The Meridian Team acquired 277-acres together Interstate-81 in Winchester, Virginia. This will ultimately be a distribution logistics park.
Bethesda, Maryland-primarily based The Meridian Group — one particular of the largest developers of business, household and retail true estate in the D.C. region — is diversifying advancement to warehousing, citing the exploding market place for logistics from soaring e-commerce sales and source chain calls for.
It is a big challenge.
The Meridian Group has acquired 277-acres alongside Interstate-81 in Winchester, Virginia, from various sellers for an undisclosed sum. It will invest $150 million in what will finally be a 2.8 million sq. foot distribution logistics park that will also involve places to eat and retail.
It is the initial time The Meridian Team has invested in developments outdoors of office, residential, hotel and mixed-use homes. Some of the developer’s better-known projects have provided The Boro in Tysons, One particular Ballston Plaza, Anthem Row in D.C. and Bethesda Metro Middle.
Meridian has 29 business office structures in the D.C. area.
In Winchester, A single Logistics Park, remaining made with partner Wickshire Industrial, will be accomplished in phases. Stage 1 design will incorporate practically 1.4 million square feet of industrial house throughout two facilities. Groundbreaking is established for the initial quarter of 2022, with delivery of Phase 1 in the 2nd 50 percent of 2023.
The speculative room is remaining marketed by Colliers.
Its place will have obtain to the Baltimore-Washington region by means of Interstate-66 and Interstate-70, and is close to the Virginia Inland Port.
“Companies and their shoppers want their products and solutions delivered speedier and extra successfully than at any time in advance of. This has developed extraordinary demand from customers for bigger warehouses that hold source chains functioning as sleek as doable,” claimed Kyle Maurer, vice president of acquisitions at The Meridian Team.
Get breaking information and everyday headlines sent to your electronic mail inbox by signing up here.
© 2021 WTOP. All Legal rights Reserved. This internet site is not supposed for consumers found inside the European Economic Spot.