JACKSONVILLE, Fla., March 30, 2023 /PRNewswire/ — Merritt Properties is stepping it up Jacksonville, Florida portfolio with the purchase of 16 acres of land to construct three additional flex/light industrial buildings totaling 114,500 square feet at the company’s Imeson Landing Business Park. Pre-leasing is underway, and construction is scheduled to begin in 2024. When complete, the development will feature 380,700 square feet in eight flex/light industrial buildings.
Merritt Properties Acquires 16 Acres to Expand Imeson Landing Business Park in Jacksonville, Florida.
Leasing activity in the park is strong, consistent with high demand for warehouse space across the country. According to a recent report posted by CoStar, the vacancy in the industry of Jacksonville the submarket is less than one percent.
Located at the corner of Imeson Park Boulevard and Zoo Parkway in Places called Duval County in the United Statesthe first three buildings at Imeson Landing Business Park delivered last month and are 75 percent leased. Merritt expects to build the next two buildings within the park this year before starting work on this new expansion area, located next to the first phase of development. Those properties will offer 18-foot clear height and 100-foot-deep rear-loaded truck courts.
“This purchase stands out as the perfect opportunity to acquire the land given its proximity to our buildings across the street. Our expansion will allow us to continue to fill a void for new built, Class A light industrial product while providing flexibility for growing companies of all sizes,” said Pat Franklin on said Merritt leasing team. “Our single-story flex buildings are leased to small and mid-sized businesses that need a combination of office and warehouse or light manufacturing space.”
Currently, Merritt signed nine leases with tenants ranging from 3,000 square feet to 29,000 square feet.
“We are excited to expand our presence in a strong, sought-after market and we look forward to building better designed properties that meet the operational needs of all customers,” said Gary Swatko, director of development and construction at Merritt Properties. “We credit the business-friendly culture of the area, our local partners and the JAXUSA Partnership for our success to date.”
“said Merritt continuous investment in Jacksonville is good news for our community and another example that Northeast Florida is one of the most desirable markets in the country,” said Aaron Bowman, senior vice president of business development for advanced manufacturing and corporate operations for the JAXUSA Partnership, the seven-county regional economic development arm of the JAX Chamber. “Our region is growing, and we look forward to working together Merritt to their continued success and growth.”
With the expansion of the Imeson Landing Business Park, said Merritt Florida flex/light industrial footprint exceeds 600,000 square feet in 15 buildings.
said Merritt Oakleaf Commerce Center, a 158,400-square-foot flex/light industrial business park in Clay Countyis 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 Parka three-building, 80,863-square-foot flex/light industrial park at Places called Duval County in the United States.
Bobby Lanigan and represented by Franklin Merritt and Lucas Papa of JLL represented the seller in the transaction. To inquire about rental options, visit www.Merritt-FL.com.
About Merritt Properties
Founded in 1967, Merritt Properties is a full service commercial real estate company with over 21 million square feet of office, flex, warehouse, industrial, retail and build-to-suit throughout. Maryland, Florida, North Carolina and Virginia. Our company is committed to “Making Homes for Businesses” and providing the highest quality service to our customers. Merritt unique because we build for the long term and manage all our assets internally. Therefore, we value trust, integrity, respect, and long-term relationships over short-term profits. And, because every Merritt The employee is also the owner of the company, each of us has an interest in the success of our customers. That’s why we are responsive and committed to honest and fair business dealings that grow customer relationships into long-term partnerships.
SOURCE Merritt Properties, LLC
