Merritt Properties, a full-service commercial real estate developer with over 19 million square feet of space throughout Maryland, North Carolina, and Virginia, has announced its expansion to Jacksonville, Fla.
The developer has purchased a 25-acre tract of land to build 266,200 square feet of light industrial space at Imeson Landing Business Park. The company has also acquired an existing three-building light industrial portfolio known as Magnolia Park. This represents Merritt Properties’ first venture into the state of Florida.
“Jacksonville became a desirable location due to the area’s pro-growth business culture, low vacancy rates, advanced transportation and logistics, and fast-growing communities,” said Robb Merritt, president of Merritt Properties. “These acquisitions allow us to expand into a strong market while responding to demand for single-story, light industrial product.”
Imeson Landing Business Park will consist of five light industrial buildings ranging from 39,000 to 69,000 square feet. The 25-acre tract of land is centrally located in North Jacksonville’s Duval County, between Jacksonville International Airport and the Jacksonville Port Authority, less than two miles to I-95 and four miles to the I-95/I-295 interchange.
Pre-leasing is underway, and delivery is expected to occur during the third quarter of 2022.