2C — May 27 - June 9, 2016 — Industrial / Distribution Centers — M id A tlantic
Real Estate Journal
www.marejournal.com
I ndustrial R eal E state & D istribution C enters Activity brings Merritt to a 92% overall occupancy rate, highest in last five years Merritt Properties sees strong commercial leasing activity for the first quarter of 2016 B flex and industrial product in the Loudoun County portfolio and Baltimore County East industrial submarket.
industrial use accounted for the majority of transactions, with 129,781 s/f in new leases and 321,759 s/f of renewals and expansions. Merritt closed several large leases within this quarter including: • 125,400 s/f renewal with Vytex Corporation, a full-ser- vice window and door manu- facturer, • 93,285 s/f renewal/expan- sion with Black &Decker, Inc., a manufacturer of power-tools, hardware, and other home im- provement accessories, • 24,000 s/f new lease with Fidelity Engineering, Inc., a HVAC technician company, • 21,600 s/f renewal/expan- sion with East Coast Dyes, Inc., who produces and sells lacrosse mesh, stringing, and related sports apparel, • 12,500 s/f new lease with Charm City Hospitality, LLC, an event management and concession company, • 12,360 s/f new lease with Humanim, Inc., a non-profit organization focused on work- force development for indi- viduals with disabilities. MCS , Merritt’s construction division, is completing all of the necessary renovations and interior build-outs for these projects. Established in 1967, Mer- ritt Properties is the largest privately held commercial real estate firm in Maryland, with nearly 16 million s/f of class A office, flex, warehouse, indus- trial, retail and build-to-suit in the Baltimore/Washington area. n a section of the MARE Real Estate Journal P.O. Box 26, Accord, MA 02018 781-871-5298 • 800-584-1062 fax 781-871-5299 www.marejournal.com Publisher/CEO Linda Christman lchristman@marejournal.com Publisher Alissa Aronson Aaronson@marejournal.com Publisher Barbara Holyoke Bholyoke@marejournal.com Section Editor Julie King editor@marejournal.com Industrial R.E. & Distribution Centers
ALTIMORE, MD — Merritt Properties , a full-service commercial real estate firm in Maryland and Northern Virginia, ended the first quarter of 2016 with 41 new leases totaling 189,850 s/f, plus 72 renewal and expan- sion deals totaling 772,886 s/f. This translated to an overall absorption of 298,547 s/f. During the quarter, Merritt was at pace, or outpaced, the market in almost every sub- market in which they have a presence, with the healthiest absorption occurring among office product in the Columbia North and South submarkets,
This strong activity brought Merritt to a 92% overall occu- pancy rate, with 22 buildings achieving 100% occupancy. This represents the company’s highest occupancy rate in the past 5 years, and is about 3% higher than the market average. Merritt Properties’ activity dealt with all sectors of busi- ness, from food & beverage production to technology com- panies to manufacturing and warehousing. However, light
Merritt’s Beaumeade Corporate Park, Ashburn, VA
ELDERSBURG BUSINESS CENTER
NOW AVAILABLE
500,000 square feet of bulk-warehouse available in Carroll County • Two buildings with 350,000 SF and 162,000 SF of bulk warehouse. • Located at Route 32 on Progress Way, minutes to I-70 • Easy access to Route 26, Route 32, I-695 & I-70 • 24’ & 28’ clear with ESFR sprinkler system • 277/480 volt electrical service, 3-phase, 4-wire service • Carroll County, IR zoning: office, manufacturing, warehousing/distribution • Ample car & trailer parking • Yard storage available
MD: 410.298.2600 VA: 703.858.2725 www.merrittproperties.com
1470 & 1533 Progress Way Eldersburg, MD
MERRITT PROPERTIES — CREATING HOMES FOR BUSINESSES SINCE 1967 ®
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