Durham, North Carolina, Jan. 20, 2020 (GLOBE NEWSWIRE) -- Merritt Properties, a full-service commercial real estate developer with over 16 million square feet of space throughout Maryland and Virginia, has announced the acquisition of a 51-acre tract of land in Durham, North Carolina that, upon completion, will feature more than 282,400 square feet of light industrial space.
This represents Merritt Properties’ first venture into the North Carolina market.
The business park, named Merritt TW Crossing, will consist of four light industrial buildings, ranging from 36,120 to 106,100 square feet. Merritt TW Crossing will be situated at the corner of TW Alexander Drive and S. Miami Boulevard at 3100 S. Miami Boulevard in Durham, which ranked 17th ‘Best Places for Business and Careers’ by Forbes in 2019.
“The Research Triangle region represents a strategic growth market for our company,” said Robb Merritt, president of Merritt Properties. “Not only is it one of the fastest-growing areas in the U.S., the region features strong fundamentals such as positive job growth, an expanding population base and a highly educated workforce.”
The site is adjacent to Research Triangle Park (RTP), one of the nation’s largest and most successful research and development centers, and prominently located at one of the most recognized intersections in the area. Merritt TW Crossing is approximately eight miles from Raleigh-Durham International Airport and downtown Durham, 18 miles from downtown Raleigh, and within close proximity to I-40, I-540, US-70 and NC-147.
According to Keith Wallace of Merritt Properties’ leasing team, “Our light industrial buildings will support a variety of businesses who are in search of a combination of office, manufacturing or warehouse space in a premier location.”
Merritt TW Crossing will feature frontage and roadside visibility along TW Alexander Drive and S. Miami Boulevard, which attracts more than 100,000 vehicles per day. Buildings will offer 18 to 24-foot ceiling heights, 110 to 180-foot truck courts, dock-high and drive-in doors, and free surface parking.
“As Merritt Properties expands into the North Carolina market, we are thrilled they have chosen Durham and the Research Triangle region for their first project. The Merritt TW Crossing project fills an immediate need for light industrial, manufacturing and warehousing space to accommodate those expanding industries that support the growth we are seeing in Durham,” said Geoff Durham, president and chief executive officer of The Greater Durham Chamber of Commerce.
Pre-leasing is underway and groundbreaking for the project will take place this spring, with delivery expected to occur fourth quarter 2020. Construction will be managed by Merritt Construction Services, the construction division of Merritt Companies.
CBRE|Raleigh’s Land Services team represented the seller in the transaction. Merritt Properties has selected CBRE|Raleigh’s Industrial & Logistics team as the leasing partner for Merritt TW Crossing. The team will be led by Ann-Stewart Patterson and Austin Nagy.
“Merritt TW Crossing offers tenants strategic positioning in the Raleigh-Durham market. With the tight vacancy around RTP, we expect the development to draw in an array of both local and regional tenants. CBRE|Raleigh is excited to partner with Merritt Properties as the company makes its first investment in North Carolina,” said Patterson.
To learn more about Merritt TW Crossing, visit www.merritt-twcrossing.com.
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About Merritt Properties
Established in 1967, Merritt Properties is the largest privately held commercial real estate firm in Maryland, with more than 16 million square feet of Class A office, flex, warehouse, industrial, retail and build-to-suit in the Baltimore/Washington and Raleigh-Durham area. Capabilities include leasing, property development and management, and financing. Merritt Properties is committed to Creating Homes for Businesses and providing the highest quality service to its customers.
About Merritt Construction Services
With a project portfolio of more than 16 million square feet, Merritt has been providing site development, general construction, redevelopment and interior build-outs for over 50 years. Whether serving as a general contractor, construction manager or design-builder, Merritt Construction Services offers full-service construction capabilities through all phases of development, from feasibility to commissioning. Merritt’s highly skilled construction team has completed a comprehensive roster of customized projects, including corporate campuses, food processing facilities, LEED-certified green buildings, schools, manufacturing facilities and retail centers.
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