Merritt Properties Strengthens Jacksonville Portfolio with Acquisition of Five-Building Industrial Park

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Aug 29, 2024, 07:30 ET

JACKSONVILLE, Fla., Aug. 29, 2024 /PRNewswire/ -- Merritt Properties is excited to announce the acquisition of an existing five-building industrial park located at 5022 Gate Parkway in Jacksonville, Florida. Formerly known as The Meridian at Deerwood, the newly acquired property has been renamed Merritt at Gate Parkway. This strategically located site, in the heart of St. Johns Town Center, offers unparalleled access directly off the J. Turner Butler Boulevard on Gate Parkway in Duval County.

Merritt Properties acquires five-building development in Jacksonville

Spanning 200,000 square feet of light industrial space across five buildings, Merritt at Gate Parkway offers immediate leasing opportunities with spaces starting at 3,500 square feet. Zoned as Industrial Business Park (IBP), the site offers 14-foot clear heights and ample parking, providing flexible industrial space for a variety of businesses.

At the time of the acquisition, the Southside Duval County submarket reported a light industrial vacancy rate of less than three percent. Previously, the development had transitioned to a single-story office layout, but with increasing demand for small-bay light industrial spaces, Merritt Properties identified a prime opportunity to convert the property to Class A light industrial use. Plans are already underway to enhance the property by installing drive-in docks and further upgrading the facilities to meet modern industrial standards.

Merritt at Gate Parkway is home to established tenants, including DB Structured Products and MMI.

"With its prime location, we are thrilled to expand our light industrial presence in Jacksonville with the acquisition of Merritt at Gate Parkway, which underscores our ongoing commitment to providing quality industrial spaces in key markets," said Pat Franklin of Merritt Properties. "We are dedicated to enhancing the park's infrastructure to ensure that both current and future tenants benefit from a premier industrial environment."

Gary Swatko of Merritt Properties highlighted the significance of the site's redevelopment potential, "Merritt at Gate Parkway represents a tremendous opportunity for us to restore top-tier industrial space in a high-demand area. The potential for redevelopment is vast, and we're eager to transform this site into a modern, thriving industrial hub. This acquisition is a key component of our strategy to support Jacksonville's economic growth by providing the essential infrastructure businesses need to succeed."

This acquisition marks a significant step in Merritt Properties' broader expansion in Jacksonville, where the company already owns and operates Imeson Landing Business Park, another five-building industrial park. Plans are underway to expand Imeson Landing with three additional buildings. Additionally, Merritt Properties owns land in Clay County for the future development of Oakleaf Commerce Center and acquired Magnolia Park, a three-building business park, during its initial expansion into Jacksonville in 2021. Merritt holdings in Jacksonville now exceeds 500,000 square feet of light industrial in just two years of being in the market.

For leasing inquiries or more information about Merritt at Gate Parkway, please visit www.merritt-gateparkway.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, 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.

SOURCE Merritt Properties, LLC