Durham, NC, July 18, 2022 (GLOBE NEWSWIRE) -- Merritt Properties announced today that it has achieved 100 percent occupancy at Merritt TW Crossing, the commercial real estate developer’s first project in North Carolina. Peak Supply Chain Solutions, a Kentucky-based logistics supplier specializing in air freight shipments and transportation, has signed the final lease for 12,172 square feet of office and warehouse space.
“We are pleased by the overwhelming success of this business park and the team we’ve built here in North Carolina,” explained Keith Wallace of Merritt’s North Carolina office. “The real estate brokerage community has been tremendous, especially CBRE-Raleigh with their listing assistance, and Durham’s dynamic business climate has provided a place for our company and our customers to thrive. We are proud to say that 24 businesses now call Merritt TW Crossing home.”
Located in Durham, N.C., adjacent to Research Triangle Park, Merritt TW Crossing consists of four flex/light industrial buildings totaling 284,240 square feet. The park is situated on a 51-acre tract purchased by the Maryland-based developer in January 2020. Construction began in May 2020, with lease-up completed in only 26 months.
Peak joins 23 other companies in the park, representing a cross-section of industries that have driven increased demand for flex and light industrial space in the market. One of those companies, Carolina Components Group, has been rapidly expanding its physical footprint to keep up with demands from their growing biotech, pharmaceutical and cell & gene customers.
“We chose TW Crossing because of the new availability of 57,000 square feet and because of the proximity to our manufacturing facility,” said John Cooling, president of Carolina Components Group. “Merritt is clearly committed to continually developing flex space for the small- to medium-sized company in the RTP market and they are easy to work with. We are excited about this partnership and look forward to full occupancy after fit-up in January 2023.”
Merritt’s North Carolina portfolio has grown rapidly since 2020 with a total of seven flex/light industrial developments now underway:
- Merritt Capital Business Park, up to seven buildings totaling 452,500 square feet in Wake Forest.
- Merritt Midway Business Park, up to five buildings totaling 271,450 square feet in Knightdale.
- 7771 Alexander Town Boulevard, a single 35,200-square-foot building six miles from RDU.
- North Chapel Business Center, two buildings totaling 116,300 square feet.
- Merritt RDU Business Park, up to 13 buildings totaling 738,750 square feet three miles from RDU.
- 42 Crossing, three buildings totaling 212,400 square feet in Garner.
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About Merritt Properties
Established in 1967, Merritt Properties is a privately held commercial real estate company with over 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.
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