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Merritt Properties Expands with Acquisition of Five-Building Industrial Park in Jacksonville

Author

Slice of Real Estate Team
September 04, 2024

Key Highlights:

  • Merritt Properties acquires five-building, 200,000 sq. ft. industrial park in Jacksonville.

  • Immediate leasing available with spaces starting at 3,500 sq. ft.

  • Property redevelopment to include drive-in docks and modern industrial upgrades.

  • Expansion continues Merritt's growth in Jacksonville, now exceeding 500,000 sq. ft. of light industrial space.

Source (PR Newswire)

Notable Quotes:

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"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."

Pat Franklin, Senior Vice President at Merritt Properties
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"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."

Gary Swatko, Director of Development at Merritt Properties

Our Take:

Merritt Properties' strategic acquisition of Merritt at Gate Parkway is a notable expansion in Jacksonville's industrial real estate market. The decision to convert the former office layout into Class A light industrial space reflects a keen understanding of market demands, particularly in a submarket with a low vacancy rate. This move not only strengthens Merritt's presence in the region but also supports Jacksonville's economic growth by offering high-quality industrial spaces that cater to a variety of business needs. The company's commitment to infrastructure enhancement and redevelopment potential ensures that Merritt at Gate Parkway will become a key industrial hub in the area.