Merritt Properties Expands Presence in North Carolina, Acquires 142 Acres to Build Company’s Largest Flexible Business/Light Industrial Park in the Region
Merritt RDU Business Park will offer up to 13 buildings
Merritt RDU Business Park
Durham, NC, March 16, 2022 (GLOBE NEWSWIRE) — Merritt Properties, a full-service commercial real estate company with over 19 million square feet of space in Maryland, North Carolina, Florida and Virginia , has successfully acquired an assemblage of three parcels of land totaling 142 acres in Cary, North Carolina for the development of the Merritt RDU Business Park. This is the developer’s sixth flex/light industrial speculative project in the state and the company’s largest project in North Carolina since expanding in 2020. Merritt RDU Business Park will span 738,750 square feet.
“This announcement reinforces our commitment to the region and our belief in the market’s desire for a flexible/lightweight industrial product,” said Keith Wallace of Merritt Properties. “Designed to meet the needs of a diverse industrial base, this 738,750 square foot development will serve businesses of all sizes and the diverse warehousing, manufacturing and distribution needs of the region.
Located three miles from RDU International Airport and minutes from I-540, I-40, US 70, Merritt RDU Business Park will consist of up to 13 single-story buildings ranging from 8,400 to 108,225 square feet. The park will offer clear heights of 18 to 32 feet, rental bays starting at 1,500 square feet, traditional rear-loading docks and drive-in capabilities, and free surface parking.
“I am very grateful and excited about Merritt Properties’ investment and commitment to our city to build the largest flexible/light industrial project in the region,” said Mark Lawson, President of Cary Economic Development and the Chamber. of Commerce of Cary. . “This opportunity speaks volumes about the strength of Cary’s economy and the quality of the talent pool in our market. This type of product is essential and will meet the high demand we have in our community. »
Construction is expected to begin in early 2023. The first phase will consist of three buildings on the west side of the site, near the corner of Nelson Road and Pleasant Grove Church Road.
Mayor Harold Weinbrecht added, “We greatly appreciate the investment Merritt Properties has made in Cary, and we look forward to growth in the northwest part of Cary. With RDU Airport and Interstate 40 nearby, this will be a wonderful location for business.
Merritt has nearly two million square feet of rental space that is developed, proposed or under construction in five other projects in the Triangle area. Most recently, the developer announced North Chapel Business Center, a two-building development totaling 116,300 square feet in Chapel Hill, North Carolina, and closed at 7771 Alexander Town Boulevard, a 35,200 square foot flexible/light industrial building. in Raleigh, North Carolina.
The company’s first project, Merritt TW Crossing, opened in Durham a year ago and is almost fully occupied. Merritt Capital Business Park is delivering its first two buildings in Wake Forest, and Merritt Midway Business Park is under construction in Knightdale with delivery expected in the second quarter of 2022.
“The Town of Cary has been great to work with and we are thrilled to be part of such a vibrant business community,” said Nathan Robb of Merritt Properties. “We look forward to continuing Merritt’s record of success as we begin construction on Merritt RDU Business Park. This project will significantly expand our footprint and have a significant impact on job creation and economic growth as we welcome businesses in development.
Pre-letting of the Merritt RDU Business Park is underway with delivery expected in the fourth quarter of 2023.
In two of the three transactions, Sarah Godwin of JLL represented The Estate of James B. Wilkinson and Matt Winters of JLL represented Elbe Associates, LLC. There was no broker involved in the third transaction. The 142 acres of land were purchased for a total of $9,000,000.
To learn more about Merritt RDU Business Park, visit www.merritt-rdu.com.
About Merritt Properties
Founded in 1967, Merritt Properties is a private commercial real estate company with over 19 million square feet of Class A, flex, warehouse, industrial, retail and custom office space throughout Maryland, North Carolina, La Florida and Virginia. Capabilities include leasing, property development and management, and financing. Merritt Properties is committed to “Creating Homes for Business” and providing the highest quality service to its customers. For more information, visit www.merrittproperties.com.
CONTACT: Noelle Hewitt Merritt Properties 4105941552 [email protected]