Merritt Properties Acquires 16 Acres to Expand Imeson Landing Business Park in Jacksonville, Florida

News provided by

Mar 30, 2023, 15:29 ET

JACKSONVILLE, Fla., March 30, 2023 /PRNewswire/ -- Merritt Properties is growing its Jacksonville, Florida portfolio with the purchase of 16 acres of land to build three additional flex/light industrial buildings totaling up to 114,500 square feet at the company's Imeson Landing Business Park. Pre-leasing is underway, and construction is scheduled to start in 2024. Once complete, the development will feature 380,700 square feet across eight flex/light industrial buildings.

Merritt Properties Acquires 16 Acres to Expand Imeson Landing Business Park in Jacksonville, Florida.

Leasing activity at the park has been strong, in alignment with high demand for warehouse space across the country. According to a recent report posted by CoStar, industrial vacancy in the Jacksonville submarket is less than one percent.

Situated at the corner of Imeson Park Boulevard and Zoo Parkway in Duval County, the first three buildings at Imeson Landing Business Park delivered last month and are already 75 percent leased. Merritt anticipates constructing the next two buildings within the park this year before starting work on this new expansion area, which sits adjacent to the first phase of development. Those properties will offer 18-foot clear heights and 100-foot-deep rear-loaded truck courts.

"This purchase stood out as the perfect land-acquisition opportunity given its proximity to our buildings across the street. Our expansion will allow us to continue to fill a void for newly constructed, Class A light industrial product while providing flexibility for growing companies of all sizes," said Pat Franklin of Merritt's leasing team. "Our single-story flex buildings are leasing to small and mid-sized businesses that require a combination of office and warehouse or light manufacturing space."

So far, Merritt has signed nine leases with tenants ranging from 3,000 square feet to 29,000 square feet.

"We're excited to expand our presence in a strong, sought-after market and we look forward to building more well-designed properties that meet the operational needs of all customers," said Gary Swatko, director of development and construction at Merritt Properties. "We credit the area's business-friendly culture, our local partners and the JAXUSA Partnership for our success thus far."

"Merritt's continued investment in Jacksonville is great 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 JAXUSA Partnership, the seven-county regional economic development arm of JAX Chamber. "Our region is growing, and we look forward to working with Merritt on their continued success and growth."

With the expansion of Imeson Landing Business Park, Merritt's Florida flex/light industrial footprint will surpass 600,000 square feet over 15 buildings.

Merritt's Oakleaf Commerce Center, a 158,400-square-foot flex/light industrial business park in Clay County, is 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 Park, a three-building, 80,863-square-foot flex/light industrial park in Duval County.

Bobby Lanigan and Franklin represented Merritt and Luke Pope of JLL represented the seller in the transaction. To inquire about leasing options, visit www.Merritt-FL.com.

About Merritt Properties

Established 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.

SOURCE Merritt Properties, LLC