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Merritt Properties has a 16M SF portfolio of office, industrial and retail properties in the Baltimore-Washington region, and it just landed a major investment to help it expand even more.
The Baltimore-based owner and manager secured a deal worth up to $400M with an investment fund managed by New York-based Almanac Realty Investors, the partnership announced Monday.
The deal is the second partnership between the two firms, following a $75M agreement in 1997. Almanac, founded in 1981 as Rothschild Realty, has invested over $4.8B to 39 companies.
With the new investment, Merritt expects to grow its portfolio by 20% to 30% by acquiring and developing industrial properties in the Baltimore-Washington corridor.
Much of Merritt's portfolio is concentrated in the Baltimore area. It also owns several properties in Anne Arundel County, Howard County and Loudoun County. In May, the developer decided to break ground speculatively on a six-building industrial park in Manassas, its sixth in Virginia.
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