The Meridian Team obtained 277-acres along Interstate-81 in Winchester, Virginia. This will ultimately be a distribution logistics park.
Bethesda, Maryland-centered The Meridian Group — one of the major builders of commercial, residential and retail serious estate in the D.C. place — is diversifying enhancement to warehousing, citing the exploding market place for logistics from soaring e-commerce revenue and provide chain needs.
It is a significant undertaking.
The Meridian Group has obtained 277-acres together Interstate-81 in Winchester, Virginia, from a number of sellers for an undisclosed sum. It will invest $150 million in what will ultimately be a 2.8 million square foot distribution logistics park that will also consist of restaurants and retail.
It is the first time The Meridian Group has invested in developments outside of business office, household, hotel and mixed-use attributes. Some of the developer’s far better-recognized tasks have bundled The Boro in Tysons, A single Ballston Plaza, Anthem Row in D.C. and Bethesda Metro Heart.
Meridian has 29 business office structures in the D.C. place.
In Winchester, 1 Logistics Park, staying made with husband or wife Wickshire Industrial, will be completed in phases. Period 1 construction will involve just about 1.4 million square ft of industrial area throughout two services. Groundbreaking is set for the first quarter of 2022, with shipping of Period 1 in the 2nd fifty percent of 2023.
The speculative room is currently being marketed by Colliers.
Its location will have entry to the Baltimore-Washington location via Interstate-66 and Interstate-70, and is near to the Virginia Inland Port.
“Companies and their buyers want their items delivered more rapidly and more competently than ever right before. This has designed incredible demand from customers for larger sized warehouses that continue to keep offer chains managing as easy as possible,” said Kyle Maurer, vice president of acquisitions at The Meridian Team.
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