- January 4, 2022
- Press Releases
Merritt Properties Announces North Chapel Business Center Development
Chapel Hill Flex/Light Industrial Project Expected to Deliver in 2023
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 19.6 acres to build a two-building, flex/light industrial business park in Chapel Hill, North Carolina.
This project will mark Chapel Hill’s only flex/light industrial construction development on the horizon. Situated off Millhouse Road in Orange County, the land was purchased for $2.3 million.
“We are excited to strengthen Merritt Properties’ Triangle presence with our expansion into Chapel Hill,” said Keith Wallace of Merritt Properties. “The town’s flex/light industrial market represents great potential. There is increasing demand for our product type given the area’s residential and mixed-use growth.”
The development, known as North Chapel Business Center, will include two flex/light industrial buildings totaling 116,300 square feet. The first building will comprise 61,700 square feet, and the second building will offer 54,600 square feet. Both will feature 18-foot clear heights, with leasable bays starting at 2,400 square feet.
“The park is conveniently located just west of Interstate 40 and Highway 86, which will serve office and warehouse users seeking access to major transportation routes,” added Wallace.
“In 2017, Town Council created the 60-acre Millhouse Road Enterprise Zone to attract light industrial and research companies to Chapel Hill and to help us diversify our tax base,” said Chapel Hill Mayor Pam Hemminger. “Merritt Properties’ decision to create new flex space on Millhouse Road fully aligns with our strategic goals for the area and will bring new jobs and revenues to Chapel Hill.”
Merritt has more than one million square feet of land that is developed, proposed or under construction across four projects in the Triangle area. The company’s first project, Merritt TW Crossing in Durham, opened a year ago and is nearly 80 percent leased. Merritt Capital Business Park is under construction in Wake Forest with an expected first quarter 2022 delivery. Merritt Midway Business Park is under construction in Knightdale with an expected second quarter 2022 delivery.
“North Chapel Business Center brings a promising opportunity to our team in North Carolina. The special zoning, championed by Mayor Hemminger, provides a unique economic opportunity and allows us to fulfill a demand for the town and local businesses in Chapel Hill,” said Nathan Robb of Merritt Properties.
Les Pearce of Dillion Commercial represented Merritt and Carol Small of Brokers Unity Realty represented the seller in the transaction.
To learn more about North Chapel Business Center, visit www.merritt-ncbc.com