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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.
- ◦Sale/Acquisition
