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Merritt Properties acquires Crescent Business Center for $41.3M
//August 23, 2022
Baltimore-based Merritt Properties Tuesday expanded its reach into the Richmond, Virginia area with the purchase of the Crescent Business Center for $41.3 million.
The cemter in in Ashland, Virginia includes five existing Class A industrial buildings situated on close to 20 acres, as well as an additional nearly 19 acres for new development opportunities for warehouse and distribution space.
Merritt acquired the park from Crescent Business Center LC, a Thalhimer Realty Partners, Inc. development.
Baltimore-based Merritt Properties expands its commercial real estate footprint into the expanding Richmond, VA, market.
Situated along Interstate 95 and 10 miles north of downtown Richmond, the development currently includes five shallow-bay industrial buildings totaling 262,256 square feet. With 100% occupancy, current tenants include Trane U.S., Electronic Systems, Motion Industries and Sunbelt Rentals.
The Richmond Industrial market is one of the strongest performing 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 robust interstate transportation system as well as proximity to Norfolk, Virginia, the sixth largest port in the U.S.
Eric Robison of Cushman & Wakefield | Thalhimer’s Capital Markets Group handled the sale negotiations on behalf of the seller. Graham Stoneburner and R. Scott Douglas, SIOR, also with Thalhimer, have been named exclusive leasing representatives for Crescent Business Center on behalf of Merritt Properties. Thalhimer’s Commercial Property Services Group will be handling the property management of Crescent Business Center; Jason Crowder, ACoM, Senior Portfolio Manager has been named portfolio manager for the center.
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