Merritt Properties Expands North Carolina Footprint, Acquires 142 Acres to Build the Company’s Largest Flex/Light Industrial Business Park in the Region
Merritt RDU Business Park to Offer Up to 13 Buildings
Durham, North Carolina, March 16, 2022 (GLOBE NEWSWIRE) — Merritt Properties, a full-service commercial real estate firm with over 19 million square feet of space throughout Maryland, North Carolina, Florida and Virginia, has successfully acquired an assemblage of three land parcels that total 142 acres in Cary, North Carolina for the development of Merritt RDU Business Park. This marks the developer’s sixth speculative, flex/light industrial project in the state and the company’s largest North Carolina project since its 2020 expansion. Merritt RDU Business Park will span 738,750 square feet.
“This announcement reinforces our commitment to the region and our confidence in the market’s desire for flex/light industrial product,” said Keith Wallace of Merritt Properties. “Designed to cater to a diverse industry base, this 738,750-square-foot development will allow us to serve businesses of all sizes and the area’s various warehouse, manufacturing and distribution requirements.”
Located three miles from RDU International Airport and minutes from I-540, I-40, US 70, Merritt RDU Business Park will feature up to 13 single-story buildings ranging from 8,400 to 108,225 square feet. The park will offer clear heights from 18 to 32 feet, leasable bays starting at 1,500 square feet, traditional rear-loaded docks and drive-in capabilities, and free surface parking.
“I’m very appreciative and excited about the investment and commitment being made by Merritt Properties into our town to construct the largest flex/light industrial project in the region,” said Mark Lawson, president of Cary Economic Development and the Cary Chamber of Commerce. “This opportunity speaks volumes for Cary’s robust economy and the quality of the talent pool in our market. This type of product is critical and will meet the large demand we have in our community.”
Construction is expected to begin early 2023. The first phase will consist of three buildings on the western side of the site, near the corner of Nelson Road and Pleasant Grove Church Road.
Mayor Harold Weinbrecht added, “We greatly appreciate the investment being made by Merritt Properties in Cary, and we look forward to the growth in the northwest part of Cary. With RDU airport and Interstate 40 in close proximity, this will be a wonderful location for companies to move into.”
Merritt has nearly two million square feet of leasable space that is developed, proposed or under construction across 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 on 7771 Alexander Town Boulevard, a 35,200-square-foot flex/light industrial building in Raleigh, North Carolina.
The company’s first project, Merritt TW Crossing, opened in Durham a year ago and is nearing full occupancy. Merritt Capital Business Park is delivering its first two buildings in Wake Forest, and Merritt Midway Business Park is under construction in Knightdale with an expected second quarter 2022 delivery.
“The town of Cary has been great to work with and we’re excited 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 dramatic impact on job creation and economic growth as we welcome businesses to the development.”
Merritt RDU Business Park pre-leasing is underway, and delivery is expected to occur during 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 was purchased for a total of $9,000,000.
To learn more about Merritt RDU Business Park, visit www.merritt-rdu.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, Florida 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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CONTACT: Noelle Hewitt Merritt Properties 4105941552 [email protected]
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