May 30, 2024

Brad Marolf

Business & Finance Wonders

DC developer bets massive on e-commerce logistics surge

The Meridian Group acquired 277-acres together Interstate-81 in Winchester, Virginia. This will ultimately be a distribution logistics park.

The Meridian Team acquired 277-acres in Virginia that will at some point be a 2.8 million sq. foot distribution logistics park. (Powers Brown Architecture)

Bethesda, Maryland-dependent The Meridian Group — one particular of the largest developers of commercial, household and retail actual estate in the D.C. place — is diversifying advancement to warehousing, citing the exploding marketplace for logistics from increasing e-commerce product sales and offer chain calls for.

It is a huge project.

The Meridian Group has obtained 277-acres along Interstate-81 in Winchester, Virginia, from a number of sellers for an undisclosed sum. It will commit $150 million in what will eventually be a 2.8 million square foot distribution logistics park that will also include eating places and retail.

It is the to start with time The Meridian Group has invested in developments outside the house of office, residential, hotel and combined-use houses. Some of the developer’s much better-known initiatives have involved The Boro in Tysons, One particular Ballston Plaza, Anthem Row in D.C. and Bethesda Metro Heart.

Meridian has 29 place of work buildings in the D.C. area.

In Winchester, A person Logistics Park, staying produced with companion Wickshire Industrial, will be concluded in phases. Stage 1 construction will include things like just about 1.4 million sq. toes of industrial place throughout two facilities. Groundbreaking is set for the very first quarter of 2022, with shipping and delivery of Phase 1 in the second 50 percent of 2023.

The speculative room is currently being marketed by Colliers.

Its location will have accessibility to the Baltimore-Washington area through Interstate-66 and Interstate-70, and is shut to the Virginia Inland Port.

“Companies and their consumers want their solutions sent a lot quicker and additional competently than at any time in advance of. This has established outstanding need for more substantial warehouses that preserve provide chains managing as sleek as doable,” mentioned Kyle Maurer, vice president of acquisitions at The Meridian Team.

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