Ashburn, VA, Jan. 25, 2021 (GLOBE NEWSWIRE) -- Merritt Properties, a full-service commercial real estate developer with over 17 million square feet of space throughout Maryland, North Carolina and Virginia, has successfully closed and acquired 28 acres of land in Stafford County, Va. With historically low vacancy rates within its existing light industrial portfolio, as well as increasing demand for the product along the I-95 corridor south of Washington, DC, Merritt at Austin Ridge will be the developer’s second speculative, light industrial project in the market. Construction is expected to begin this summer.
Located off I-95 at the Route 630/Courthouse Road exit, Merritt at Austin Ridge will feature up to five single-story buildings ranging from 54,500 to 113,775 square feet. To accommodate the market’s diverse warehouse, manufacturing and distribution requirements, the park will offer clear heights from 18 to 32 feet, as well as traditional rear-loaded docks, drive-in capabilities, I-95 visibility and free surface parking. Site plans are still being finalized.
In keeping with the robust growth of light industrial real estate in many areas across the country, Virginia is seeing demand for this product spreading south along the I-95 corridor, positioning Stafford County for tremendous growth. Merritt at Austin Ridge, situated across from Embrey Mill Town Center, is surrounded by planned residential, retail, service, hospitality and office projects. In preparation for the area’s anticipated growth, transportation infrastructure enhancements are already underway, including the runway expansion at Stafford Regional Airport and a $565 million I-95 express lane extension project, scheduled to be completed in late 2022.
“Merritt Properties again confirms their confidence in Stafford County’s location, workforce, and value for commercial investment,” stated Supervisor Gary Snellings, Hartwood District. “We look forward to continuing Merritt’s record of success as we welcome new businesses, professional services, and commercial enterprise to the new Merritt at Austin Ridge park.”
Merritt began actively pursuing opportunities in Stafford County in 2019. In October 2020, the developer broke ground on its first project in the county, Merritt Business Park at Quantico Corporate Center, a two-building flex/light industrial project. The site will feature 171,000 square feet along the I-95 corridor, directly adjacent to the Marine Corps Base Quantico. The location offers a strong local workforce, tremendous access to transportation systems and an extensive fiber-optic network.
Both parks are designed to cater to a diverse industry base, including government contractors, distribution centers, manufacturing, and service providers.
“We’re excited to expand our footprint in Stafford County, where the business-friendly climate offers solid economic fundamentals,” said Scott Longendyke of Merritt’s Virginia office. “Strong development in the area, coupled with consistent leasing activity at Merritt Business Park at Quantico Corporate Center, propelled this development forward.”
Merritt at Austin Ridge pre-leasing is underway, and delivery is expected to occur during the second quarter of 2022. Construction will be managed by Merritt Construction Services, the construction division of Merritt Companies.
To learn more about Merritt at Austin Ridge, visit www.MerrittAustinRidge.com .
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About Merritt Properties
Established in 1967, Merritt Properties owns the largest privately held commercial real estate portfolio in the region, with 17 million square feet of Class A office, flex, warehouse, industrial, retail and build-to-suit throughout Maryland, North Carolina 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.
About Merritt Construction Services
Merritt has been providing site development, general construction, redevelopment and interior build-outs for over 50 years. Whether serving as a general contractor, construction manager or design-builder, Merritt Construction Services offers full-service construction capabilities through all phases of development, from feasibility to commissioning. Merritt’s highly skilled construction team has completed a comprehensive roster of customized projects, including corporate campuses, food processing facilities, LEED-certified green buildings, schools, manufacturing facilities and retail centers. For more information, visit www.merrittconstruction.com.
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