Investors today are bullish on industrial real estate, largely driven by e-commerce growth, and one DC-area developer is making a big bet on the market.
Merritt Properties is breaking ground speculatively on a six-building, 596K SF industrial park off I-66 in Manassas. The Merritt I-66 Business Park will consist of distribution, recreational, logistical and manufacturing warehouses. The first two buildings are expected to be completed by late 2017.
The developer is already in talks with six potential users, said Merritt's Shaelyn Mullaney, who is leading the project's leasing efforts. With its proximity to airports, about 30 minutes from Dulles and 15 minutes from Manassas Regional Airport, Mullaney said it is attracting logistics manufacturers.
The industrial park will be Merrit's sixth in Virginia and is modeled after its six-building Beaumeade Corporate Park in Ashburn.
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