD (September 22, 2016) – Cicero Capital Partners, LLC (CCP) and their partner Chesapeake Real Estate Group, LLC (CREG) have announced the acquisition of a five-story, 25,200 square foot office building positioned at 210 Allegheny Avenue in the central business district of Towson, Maryland in Baltimore County. The asset, which is located at the intersection of Bosley Avenue and Allegheny Avenue, was acquired for $1.07 million with budgeted renovations of $1.75 million. Known as “The Bosley building “and formerly occupied by Venable LLP, the building is currently unoccupied.

This represents the second commercial property acquired by the partnership of CCP and CREG, who partnered earlier this year to acquire the grocery anchored Palmer Super Center in Easton, PA. CCP and CREG leverage each other’s expertise in commercial real estate to pursue value add opportunities in the mid-Atlantic and surrounding areas. CCP, a registered investment advisor in Maryland, pursues opportunistic commercial real estate and commercial mortgage backed investment strategies.

CREG is recognized as among the most active commercial real estate companies involved in the industrial sector regionally, with development and value-add development activities occurring throughout the Mid-Atlantic. This purchase represents a continuation of the company’s strategy to diversify into the suburban office arena. CREG will oversee the renovation, leasing, and management of the property.

The building contains floorplates exceeding 5,000 square feet of space, an on-side parking field that accommodates approximately 67 vehicles and the availability of signage opportunities for tenants. It is positioned within walking distance to the Baltimore County Courthouse Complex as well as the entire Towson central business district.

“Our immediate strategy includes executing a renovation and improvement program to reposition and modernize the building’s amenities to deliver a trophy-quality space in the Towson office sub-market,” explained Bob Neighoff, Managing Partner at CCP. “Given its placement in downtown Towson and walkability to restaurants, business amenities and County agencies, we are extremely confident in CREG’s plan to execute an aggressive marketing campaign to lease this building to 100% occupancy.”

Chesapeake Real Estate Group, LLC, headquartered in Baltimore, Maryland, is a full-service commercial real estate operating company that includes brokerage, property management and development services. The firm currently has more than two million square feet of industrial projects planned in the Mid-Atlantic region. Notable projects include the Perryman Logistics Center, Port 95 Industrial Park, Penn 95 Commerce Park and Antrim Commons Business Park. For more information visit www.cregllc.com

Cicero Capital Partners, LLC (“Cicero”), established in 2009, is a State of Maryland registered investment adviser located in Ellicott City, Maryland. Cicero specializes in alternative asset management strategies, with expertise in commercial real estate assets, commercial mortgage backed securities, agency mortgages, and other public and private commercial real estate related securities and investments. For more information visit www.cicerocapitalpartners.com

Cicero Capital Partners and their partner Chesapeake Real Estate Group announce the acquisition of a 25,200 square foot office building positioned at 210 Allegheny Avenue.

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Chesapeake Real Estate Group Acquires 100,000 Square Foot Shopping Center in Easton, Pennsylvania for $7.5 Million

“Opportunity acquisition” represents significant retail asset in portfolio of Baltimore-based commercial real estate company and second project in Pennsylvania marketplace

BALTIMORE, MD (February 12, 2016) – Chesapeake Real Estate Group, LLC (CREG), a Baltimore-based commercial real estate operating company, and their financial partner Cicero Capital Partners, LLC (CCP) have announced the acquisition of the Palmer Super Center, a 100,272 square foot retail shopping center located on 3725 Nicholas Street in Easton, Pennsylvania. The asset, which was approximately 85% leased at the time of the purchase, was acquired from 3725 Nicholas Street Holdings Limited Partnership on Auction.com. The acquisition, combined with immediate renovation and leasing costs result in a total investment of more than $7.5 million.

This represents a significant retail project for Chesapeake Real Estate Group, which develops and owns large-scale national warehouse and industrial buildings, as well as smaller regional retail and office buildings located in the Mid-Atlantic region. It is the company’s second asset in the Pennsylvania marketplace. CREG is currently developing more than 2.6 million square feet of space and, last year, delivered or commenced construction of approximately 1.6 million square feet of space.

Palmer Super Center is anchored by Redner’s Warehouse Market, which is under a long term lease, and includes six complementary tenants. It is located near William Penn Highway and is within close proximity to PA Route 33 and the Pennsylvania Turnpike. Approximately four spaces totaling 15,000 square feet and one or two pad sites remain available for lease. Chesapeake Real Estate Group plans to completely renovate the center to improve its aesthetics and increase leasing velocity.

