Merritt Properties Acquires Land for Seventh North Carolina Development, Announces 42 Crossing Development

Three Light Industrial Buildings Expected to Deliver in 2023

 

DURHAM, NC. (July 13, 2022) – Merritt Properties, a Baltimore-based full-service commercial real estate development company with over 19 million square feet throughout Maryland, Virginia, Florida and North Carolina, announced today that it has acquired 22 acres to build a three-building, light industrial business park in Garner, North Carolina.

This project, to be called 42 Crossing, will mark Merritt Properties’ seventh light industrial ground-up development since expanding to North Carolina in 2020. Situated in Johnston County, the land was purchased for $2.9 million.

The development will include three light industrial buildings totaling 212,400 square feet. The three buildings will consist of 78,000 square feet, 105,600 square feet and 28,800 square feet of space. Clear heights will vary from 18 to 20 feet. Leasable bays will start at 1,800 square feet, with one building offering approximately 16 single-bay warehouses for start-ups and smaller businesses.

“We are thrilled to expand into the rapidly growing Johnston County market and to fulfill the area’s significant demand for light industrial product,” said Jordan Holt of Merritt Properties. “With leasable bays of varying size, these three buildings will allow us to serve a diverse mix of business users and their specific requirements. In particular, we’re confident that our single-bay warehouses will provide a unique opportunity to create incubator space for new companies and support growing businesses throughout the community.” 

"In report after report, Johnston County has been identified as the fastest-growing county in North Carolina, and all economic indicators show that this growth will not slow down anytime soon," said Chris Johnson, Director of Johnston County Economic Development. “Part of the Raleigh, Wake and Triangle region, Johnston County’s industrial market is currently close to 100% occupancy. This is why we’re thrilled to hear that Merritt Properties will be developing additional light industrial space to meet the needs of local businesses and their facility requirements. I am confident that Merritt will find immediate success as they support our thriving economy and provide high-paying, quality jobs in our community.”       

Including 42 Crossing, Merritt has more than 2 million square feet of light-industrial space that is developed, proposed or under construction across seven projects in the Triangle area. The company’s first project, Merritt TW Crossing in Durham, opened a year ago. Merritt Capital Business Park in Wake Forest delivered its first two buildings in early 2022. Merritt Midway Business Park is under construction in Knightdale with an expected third quarter 2022 delivery. Merritt's other projects in the area, including North Chapel Business Center in Chapel Hill, RDU Business Park in Morrisville, and 7771 Alexander Town Boulevard in Raleigh, are in various stages of development and pre-leasing is underway.

“We have been targeting the Johnston County market ever since our arrival in the Triangle in 2020,” said Nathan Robb of Merritt Properties. “It’s refreshing to work with such a great group of people from the county as well as our local partners to be able to bring this development to market.”

Karah McConnell of Lee & Associates represented the seller in the transaction.

To learn more about 42 Crossing, visit www.merritt-42.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, 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.