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The growing industrial portfolio provides further growth opportunities in the Richmond market
Baltimore, August 23, 2022 /PRNewswire/ – Merit Properties today announced the acquisition of Christian Business Center Ashland, Virginiab 41.3 million dollars. The project includes five existing Grade A industrial buildings on ± 20 acres plus an additional ± 19 acres for new development opportunities to meet the market’s demand for warehousing and distribution space. Merritt acquired the park from Crescent Business Center LC, Thalhimer Realty Partners, Inc. It is development.
Aerial photo of the Crescent Business Center in Ashland, VA
“With this acquisition, we implement our strategy to expand our presence in strategic growth markets from the Mid-Atlantic to the Southeast,” he explained. Scott DorseyCEO of Merritt Properties. “Crescent Business Center provided us with an excellent opportunity to establish our presence in Richmond with high-quality existing properties, a strong tenant base and additional shallow bay industrial development.”
It is ten miles north of downtown on I-95. RichmondThe development currently includes five shallow industrial buildings totaling 262,256 SF. At 100% occupancy, current tenants include Trane US, Electronic Systems, Motion Industries and Sunbelt Rentals. Richmond’s industrial market is one of the strongest in the Mid-Atlantic, with a 95% occupancy rate combined with a 10% increase in rental income over the past 12 months. Key market drivers include access to a strong interstate transportation system as well as proximity NorfolkThe sixth largest port in the US
Eric Robison of Cushman and Wakefield | The Thalheimer Capital Markets Group handled the sale negotiations on behalf of the seller. Well located, high quality industrial properties in Richmond It continues to be highly sought after by investors. Despite the headwinds in the economy, demand for Crescent Business Center was exceptionally competitive, with several offers from groups bringing new capital to the market. Merit’s performance on this transaction was first rate, and we welcome them back Richmond“Comments Eric Robison.
Graham Stoneburner and R. Scott Douglas, SIOR, along with Talhimer, were named exclusive leasing agents for Crescent Business Center on behalf of Merritt Properties. Thalhimer’s Commercial Property Services Group oversees Crescent Business Center’s property management. Jason CrowderACoM, Senior Portfolio Manager has been named as the portfolio manager for the centre.
About Merritt properties
Founded in 1967, Merritt Properties is a privately held commercial real estate company with more than 19 million square feet of Class A office, flex, warehouse, industrial, retail and build-to-suit properties. Maryland, North Carolina, Florida And Virginia. Capabilities include leasing, property development and management, and financing. Merritt Properties is committed to creating “Homes for Business” and providing high quality service to its clients. For more information, visit www.merrittproperties.com.
About Cushman and Wakefield | Thalheimer
Thalheimer was founded in 1913 and currently has offices Richmond, Newport News, Virginia Beach, Fredericksburg, Roanoke, CharlottesvilleAnd Lynchburg, Va. The company has approximately 100 brokerage professionals and employs more than 425 associates. Thalhimer represents clients with a real estate portfolio of over 55 million leasable square feet and over 30 million square feet of commercial property under management and over 10,000 multifamily units. In the year In 2021, Thalheimer completed more than 2,300 transactions in transaction volume. 2.2 billion dollars. Thalhimer is the region’s leading provider of comprehensive commercial real estate services. The firm provides comprehensive commercial real estate services, including corporate services, investment sales, tenant representation, project management, property management, and the sale and lease of office, industrial and retail properties. To learn more, visit www.thalhimer.com or follow @Thalhimer on Twitter.
Independently owned and operated / Member of Cushman & Wakefield Alliance
About Cushman and Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that provides exceptional value to real estate owners and occupiers. Cushman & Wakefield is one of the largest real estate services firms with more than 400 offices and approximately 50,000 employees in approximately 60 countries. In 2021, the company had revenue. 9.4 billion dollars Core services in property, facilities and project management, leasing, capital markets, and appraisal and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Source Merritt Properties, LLC
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