Merritt Properties to Develop Business Park in DC Metro Area
The firm acquired 15 acres at Quantico Corporate Center, with plans to construct two flex industrial assets totaling 162,600 square feet.
STAFFORD COUNTY VA – Merritt Properties has closed and acquired 15 acres of land within the Quantico Corporate Center in Stafford County, VA. The firm plans to develop flex industrial product on the property.
Located 25 miles south of the Washington Capital Beltway, the land is situated directly adjacent to the Marine Corps Base Quantico, along I-95.
Merritt Properties intends to cater to the market’s demand for class-A, light industrial assets, by delivering product for a diverse industry base of government contractors, distribution centers, manufacturing and service providers. Adding new buildings to the area, aiming to attract new customers, the firm will construct class-A, flex-style buildings, designed to complement the existing properties in the park.
The Merritt Business Park at Quantico Corporate Center will feature two single-story flex/light industrial buildings, encompassing 162,600 square feet. Construction for the property will be managed by Merritt Construction Services, while pre-leasing for the business park has already commenced. The expected completion date for the site is fall 2020.
The Quantico Corporate Center, developed by Silver Companies, is a class-A business park. The campus hosts technology companies, defense companies, the US government and undergraduate and graduate-level academic programs. The site is also home to two hotels and numerous restaurants.
Merritt Properties has identified the I-95 corridor as its next growth market; focusing on Stafford County as an opportunistic, business-friendly community. The acquisition follows the firm’s recent projects in the Loudoun and Prince William counties.
Coldwell Banker Commercial Elite’s Cameron Coleman represented Merritt Properties on the acquisition.
Merritt Properties, established in 1967, is a full-service commercial real estate development company. The firm currently owns more than 16 million square feet of class-A office, flex, warehouse, industrial, retail and build-to-suit space throughout Maryland and Virginia. The firm offers services in leasing, property development, property management and financing.