Keith Wallace’s first-ever visit to the Town of Wake Forest occurred during the summer of 2019. About a year later, he and his family were living there.
“I really liked the historic, walkable downtown,” says Wallace, who leads business development and leasing for Baltimore-based Merritt Properties. The Town’s quiet sophistication was reminiscent of Leesburg, Virginia, where he and his wife and two kids had been living. “It’s a growing small town that has a lot of character,” Wallace says of Wake Forest. He liked the community’s rolling terrain, its proximity to outdoor amenities at Falls Lake and its distinctiveness among Wake County suburbs. “It’s a tad bit removed from the rest of the Triangle,” Wallace says.
Wallace’s move to Wake Forest enables him to easily keep tabs on Merritt Capital Business Park, Merritt’s 74-acre flex/light industrial park off Ligon Mill Road on the east side of Capital Boulevard. The property is one of several the company is developing in the Triangle. Wallace’s asset-management role is that of “liaison and facilitator,” he says.
About 17 tenants have already moved into the company’s two completed buildings at Merritt Capital Business Park. In all, the company envisions seven brick buildings on the greenfield property. Ground has already been broken on the next two. “We’re currently below the soil doing site work and should be going vertical shortly,” Wallace reports. The 55-year-old firm intends to invest about $80 million in the Park, creating and leasing a total of 452,500 square-feet there.
Among other things, the company was drawn to Wake Forest’s economic and population growth. But convenience also was a plus. “It’s a location thing,” Wallace says, noting the property’s accessibility and easy reach of major roads. Several daily non-stop flights between RDU and Baltimore-Washington International keep the company’s Triangle personnel connected to their Baltimore headquarters.
In the commercial real estate world, “flex space” refers to buildings zoned for light industrial that can accommodate multi-functional usage under a single roof – office, showroom, and warehouse space, for example. Tenants often want the attractive appearance of an office or retail store but with the functionality of industrial or warehouse space. Such space has proven popular in recent years with the rise of e-commerce and post-pandemic consumer and business trends.
Buildings at Merritt Capital Business Park come with clear ceiling heights ranging from 18-feet to 32-feet and have rear-loaded docks and drive-in capabilities. Tenants can occupy small or large suites and display their company signage outside the building. The property includes ample surface parking for tenants and customers.
Wallace cites the Research Triangle Region’s appeal as a growing business destination with engaged universities and a pleasant climate that can draw new residents and companies from all over. “The region represents a deep workforce,” he says. “There’s talent that comes here from all around the country, creating a gravitational pull that crosses all industries.” He notes the national recognition North Carolina routinely receives from national business publications. “It’s the #1 state for business in the country,” Wallace says. “That’s helpful.”
Privately-held Merritt Properties, founded in 1967, is a commercial real estate company with more than 21 million square-feet of Class A office, flex, warehouse, industrial, retail and build-to-suit space throughout Maryland, North Carolina, Florida and Virginia. The company is committed to “Creating Homes for Businesses” and providing high-quality service to its customers. Also unique is the fact that Merritt manages all of its properties internally.
“We’re proud to have a company with the reputation of Merritt Properties investing so significantly in the Town of Wake Forest,” says Jason Cannon, President of the Wake Forest Business & Industry Partnership (WFBIP). “The company’s dedication to quality and customer service align very much with our own values, and Keith’s personal and professional commitment to the Town makes for a truly exciting partnership that I expect will yield benefits for many years to come.”
Wallace says Merritt Properties noticed early in its search the interest WFBIP and Town officials had in developing additional flex space and attracting the company. The organization helped Merritt identify the property and introduced Wallace and his colleagues to the Mayor and Town Commissioners. “Jason’s team was very instrumental,” Wallace recalls.
More than three years since his initial visit to Wake Forest, Wallace says the WFBIP staff remains just as attentive as before. “Jason is a true partner, and we value all he and his organization have done to support Merritt’s success thus far,” Wallace says. “We love the proactive nature of his group.”
