Joint venture to redevelop Army base

East Coast property has been vacant for 6 years

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Corporate Office Properties Trust, in a joint venture with PenMar Development Corp., recently signed an agreement under which it contracted to purchase the former Fort Ritchie United States Army base in Cascade, Md. The value of the transaction was not disclosed. The approximately 600-acre site contains a mix of office space, support buildings, residential units, recreational and woodland areas. The total potential developable acreage, including the existing structures, is estimated to be in the range of 330 to 380 acres. Specific terms of the contract are not being disclosed at this time other than the existence of a 90-day due diligence period, during which time an agreement will be reached regarding future development of the property. The PenMar Development Corp. was formed in 1997 by the Maryland General Assembly to create a plan to redevelop the former Army base. The Army base closed during 1998 as part of the Federal Base Realignment Act. Corporate Office Properties Trust is...