Manassas, Virginia, Dec. 07, 2020 (GLOBE NEWSWIRE) -- Merritt Properties, a full-service commercial real estate development company with over 17 million square feet throughout Maryland, Virginia and North Carolina, has fully leased its I-66 Business Park, a six building, 596,900-square-foot development. The company has also purchased 6.7 acres in Ashburn for the construction of a 36,600-square-foot flex/light industrial building known as Ashbrook 10.
Merritt Properties acquired I-66 Business Park’s 46-acre parcel in 2015 and built and leased the park in less than three years.
The most recent deals at Merritt I-66 Business Park include a 70,000-square-foot lease to build a state-of-the-art manufacturing facility for Bettera Brands, a leading manufacturer of gummy, lozenge and soft-chew dietary supplements, and a 35,000-square-foot expansion for Able Moving and Storage, one of the park’s first tenants.
Located 28 miles west of Washington, DC, I-66 Business Park was Merritt’s first project in Prince William County. The development sits along Interstate 66 just east of the Prince William Parkway and the Route 234 Bypass.
“The lack of Class A, industrial product in Prince William County and a high demand for warehouse space propelled the project forward,” said Shaelyn Mullaney of Merritt’s leasing team. “The development was designed to not only fill a void in the market, but to accommodate bulk and mid-sized storage users and provide flexibility for growing businesses.”
Other tenants include: United Brokerage Packaging, Sunbelt Rentals, Carrier, Traffic Systems, Ace Moving and Storage, Rite Rug Company, SixFour3 Softball Training, Regal Moving Services, Structural Technologies, Moving and Storage Solutions, and Mi-Box, among others.
Based upon the success of I-66 Business Park, Merritt began searching for additional opportunities in Virginia and broke ground this fall on its first project in Stafford County, Merritt Business Park at Quantico Corporate Center. This development, which is adjacent to the Marine Corps Base, features two single-story, light industrial buildings that will total 171,000 square feet.
In addition, Merritt Properties purchased 6.7 acres in Ashburn for the construction of a 36,600-square-foot flex/light industrial building known as Ashbrook 10. This project is strategically located on Russell Branch Parkway near Route 7, adjacent to the One Loudoun business and residential center.
“Loudoun has witnessed significant population and business growth in recent years, and we are seeing the demand for light industrial among small- to medium-sized users continue to increase,” said Scott Longendyke of Merritt’s leasing team. “Within this market, there is a lack of Class A light industrial new construction, which makes this speculative development a desirable addition to the local area and to our existing Ashburn portfolio.”
Designed to capitalize on data center and infrastructure market drivers, Ashbrook 10 will cater to technology companies as well as affiliated industries, including government contractors, distribution centers, manufacturing, and service providers.
With Merritt’s Loudoun County industrial portfolio already 97% occupied, Ashbrook 10 will allow Merritt to continue to respond to high demand within the market. Ashbrook 10 will be located less than half a mile from the company’s Ashbrook Business Park, which includes two single-story flex buildings totaling 84,799 SF and three two-story Class A office buildings totaling 187,197 SF.
The new development will feature 20-foot clear height, storefront entries and rear drive-in doors. Construction will commence in spring 2021 and be managed by Merritt Construction Services, the construction division of Merritt Companies.
Pre-leasing is underway, and the building is scheduled to deliver in late 2021. With this project, Merritt’s Virginia footprint will reach 2.1 million square feet.
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About Merritt Properties
Established in 1967, Merritt Properties owns the largest privately held commercial real estate portfolio in the region, with 17 million square feet of Class A office, flex, warehouse, industrial, retail and build-to-suit throughout Maryland, North Carolina and Virginia. 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. For more information, visit www.merrittproperties.com.
About Merritt Construction Services
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. For more information, visit www.merrittconstruction.com.
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