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News release

WASHINGTON, DC

PenMar Development Corporation Selects JLL to Market Fort Ritchie


WASHINGTON, October 12, 2015 – PenMar Development Corporation announced today that it has selected JLL to sell Fort Ritchie, a former military installation, in Western Maryland just south of the Pennsylvania state line. Located in Cascade, Md., Fort Ritchie offers approximately 300 acres of developable open land with established infrastructure and existing buildings available for adaptive reuse. The property also offers approximately 300 wooded acres and two large lakes. 

“The property is ideal for residential, retail and other commercial uses and we are looking for a user that can turn it into an economic engine for Western Maryland and southern Pennsylvania by attracting a vital group of Fortune 500 companies, government tenants, small businesses and residents,” said Sam Cool, Chairman of the PenMar Board of Directors.

The site is a Special Economic Development District and has a complete infrastructure system including electric, water, sewer and gas. The existing buildings can accommodate a wide variety of industries. Furthermore, operational buildings include Lakeside Hall, a venue popular for weddings, banquets, parties, fundraisers and other events and the Fort Ritchie Community Center, a new $5 million center providing workout facilities, before school childcare services, a computer lab and summer camps for the local and regional community.

Along with daily traffic to and from the Fort Ritchie Community Center, about 300 people live in residential units on the property. 
The surrounding area includes Civil War battlefields, access to the Appalachian Trail which is within minutes of the front gate, five area golf courses and more than 30 museums.  With easy access to I-70 and I-81, Fort Ritchie is about 60 miles to Baltimore and 70 miles to Washington.

JLL will work closely with PenMar Development Corporation which was established by the State of Maryland to ensure jobs are created as a result of the property redevelopment.  JLL and PenMar will select a developer team that has the ability to effectively redevelop the property and create jobs in the near term.  JLL’s primary point of contact is John Gibb, Managing Director at JLL who can be reached at (202) 719-5884 or at john.gibb@am.jll.com.

About JLL
JLL (NYSE: JLL) is 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. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $56.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.