Merritt Expands in Jacksonville With Industrial Purchase

The company cites "increasing demand" for light industrial.

Merritt Properties is giving a boost to its Jacksonville, Florida portfolio by purchasing an industrial park for an undisclosed price.

The 200,000-foot square space features five buildings. Known as Merritt at Gate Parkway, the space is leased to tenants including DB Structured Products and MMI. It’s unclear what the exact occupancy rate at the site is and if there are other tenants as well.

The industrial park, located at 5022 Gate Parkway, offers leases that start at 3,500 square feet. Also, it comes with 14-foot clear sites and ample parking.

Previously, Merritt at Gate Parkway transitioned into a single-story office layout. However, by buying the five properties, the company will convert it into a Class A light industrial space due to “increasing demand” for the asset class, Merritt said.

The CRE firm also has plans underway to improve the setting of the property by upgrading facilities and implementing drive-in docks.

“Merritt at Gate Parkway represents a tremendous opportunity for us to restore top-tier industrial space in a high-demand area,” Gary Swatko of Merritt Properties, said in a statement.

“The potential for redevelopment is vast, and we’re eager to transform this site into a modern, thriving industrial hub. This acquisition is a key component of our strategy to support Jacksonville’s economic growth by providing the essential infrastructure businesses need to succeed.”

Southside Duval County, where the buildings are located, maintained a light industrial vacancy rate that was under three percent, as of the time of the acquisition, according to Merritt.

Currently, in Jacksonville, Merritt’s portfolio contains more than 500,000 square feet of light industrial property. The company is working on expanding its Imeson Landing Business Park industrial project by adding three more buildings. Currently, the site has five buildings. Also, it plans to start the development of Oakleaf Commerce Center in Clay County, in the future.

Along with industrial, Merritt owns real estate assets in office and retail as well. In total, it operates over 21 million square feet of property.