Press Release provided by Merritt Properties
Merritt Capital Business Park Expected to Deliver Q2 2021
Baltimore, Md. – January 29, 2020– Merritt Properties, a full-service commercial real estate developer with over 16 million square feet of space throughout Maryland, North Carolina and Virginia, has announced the acquisition of a 74-acre tract of land for the speculative development of a 452,500-square-foot light industrial business park in Wake Forest, North Carolina.
Merritt Properties development similar to proposed site
Located at 0 Ligon Mill Road, Merritt Capital Business Park will feature up to seven buildings, ranging from 30,000 to 85,000 square feet. Each will offer 18 to 24-foot clear heights, traditional rear-loaded docks and drive-in capabilities, and free surface parking. Site plans are still being finalized.
This marks Merritt Properties’ second project in the market. The developer settled on Merritt TW Crossing, a four-building light industrial park in Durham, North Carolina earlier this month. Upon fourth quarter 2020 completion, the site will feature more than 282,400 square feet of light industrial space. Merritt TW Crossing will be situated at the corner of TW Alexander Drive and S. Miami Boulevard at 3100 S. Miami Boulevard, whichis adjacent to Research Triangle Park.
“We’re excited to expand our footprint to more than 734,000 square feet of developable land within a two-week period,” said Robb Merritt, president of Merritt Properties. “This growth underscores Merritt’s commitment to the region and desire to find strong development opportunities in the greater Research Triangle market.”
“This development will meet the needs of small to mid-sized businesses seeking flex space for office and manufacturing or warehouse requirements,” said Keith Wallace of Merritt Properties’ North Carolina leasing team.
Pre-leasing is underway and delivery expected to occur during the second quarter of 2021. Construction will be managed by Merritt Construction Services, the construction division of Merritt Companies.
“We are thrilled for the new capital investment and job creation this development will produce for our community,” said Jason Cannon, President of the Wake Forest Business & Industry Partnership. “Wake Forest is prime real-estate in the Triangle for a project of this undertaking. We are proud to welcome Merritt Properties in this development – bringing both new job opportunities and expanding the road and greenway infrastructure in our rapidly growing community.”
Kennemur & Associates Real Estate represented the seller in the transaction. Merritt Properties has selected Cushman & Wakefield as the leasing partner for Merritt Capital Business Park. The team will be led by Larry Lakins, Hunter Willard and Andrew Young.