“This acquisition fits into our company’s initiative to invest in income-producing real estate with significant short and long term value-added potential, based on the presence of a strong grocery anchor, its position in a stable and growing marketplace with strong demographics and the excellent leasing upside of the center,” explained Jim Lighthizer, Founder and Owner of Chesapeake Real Estate Group. “We purchased Palmer Super Center below replacement cost, at a double digit cap rate, with excess land and 15% vacancy, and are in the position to add significant value with the addition of new retail uses. Our team is extremely familiar with the dynamics of the Lehigh Valley region, and believe the area has every fundamental, including strong business drivers, to sustain consumer growth.”

Palmer Super Center was completed renovated in 2001 and features a large on-site parking field and pylon signage. Nearly 60,000 consumers, including more than 21,000 households, reside within a three-mile radius of the center, with an average household income exceeding $70,000.

Chesapeake Real Estate Group, LLC, headquartered in Hanover, Maryland is a full- service commercial real estate operating company that includes brokerage, property management and development services. The firm currently has more than two million square feet of industrial projects planned in the Mid-Atlantic region. Notable projects include the Landover Logistics Center, Steeplechase @95 International Business Park, 8235 Patuxent Range Road and 1200 East Patapsco Avenue. For more information visit www.cregllc.com

Cicero Capital Partners, LLC (“Cicero”), established in 2009, is a State of Maryland registered investment adviser located in Ellicott City, Maryland. Cicero specializes in alternative asset management strategies, with expertise in commercial real estate, commercial mortgage backed securities, agency mortgage REITs and other publicly traded real estate securities. For more information visit www.cicerocapitalpartners.com

Cicero Capital Partners and their partner Chesapeake Real Estate Group announce their acquisition of the Palmer Super Center. The acquisition, combined with immediate renovation and leasing costs, will result in a total investment of more than $7.5 million.

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CMBS Shop Primed for Growth

January 06, 2016

Commercial-mortgage-bond investor Cicero Capital has added a second partner to its staff, setting the stage for a more aggressive marketing campaign.

The recruit, Evan Kurtz, arrived at the Ellicott City, Md., hedge fund operator in December from private equity shop American Capital — which also was the former employer of Cicero managing partner Bob Neighoff.

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Cicero Capital Partners announces addition of second Partner, Evan Kurtz, to set stage for aggressive growth plan.

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Cicero Capital Partners Launches CCP Strategic Alpha Fund

Volatility focused strategy becomes Firm’s fourth hedge fund offering

COLUMBIA, MD (May 17, 2018) – Cicero Capital Partners, LLC has announced the launch of the CCP Strategic Alpha Fund which is managed by Joel Houck, CFA. The new fund, which is Cicero Capital’s fourth hedge fund, seeks to generate excess returns by investing and trading in volatility related ETF/ETN’s, options and futures.

The Fund was created to take advantage of today’s volatile investing environment and to offer investors an alternative to traditional equity investing. “Equity volatility has increased significantly in 2018 relative to the record low readings experienced in 2017. Despite the increase in volatility this year, we believe we are in the early innings of the normalization of volatility,” said Joel Houck, Portfolio Manager of the Strategic Alpha Fund.

The fund is designed to take advantage of turbulent markets by taking both long and short positions in volatility products. The Fund attempts to profit with long volatility positions when the VIX is low or expected to increase and from short volatility products when the VIX is high or expected to decline. “Trading and investing in volatility products is best done with a focused strategy and a dedicated portfolio manager,” added Joel. “The CCP Strategic Alpha Fund is structured to be a non-directional strategy with low correlation to the broader equity markets.”

Mr. Houck has over 28 years of experience as a financial/research analyst and hedge fund manager/trader. He was most recently a Managing Director at Wells Fargo Securities. His experience on the buy-side includes being the lead portfolio manager on two different long/short equity funds and trading volatility-related instruments and associated hedging strategies.

The CCP Strategic Alpha Fund joins a Cicero Capital platform that has traditionally invested in real estate related securities. “We are excited to add Joel to the team and increase Cicero’s offerings to clients looking for actively managed alternative investment strategies. Cicero Capital Partners is always seeking strategies that are uncorrelated to broader markets while seeking consistent returns,” said Bob Neighoff, Managing Partner. “Cicero Capital Partners analyzes opportunities across all investment vehicles and has identified the volatility complex as a sector able generate superior risk adjusted returns.”

About Cicero Capital Partners, LLC

Cicero Capital Partners is an SEC registered investment advisor that specializes in alternative asset management strategies. The firm’s CCP Total Return Fund has been recognized as a top performing credit strategy over the past five years. With operations dating back to 2009, Cicero is steadfastly committed to a preservation of principal approach to investing in today’s volatile markets. For more information, please visit www.cicerocapitalpartners.com.

Managed by Joel Houck, CFA, the new fund, which is Cicero Capital’s fourth hedge fund, seeks to generate excess returns by investing and trading in volatility related ETF/ETN’s, options and futures.

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