Durham, North Carolina, May 17, 2021 (GLOBE NEWSWIRE) -- Merritt Properties, a Baltimore-based full-service commercial real estate development company with 19 million square feet throughout Maryland, Virginia, and North Carolina, announced today that it has acquired 35 acres to build a flex/light industrial business park in Knightdale, North Carolina.
The land is situated off Hinton Oaks Boulevard in east Wake County and was purchased for $2.5 million.
“As the fastest growing town in Wake County, Knightdale became a sought-after location for our company,” said Keith Wallace of Merritt Properties. “In addition to population growth, there is high demand for flexible light industrial space, and we are excited to contribute to Knightdale’s economic success.”
The northeast Wake County industrial and flex submarket is 95 percent occupied and has seen 4.4 percent rent growth over the past 12 months.
The development, known as Merritt Midway Business Park, will include up to five flex/light industrial buildings totaling 271,450 square feet. Properties will range from 28,800 to 84,700 square feet and feature 18-foot clear heights, with leasable bays starting at approximately 3,300 square feet.
“In addition to being situated in a highly amenitized area, the park is conveniently located near I-540, Route 64 and I-87, which will serve office and warehouse users seeking access to major transportation routes,” added Wallace.
“We are excited to welcome Merritt Properties to Knightdale. The town’s tremendous growth has fueled the need for more flex space to accommodate many of our growing local businesses,” said Chris Hills, Knightdale’s development services director. “Merritt’s investment underscores the strength and desirability of the Knightdale market, and we look forward to construction beginning soon.”
Merritt owns 736,740 square feet of flex/light industrial product across two developments in the Triangle area. The company’s first project, Merritt TW Crossing in Durham, delivered its first building in December and the remaining three buildings are slated to deliver this quarter. Merritt Capital Business Park is under construction in Wake Forest with an expected fourth quarter 2021 delivery.
“We are looking forward to the next chapter in our development at this fantastic site in Knightdale. Our ground breaking is a culmination of over a year of hard work,” said Nathan Robb of Merritt Properties. “We appreciate everyone’s efforts, both from our team of consultants and from the town, working virtually and keeping forward momentum on our third development here in the Triangle. Everyone has been committed to creating a plan that will serve the community in a positive way.”
Barry Bowling of CBRE represented Merritt and Jimmy Barnes of NAI Tri Properties represented the seller in the transaction. Merritt Properties has selected NAI Tri Properties to help oversee leasing for Merritt Midway Business Park. The team will be led by Ed Brown, Jimmy Barnes and Michael Wallace.
Ed Brown, executive vice president of NAI Tri Properties, commented, “We are excited to work with Merritt Properties on this project. We have seen a market demand and lack of supply for small to mid-sized businesses that are seeking flex space for office and manufacturing or storage requirements, and Merritt Midway Business Park is going to help fill this need. It’s a great win for Knightdale’s growing community and local businesses.”
To learn more about Merritt Midway Business Park, visit www.merritt-midway.com.
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About Merritt Properties
Established in 1967, Merritt Properties is a privately held commercial real estate company with over 19 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.
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