Merritt Properties Signs National E-Retailer to NoVa Industrial Park
A large national e-commerce company has signed on to take an entire 137,350-square-foot property within the under-construction I-66 Business Park in Northern Virginia, according to CBRE, which represented both sides of the deal.
The tenant, which CBRE declined to identify, signed a five-year lease with the developer, Merritt Properties. The building, part of a six-building industrial property under construction in Manassas, Va., is set to be completed in April. The e-retailer is planning to occupy its new space, which features 32-foot high ceilings and trailer parking, this summer.
“The building was unique as it was one of only a few large blocks of space on the market,” Tony Russo, senior vice president at CBRE, told Commercial Observer. “The appeal was the quality of the product and location. Merritt is also an amazing ownership [that] draws tenants to the spaces.”
When complete, the I-66 Business Park will comprise buildings from 30,600 to 137,350 square feet. The final, 97,200-square-foot building is set to start construction in April, according to Merritt, with a scheduled completion date in the third quarter.
“This Class A industrial development is designed to fill a void in the market, accommodate bulk and mid-sized storage users, and provide flexibility for growing businesses,” Shaelyn Mullaney, part of Merritt’s leasing team, said in a prepared release. “The park is ideal for companies seeking prominent visibility along I-66 and spacious truck courts with ample parking.”
Located along Interstate 66 at the intersection of Balls Ford Road and Groveton Road, the business park is currently 83 percent leased to 11 tenants.
Joining Russo on the deal was Diane Drobia, CBRE’s transaction management director.