Sign In
Free Newsletter
Merritt Properties expands commercial land presence in Florida
//March 31, 2023
Baltimore-based commercial real estate firm Merritt Properties is growing its Jacksonville, Florida, portfolio with the purchase of 16 acres of land to build three additional flex/light industrial buildings totaling up to 114,500 square feet at the company’s Imeson Landing Business Park.
Pre-leasing is underway and construction is scheduled to start in 2024. Once complete, the development will feature 380,700 square feet across eight flex/light industrial buildings.
Leasing activity at the park has been strong, in alignment with high demand for warehouse space across the country. According to a recent report posted by CoStar, industrial vacancy in the Jacksonville submarket is less than 1%.
Situated at the corner of Imeson Park Boulevard and Zoo Parkway in Duval County, the first three buildings at Imeson Landing Business Park delivered last month and are already 75% leased. Merritt anticipates constructing the next two buildings within the park this year before starting work on this new expansion area, which sits adjacent to the first phase of development. Those properties will offer 18-foot clear heights and 100-foot-deep rear-loaded truck courts.
So far, Merritt has signed nine leases with tenants ranging from 3,000 square feet to 29,000 square feet.
With the expansion of Imeson Landing Business Park, Merritt’s Florida flex/light industrial footprint will surpass 600,000 square feet over 15 buildings.
Merritt’s Oakleaf Commerce Center, a 158,400-square-foot flex/light industrial business park in Clay County, is under site plan review with the county, and the developer hopes to deliver the first building before the end of 2023. The company also owns and manages Magnolia Park, a three-building, 80,863-square-foot flex/light industrial park in Duval County.
Bobby Lanigan and Franklin represented Merritt and Luke Pope of JLL represented the seller in the transaction.
s
