Just off a busy traffic corridor 30 miles southwest of Washington, D.C., lies the city of Manassas, Va. Best known as the site of the first major battle of the American Civil War, with this geographic market’s current industrial-bulk storage vacancy rates of less than 3 percent and its close proximity to the highly-dense markets of Virginia, Maryland and D.C., Manassas is a highly sought-after location for light industrial developments.
Within Manassas is an undeveloped plot of land that is the site of one of CIRI’s latest major real estate investments. Once completed, the six-building, 596,900-square-foot Merritt I-66 Business Park will be a light-industrial/bulk warehouse development conveniently located along Interstate 66, the busy commuter freeway that runs between Middletown, Va., and Washington, D.C. The project is a joint venture between CIRI Land Development Company (CLDC) and Merritt Properties (Merritt), a development firm with integrated construction and property management services headquartered in Baltimore, Md. Established 50 years ago, Merritt manages more than 16 million square feet of office space in 70-plus locations – more than any other privately-held developer in the Baltimore/D.C. area.
The project site was purchased by Merritt in June 2015, and CLDC entered the investment in March 2017. Work crews are currently focused on mass grading and utility work to prepare for the phased construction of the planned buildings. Construction of the first two buildings will commence this summer, and completion of the first phase is expected later in 2017.
“Investing in the Business Park addresses CIRI’s goal of diversification, both geographically and by property type,” said CIRI’s Chad Nugent, vice president, Real Estate. “The strength of this market segment positions us well for strategic growth. It’s part of an investment strategy to grow shareholder dividends – CIRI’s No. 1 priority.”
Merritt is overseeing all site and building construction, leasing, marketing and ongoing property management; CLDC serves as an equity partner. For more information on Merritt Properties, visit www.merrittproperties.com.