September 21, 2023

Tricia Oak

Business & Finance Excellency

DC developer bets huge on e-commerce logistics surge

The Meridian Team acquired 277-acres along Interstate-81 in Winchester, Virginia. This will inevitably be a distribution logistics park.

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

Bethesda, Maryland-dependent The Meridian Group — a single of the largest developers of industrial, residential and retail true estate in the D.C. spot — is diversifying development to warehousing, citing the exploding current market for logistics from mounting e-commerce profits and offer chain demands.

It is a major job.

The Meridian Group has acquired 277-acres along Interstate-81 in Winchester, Virginia, from multiple sellers for an undisclosed sum. It will invest $150 million in what will at some point be a 2.8 million sq. foot distribution logistics park that will also contain restaurants and retail.

It is the to start with time The Meridian Team has invested in developments outside the house of business office, household, resort and mixed-use qualities. Some of the developer’s far better-identified jobs have incorporated The Boro in Tysons, A person Ballston Plaza, Anthem Row in D.C. and Bethesda Metro Center.

Meridian has 29 business buildings in the D.C. location.

In Winchester, A single Logistics Park, remaining made with partner Wickshire Industrial, will be concluded in phases. Phase 1 construction will incorporate approximately 1.4 million sq. ft of industrial room throughout two amenities. Groundbreaking is set for the 1st quarter of 2022, with supply of Period 1 in the next 50 % of 2023.

The speculative room is becoming marketed by Colliers.

Its spot will have accessibility to the Baltimore-Washington location by using Interstate-66 and Interstate-70, and is near to the Virginia Inland Port.

“Companies and their consumers want their items sent quicker and more efficiently than at any time in advance of. This has produced remarkable demand from customers for more substantial warehouses that keep source chains running as clean as doable,” explained Kyle Maurer, vice president of acquisitions at The Meridian Group.

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