June 22, 2024

Enterprise JM

Do the Business

DC developer bets massive on e-commerce logistics surge

The Meridian Group obtained 277-acres alongside Interstate-81 in Winchester, Virginia. This will at some point be a distribution logistics park.

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

Bethesda, Maryland-centered The Meridian Team — a person of the premier developers of industrial, residential and retail authentic estate in the D.C. region — is diversifying progress to warehousing, citing the exploding current market for logistics from rising e-commerce revenue and provide chain needs.

It is a significant task.

The Meridian Team has acquired 277-acres along Interstate-81 in Winchester, Virginia, from various sellers for an undisclosed sum. It will invest $150 million in what will inevitably be a 2.8 million sq. foot distribution logistics park that will also include things like eating places and retail.

It is the initial time The Meridian Group has invested in developments outside the house of business, household, hotel and mixed-use attributes. Some of the developer’s superior-regarded initiatives have provided The Boro in Tysons, A person Ballston Plaza, Anthem Row in D.C. and Bethesda Metro Heart.

Meridian has 29 office structures in the D.C. region.

In Winchester, One Logistics Park, currently being designed with partner Wickshire Industrial, will be done in phases. Period 1 design will consist of just about 1.4 million sq. ft of industrial room throughout two facilities. Groundbreaking is established for the initial quarter of 2022, with shipping of Section 1 in the next half of 2023.

The speculative house is getting marketed by Colliers.

Its area will have entry to the Baltimore-Washington area by means of Interstate-66 and Interstate-70, and is near to the Virginia Inland Port.

“Companies and their buyers want their goods shipped more quickly and far more competently than at any time in advance of. This has designed incredible desire for greater warehouses that keep source chains running as clean as doable,” stated Kyle Maurer, vice president of acquisitions at The Meridian Group.

Like WTOP on Fb and observe WTOP on Twitter and Instagram to have interaction in conversation about this article and other people.

Get breaking information and day-to-day headlines sent to your e mail inbox by signing up listed here.

© 2021 WTOP. All Rights Reserved. This web site is not meant for buyers located in the European Financial Place.