Baltimore, Maryland, Jan. 29, 2020 (GLOBE NEWSWIRE) -- 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.
Located along 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 future four-building light industrial park in Durham, North Carolina earlier this month. The site will feature more than 282,400 square feet of light industrial space upon fourth quarter 2020 completion. Adjacent to Research Triangle Park, Merritt TW Crossing will be situated at the corner of TW Alexander Drive and S. Miami Boulevard at 3100 S. Miami Boulevard.
“We’re excited to expand our developable footprint to more than 734,000 square feet of 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.”
According to Keith Wallace of Merritt Properties’ North Carolina leasing team, “Merritt Capital Business Park will meet the needs of small to mid-sized businesses seeking flex space for office and manufacturing or warehouse requirements.”
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’re thrilled for the new investment and job creation this development will produce for our rapidly growing community,” said Jason Cannon, president of the Wake Forest Business & Industry Partnership. “Wake Forest provides prime real estate in the Triangle for a project of this undertaking and we’re proud to partner with Merritt Properties on this development.”
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.
“We are honored to have been selected by Merritt Properties to help oversee the leasing for this significant project,” Lakins said. “The Triangle continues to remain a strong industrial market and attractive destination for businesses looking for corporate expansions and relocations.”
To learn more about Merritt Capital Business Park, visit Merritt-CBP.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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