Merritt Properties, a full-service commercial real estate developer with over 16 million square feet of space throughout Maryland and Virginia, has announced the acquisition of a 51-acre site in Durham for a 282,400 square foot light industrial park.
The business park, named Merritt TW Crossing, will include four light industrial buildings, ranging from 36,120 to 106,100 square feet at the corner of TW Alexander Drive and S. Miami Boulevard at 3100 S. Miami Boulevard in Durham.
“The Research Triangle region represents a strategic growth market for our company,” said Robb Merritt, president of Merritt Properties. “Not only is it one of the fastest-growing areas in the U.S., the region features strong fundamentals such as positive job growth, an expanding population base and a highly educated workforce.”
The site is adjacent to Research Triangle Park, one of the nation’s largest and most successful research and development centers – approximately eight miles from Raleigh-Durham International Airport and downtown Durham, 18 miles from downtown Raleigh, and within close proximity to I-40, I-540, US-70 and NC-147.
“Our light industrial buildings will support a variety of businesses who are in search of a combination of office, manufacturing or warehouse space in a premier location,” Keith Wallace of Merritt Properties’ leasing team said in a press release.
The development will have frontage and roadside visibility along TW Alexander Drive and S. Miami Boulevard, which attracts more than 100,000 vehicles per day. Buildings will offer 18 to 24-foot ceiling heights, 110 to 180-foot truck courts, dock-high and drive-in doors, and free surface parking.
“As Merritt Properties expands into the North Carolina market, we are thrilled they have chosen Durham and the Research Triangle region for their first project,” said Geoff Durham, president and chief executive officer of The Greater Durham Chamber of Commerce.
“The Merritt TW Crossing project fills an immediate need for light industrial, manufacturing and warehousing space to accommodate those expanding industries that support the growth we are seeing in Durham,”
Pre-leasing is underway and groundbreaking for the project will take place this spring, with delivery expected to occur fourth quarter 2020. Construction will be managed by Merritt Construction Services, the construction division of Merritt Companies.
CBRE|Raleigh’s Industrial & Logistics is the leasing partner for Merritt TW Crossing.