- September 9, 2014
- Press Releases
Merritt to Construct Speculative Building Across from One Loudoun
Merritt Properties is pleased to announce that construction has begun on 20700 Loudoun County Parkway, a speculative 72,900-square-foot flex industrial building in Ashburn, Virginia.
Located at the intersection of Loudoun County Parkway and Marblehead Drive, across from One Loudoun, the building will feature 20-foot clear ceiling heights with typical bay sizes of 2,700 and 3,300 square feet. Building uses will vary from distribution to recreational, to medical care and educational. Merritt expects the project to be completed by January 2015.
“The fact that Merritt Properties has the confidence to build spec flex space now is a great sign of a healthy outlook for the Loudoun market,” said the Chairman of the Loudoun County Board of Supervisors, Scott York.
A recent surge of data center demand and a lack of Class A flex product in Loudoun County have allowed the $10 million project to move forward. In fact, the light industrial market has experienced significant absorption since late 2009, with vacancy rates falling from 25% to a current rate of only 12%. And, over the past four years the light industrial market in the 28 North region of Loudoun County has realized an average of 437,000 square feet per year of transactions.
Data centers have been a significant contributor to much of this activity, and it is anticipated that they will continue to absorb larger blocks of light industrial space in an already tight market, generating demand for additional space.
Beyond data centers, this location also offers key benefits to residential service providers and retail showroom businesses. Located across the street from the One Loudoun mixed-use development, the building will offer tremendous visibility along Loudoun County Parkway as well as walking-distance proximity to 700,000 square feet of new retail amenities and residential development.
“While the economy has certainly forestalled many commercial developments, the business-friendly mindset of Loudoun County has enabled Merritt to move forward on this project, confident that the county will continue to be supportive of us as well as our future tenants,” said Merritt Properties CEO Scott Dorsey. “We are grateful for their understanding of the critical role that private business plays in job creation and the overall economic health of the state."
This building will be the fifth Merritt development in Virginia and is specifically modeled after Beaumeade Corporate Park, a six-building flex industrial business park, totaling 472,913 square feet on Guilford Drive. Merritt’s additional developments include Ashbrook, Loudoun Tech Center and University Center.
About Merritt Properties
As a full-service commercial real estate development firm with more than 45 years of experience, Merritt Properties owns and manages the largest privately held commercial real estate portfolio in the Baltimore/Washington area. Since 1967, the company has focused on creating “homes for businesses” by building long-term customer relationships along with 16 million square feet of Class A office, flex, warehouse, distribution, retail and build-to-suit properties throughout Maryland and Northern Virginia. Over the past 10 years, Merritt Properties has also emerged as a regional leader in green building with an expansive roster of LEED projects that include new construction, redevelopment, commercial interiors and building retrofits. Additionally, Merritt Properties is committed to supporting to the communities in which it builds, consistently listed among the most philanthropic companies in Baltimore.