Merritt Properties is underway on a four-building expansion of the Crescent Business Center near Ashland. The new facilities’ roofs are highlighted in orange. (Courtesy Merritt Properties)
A Baltimore-based developer is in the midst of adding onto the Hanover business park it acquired nearly three years ago.
Merritt Properties is aiming to finish a pair of new light industrial buildings at Crescent Business Center by early September, said Jamie Campbell of the company’s leasing team.
The two upcoming buildings come as the initial phase of a four-building expansion at the center at 10390 Lakeridge Parkway and just northwest of I-95’s interchange with Sliding Hill Road.
One of the initial buildings, a 32,400-square-foot structure, is nearly leased up already.
Minnesota-based Agiliti, a medical equipment supply and management firm, has signed on for 18,000 square feet, and Maryland-based CB Flooring has leased 10,000 square feet in the same building, according to a Merritt news release. Both companies already have a presence in the Richmond region.
Campbell said last week that Merritt was in discussions with additional companies to fill out a separate 72,000-square-foot building that’s also being built in phase one, but didn’t have any tenants to announce yet.
The phase-one buildings are expected to be delivered this summer and move-in ready by Sept. 1, Campbell said. He declined to share the expansion’s construction cost or how it was being financed.
Balzer and Associates is handling engineering work for the project. Merritt is serving as its own general contractor and is handling the project’s architectural design.
The expansion would be rounded out by a 39,600-square-foot building and a 55,300-square-foot facility, per the leasing flyer. The project broke ground in February.
The expansion is expected to largely fill out 19 acres of undeveloped land that is part of Crescent Business Center, which Merritt bought for $41 million from Thalhimer Realty Partners in August 2022. Campbell said one more building could potentially be built on the site, but there weren’t currently plans to do so.
The new buildings would add nearly 200,000 square feet of space to the development, according to a leasing flyer. Merritt’s project announcement in March described a higher total square footage for the expansion, but the building dimensions were later adjusted, Campbell said.
Currently, the park has five buildings that total more than 260,000 square feet. Active tenants there include HVAC supplier Trane and tool and machinery firm Sunbelt Rentals, among others.
Crescent Business Center caters to light industrial users, and the new buildings will likewise target such tenants with features like 20-foot and 24-foot clear heights and shallow bays. Campbell said light industry space is in short supply in the Richmond market, and that Merritt was bullish on its ability to fill out the project despite broader economic headwinds.
“We’ve always been excited about the Richmond market and have always seen its potential. It continues to have very limited small-bay, light industrial products. Very few people are building what we build,” Campbell said.
Graham Stoneburner and Scott Douglas of Thalhimer handle leasing at the center. Thalhimer manages the property.
As Merritt moves forward with the expansion of its Hanover center, which is currently its only property in the Richmond region, the company is also planning a smaller project in Henrico.
Merritt wants to build a roughly 140,000-square-foot, two-building development for light industrial and retail uses in eastern Henrico. The company acquired the 14-acre project site for $2 million in late 2023, per online land records. Campbell said a groundbreaking date for the Henrico project hasn’t been set yet.
Merritt has more than 21 million square feet of commercial space located in Maryland, Virginia, North Carolina and Florida.
Merritt Properties is underway on a four-building expansion of the Crescent Business Center near Ashland. The new facilities’ roofs are highlighted in orange. (Courtesy Merritt Properties)
A Baltimore-based developer is in the midst of adding onto the Hanover business park it acquired nearly three years ago.
Merritt Properties is aiming to finish a pair of new light industrial buildings at Crescent Business Center by early September, said Jamie Campbell of the company’s leasing team.
The two upcoming buildings come as the initial phase of a four-building expansion at the center at 10390 Lakeridge Parkway and just northwest of I-95’s interchange with Sliding Hill Road.
One of the initial buildings, a 32,400-square-foot structure, is nearly leased up already.
Minnesota-based Agiliti, a medical equipment supply and management firm, has signed on for 18,000 square feet, and Maryland-based CB Flooring has leased 10,000 square feet in the same building, according to a Merritt news release. Both companies already have a presence in the Richmond region.
Campbell said last week that Merritt was in discussions with additional companies to fill out a separate 72,000-square-foot building that’s also being built in phase one, but didn’t have any tenants to announce yet.
The phase-one buildings are expected to be delivered this summer and move-in ready by Sept. 1, Campbell said. He declined to share the expansion’s construction cost or how it was being financed.
Balzer and Associates is handling engineering work for the project. Merritt is serving as its own general contractor and is handling the project’s architectural design.
The expansion would be rounded out by a 39,600-square-foot building and a 55,300-square-foot facility, per the leasing flyer. The project broke ground in February.
The expansion is expected to largely fill out 19 acres of undeveloped land that is part of Crescent Business Center, which Merritt bought for $41 million from Thalhimer Realty Partners in August 2022. Campbell said one more building could potentially be built on the site, but there weren’t currently plans to do so.
The new buildings would add nearly 200,000 square feet of space to the development, according to a leasing flyer. Merritt’s project announcement in March described a higher total square footage for the expansion, but the building dimensions were later adjusted, Campbell said.
Currently, the park has five buildings that total more than 260,000 square feet. Active tenants there include HVAC supplier Trane and tool and machinery firm Sunbelt Rentals, among others.
Crescent Business Center caters to light industrial users, and the new buildings will likewise target such tenants with features like 20-foot and 24-foot clear heights and shallow bays. Campbell said light industry space is in short supply in the Richmond market, and that Merritt was bullish on its ability to fill out the project despite broader economic headwinds.
“We’ve always been excited about the Richmond market and have always seen its potential. It continues to have very limited small-bay, light industrial products. Very few people are building what we build,” Campbell said.
Graham Stoneburner and Scott Douglas of Thalhimer handle leasing at the center. Thalhimer manages the property.
As Merritt moves forward with the expansion of its Hanover center, which is currently its only property in the Richmond region, the company is also planning a smaller project in Henrico.
Merritt wants to build a roughly 140,000-square-foot, two-building development for light industrial and retail uses in eastern Henrico. The company acquired the 14-acre project site for $2 million in late 2023, per online land records. Campbell said a groundbreaking date for the Henrico project hasn’t been set yet.
Merritt has more than 21 million square feet of commercial space located in Maryland, Virginia, North Carolina and Florida.