BALTIMORE--(BUSINESS WIRE)--Tradepoint Atlantic, a 3,250-acre multimodal global logistics center in Baltimore, Maryland featuring an unmatched combination of access to deepwater berths, railroads, highways and storage space, today announced it has acquired the Sparrows Point Shipyard.
In doing so, Tradepoint Atlantic incorporates into its redevelopment project the only parcel of land on the Sparrows Point peninsula that it did not already own – the 150-acre Shipyard, increasing the size of Tradepoint Atlantic’s land from 3,100 acres to 3,250 acres.
The Shipyard provides Tradepoint Atlantic additional berth capacity and over 225,000 square feet of near-berth warehouse space to further fuel its marine operations. The property will be fully utilized to maximize the economic impact potential outlined within Tradepoint Atlantic’s master plan, which projects nearly 17,000 jobs generated for the Maryland economy.
The Shipyard was established in 1887 by Maryland Steel and was owned by Bethlehem Steel for much of the 20th century. It is best-known for its production of Liberty cargo ships during World War II, and it possesses a graving dock as well as additional barge and vessel berths that will be utilized by Tradepoint Atlantic.
“Tradepoint Atlantic is proud to further demonstrate its commitment to redeveloping Sparrows Point and making investments that will continue to drive economic activity within the local economy,” said Kerry Doyle, Chief Commercial Officer of Tradepoint Atlantic. “Today, we take another step forward in fulfilling the potential envisioned for this iconic site by incorporating the Sparrows Point Shipyard into our master plan. This enables us to move forward with the next phase of our project – modernizing infrastructure and enhancing connectivity throughout the industrial complex to attract additional world-class tenants that will create jobs.”
JLL, a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate, serves as the exclusive broker for Tradepoint Atlantic.
About Tradepoint Atlantic
The 3,250-acre multimodal global logistics center in Baltimore, Maryland, offers a gateway to markets around the United States and the world, featuring an unmatched combination of access to deep-water berths, railroads and highways. Ground-breaking agreements signed with federal and state environmental regulators in 2014 to remediate the legacy from a century of steel-making, and the financial backing of investment firms Redwood Capital Investments and Hilco Global, as well as the robust support of local and state government, enable the redevelopment of the site through further infrastructure improvements. At full buildout, Tradepoint Atlantic is projected to generate 11,000 permanent jobs, $2.9 billion in annual economic impact, and add 1 percent to Maryland’s gross domestic product as one of North America’s most strategic commercial gateways. www.tradepointatlantic.com