Up to Nine Flex/Light Industrial Buildings to be Built at Former General Motors Facility
BALTIMORE, June 16, 2023 /PRNewswire/ -- Merritt Properties announced today that it has begun construction on White Marsh Interchange Park in Baltimore County, Maryland. Merritt intends to develop up to nine, one-story buildings that will total approximately 750,000 square feet to meet the growing demand for light industrial space across the region.
Three buildings offering a total of 235,900 square feet will be built during the first phase of construction. Those properties will feature 20- to 32-foot clear heights, spacious truck courts with rear-loaded docks and drive-in capabilities, and ample parking with trailer storage.
"We are excited to develop this project and support the local business community," said Scott Dorsey, chief executive officer of Merritt Companies. "Our team is seeing a surge in demand from businesses that want to locate to this area, while the supply is extremely limited. The park will have a dramatic impact on job creation and economic growth."
Located off Interstate 95 near Interstate 695 at 10301 Philadelphia Road in White Marsh, the 56-acre project sits within Merritt's Baltimore County east portfolio, which is currently 95 percent occupied.
"Our first phase will provide flex/light industrial spaces and bulk opportunities for businesses searching for 3,000 square feet to 167,000 square feet," said Whit Levering of Merritt's leasing team. "We believe White Marsh Interchange Park will help companies with their employee recruitment and retention efforts due to its sought-after location and outdoor tenant amenities, such as seating areas, a walking path and lawn games."
According to a recent report by NAIOP Research Foundation, the outlook for industrial real estate remains bright as supply chain conditions steadily improve. Specifically, total net absorption for 2023 is forecast to be approximately 310 million square feet nationwide, and full-year absorption in 2024 is forecast to be around 323 million square feet.
"Merritt Properties' investment in this dynamic redevelopment project will welcome dozens of new businesses, creating jobs for working families and bringing new opportunities to our communities," said Baltimore County Executive Johnny Olszewski. "We're excited about Merritt Properties' clear vision for the future of this site that will support economic growth in eastern Baltimore County for years to come."
Once a General Motors Baltimore Global Propulsions Systems site that opened in 2000 to produce transmissions and electric motors before it closed in 2019, the land was acquired by Merritt in 2021.
"The repurposed area is in the heart of the White Marsh business community, and this project will continue to position White Marsh as a leading commercial and industrial center along the Interstate-95 corridor," said Councilman David Marks. "I appreciate Merritt Properties' close communication with my office, their investment in our area and their ongoing commitment to jobs in Baltimore County."
Construction will be managed by Merritt Construction Services, the construction division of Merritt Companies. The first phase is expected to deliver in spring 2024.
To learn more about White Marsh Interchange Park, visit www.merritt-wmi.com.
About Merritt PropertiesEstablished in 1967, Merritt Properties is a full-service commercial real estate firm 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 "Creating Homes for Businesses" and providing the highest quality service to our customers. Merritt is unique in that we build for the long-term and manage all of our properties internally. Therefore, we value trust, integrity, respect, and lasting relationships over short-term gain. And, because every Merritt employee is also an owner of the company, we each have a vested 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. For more information, visit www.merrittproperties.com.
About Merritt Construction ServicesMerritt has been providing site development, general construction, redevelopment and interior build-outs for over 50 years. Whether serving as a general contractor, construction manager or design-builder, Merritt Construction Services offers full-service construction capabilities through all phases of development, from feasibility to commissioning. Merritt's highly skilled construction team has completed a comprehensive roster of customized projects, including corporate campuses, food processing facilities, LEED-certified green buildings, schools, manufacturing facilities and retail centers. For more information, visit www.merrittconstruction.com.
SOURCE Merritt Properties, LLC