Merritt Properties Spends $41M for Industrial Property in Ashland
Baltimore, MD-based Merritt Properties has purchased Crescent Business Center in Ashland, VA for $41.3 million. The project includes five existing Class A industrial buildings situated on ± 20 acres, plus an additional ± 19 acres for new development.
Eric Robison of Cushman & Wakefield represented the seller, Crescent Business Center LC, a Thalhimer Realty Partners, Inc. development.
“Well located, high-quality industrial assets in Richmond continue to be highly sought after by investors,” said Robison. Despite headwinds in the economy, interest in Crescent Business Center was exceptionally competitive, with a number of offers coming from groups bringing new capital to the market.”
The 262,256-square-foot development sits along I-95 approximately 10 miles north of downtown Richmond. It is 100% occupied with tenants including Trane U.S., Electronic Systems, Motion Industries and Sunbelt Rentals.
Graham Stoneburner and R. Scott Douglas with Thalhimer have been named leasing representatives.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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