MANEKIN NEGOTIATES LEASE OF FORMER DOD CONTRACTOR FACILITY IN HANOVER TO CHARTER SCHOOL

Manekin, LLC has completed leasing of 7321 Parkway Dr. South, a former DOD contractor facility located at the intersection of Rtes. 100 and 295 in Hanover, Md.

Chesapeake Science Point Public Charter School (CSP) has signed a 10-year lease to occupy the entire 41,000-square-foot, single-story office building, beginning in August.

Manekin’s Gregory E. Masi (vice president, brokerage), Liz Tarran-Jones (senior analyst, investment services) and Andrew Genova (sales and leasing associate, brokerage) represented the landlord, 7321 Parkway Drive Enterprises, LLC (Douglass Legum). Robert Oare of Colliers Pinkard represented CSP.

“We were able to overcome numerous hurdles including financing improvements, obtaining a grant from Anne Arundel County, and gaining approvals from the County and State Board of Education,” Masi said. “In the midst of a rather complicated commercial real estate market, this transaction ultimately has created a win-win for the landlord and tenant.”

Upon receiving the listing for 7321 Parkway Dr. South last fall, the Manekin team initially researched potential office users. At the same time, it recognized that CSP had outgrown its current facility at 1321 Mercedes Dr. in Hanover.

CSP was established in 2005 to provide a top-quality education in science, mathematics and technology for students in grades six through 12. Two years ago, the school served grades six through nine, but had to drop grade nine this past year due to constraints from operating in a facility with only 16,000 square feet of workable space.

Manekin suggested that CSP relocate to 7321 Parkway Dr. South. Seven months later, a lease was completed. Tenant improvements are currently under way, including the construction of four state-of-the art labs.

“Manekin and Doug Legum worked as a team with us and did great things to make this deal happen,” said Spear Lancaster, CSP’s vice president and spokesman. “Short of finding new land and constructing a building from scratch, this is a near perfect facility for us.”

“It will provide easier access for school bus transportation, accommodate our parking needs and provide space to grow our high school program,” Lancaster added, noting that the building will have separate entrances for middle school and high school grades.

During the 2009-2010 school year, CSP will serve approximately 200 students in grades six through eight.  The following year, it will add 9th and 10th grades.

In 2011, CSP will add 11th grade and begin construction of a separate gym building. Grade 12 will be added that same year or in 2012. Ultimately, CSP will serve 550 to 600 students in 6th through 12th grade, per its original charter.

The CSP lease negotiation is Manekin’s third recent charter school transaction. This spring, Masi represented The Children’s Guild and The Monarch Academy in signing leases to open schools at 6730 Bay Meadow Dr. in Glen Burnie. Both schools will open in August.