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Baltimore, Maryland, March 24, 2021 (GLOBE NEWSWIRE) — Merritt Properties, a Baltimore-based full-service business actual property improvement firm with greater than 17 million sq. toes all through Maryland, Virginia, and North Carolina, introduced at present that it has bought 10301 Philadelphia Street in White Marsh, Md., a former GM Baltimore International Propulsions Methods website that opened in 2000 to provide transmissions and electrical motors earlier than it closed in 2019.
Positioned off Interstate I-95 close to Interstate 695, the 56-acre challenge can be often called White Marsh Interchange Park.
“We’re excited to have the chance to develop this property. The distinctive location gives glorious entry to I-95 and the Beltway, nice facilities in White Marsh, and a highly-skilled, educated workforce,” stated Scott Dorsey, Chief Govt Officer of Merritt Corporations. “We’re seeing a surge in demand from companies that wish to find to this space, whereas the availability is extraordinarily restricted.”
“As Baltimore County continues our financial restoration from the COVID-19 pandemic, we welcome Merritt Properties’ funding in dynamic redevelopment initiatives like this that may welcome dozens of recent companies, create jobs for working households and convey new alternatives to our communities,” stated Baltimore County Govt Johnny Olszewski. “We’re enthusiastic about Merritt Properties’ clear imaginative and prescient for the way forward for this website that may assist financial progress in jap Baltimore County for years to come back.”
After exploring the acquisition alternative, Merritt rapidly acknowledged the positioning’s redevelopment potential, which is anticipated to have a dramatic affect on job creation and financial progress.
“After demolishing the present plant, we’ll assemble as much as 9, one-story buildings totaling roughly 750,000 sq. toes. This may create house for 50 to 100 companies to determine and develop, leasing from 2,700 to 50,000 sq. toes or extra. We anticipate that these companies will present good jobs for 1,200 to 1,500 folks,” added Dorsey.
“I’m excited to be taught that considered one of Baltimore County’s finest property improvement corporations has acquired the previous GM Allison website,” stated Councilwoman Cathy Bevins. “Merritt Properties redevelopment plans are each thrilling and well timed as we start the financial therapeutic obligatory because of the COVID-19 pandemic. The potential employment alternatives for as much as 1,500 Baltimore County residents is super. I commend Merritt Properties for his or her imaginative and prescient to tackle this challenge.”
White Marsh Interchange Park is positioned inside Merritt’s Baltimore County east portfolio, which has been 97 p.c occupied since 2016.
Future development can be managed by Merritt Building Providers, the development division of Merritt Corporations.
Bo Cashman and Jonathan Beard of CBRE Nationwide Companions represented the vendor within the transaction.
To be taught extra about White Marsh Interchange Park, go to www.merritt-wmi.com.
About Merritt Properties
Established in 1967, Merritt Properties is a privately held business actual property firm with over 17 million sq. toes of Class A workplace, flex, warehouse, industrial, retail and build-to-suit all through Maryland, North Carolina, and Virginia. Capabilities embrace leasing, property improvement and administration, and financing. Merritt Properties is dedicated to “Creating Properties for Companies” and offering the best high quality service to its clients. For extra info, go to www.merrittproperties.com.
About Merritt Building Providers
Merritt has been offering website improvement, common development, redevelopment and inside build-outs for over 50 years. Whether or not serving as a common contractor, development supervisor or design-builder, Merritt Building Providers gives full-service development capabilities by means of all phases of improvement, from feasibility to commissioning. Merritt’s extremely expert development group has accomplished a complete roster of custom-made initiatives, together with company campuses, meals processing services, LEED-certified inexperienced buildings, faculties, manufacturing services and retail facilities. For extra info, go to www.merrittconstruction.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 firm headquartered in Dallas, is the world’s largest business actual property providers and funding agency (based mostly on 2020 income). The corporate has greater than 100,000 staff serving purchasers in additional than 100 nations. CBRE serves a various vary of purchasers with an built-in suite of providers, together with services, transaction and challenge administration; property administration; funding administration; appraisal and valuation; property leasing; strategic consulting; property gross sales; mortgage providers and improvement providers. Please go to our web site at www.cbre.com.