The Meridian Group Scores $81M for Logistics Park in Winchester
The Meridian Group has secured $80.5 million in construction financing to develop One Logistics Park Building 2, a 1 million-square-foot distribution warehouse in Winchester, Va.
JLL arranged the financing for the developer, facilitating loans from Bank OZK and Acore Capital.
The building is part of the larger master-planned One Logistics Park development, which is projected to comprise six or seven industrial buildings totaling 2.7 million square feet and 45,000 square feet of retail space.
Meridian acquired the 277-acre property at the end of 2021 from multiple sellers, including JGR Three, Hockman Investments and Governor’s Hill LLC. Public records list the total acquisition price at $11.2 million.
Building 2 is on 76.6 acres at 1486 Millwood Pike, and will be the first to be delivered in the business park. The property fronts Route 50 and is close to Interstates 81 and 66 as well as the Virginia Inland Port, which is directly served by the Port of Virginia via rail.
Upon completion, Building 2 will feature 40-foot clear heights, 100 dock doors, 78 additional knockouts, four drive-in doors, a 190-foot truck court, 770 car parking spaces and additional trailer storage space.
Robert Carey and Drake Greer of JLL’s capital markets debt advisory team arranged the financing.
Keith Loria can be reached at Kloria@commercialobserver.com.