Baltimore, Maryland, March 24, 2021 (GLOBE NEWSWIRE) -- Merritt Properties, a Baltimore-based full-service commercial real estate development company with more than 17 million square feet throughout Maryland, Virginia, and North Carolina, announced today that it has purchased 10301 Philadelphia Road in White Marsh, Md., a former GM Baltimore Global Propulsions Systems site that opened in 2000 to produce transmissions and electric motors before it closed in 2019.
Located off Interstate I-95 near Interstate 695, the 56-acre project will be known as White Marsh Interchange Park.
“We are excited to have the opportunity to develop this property. The exceptional location offers excellent access to I-95 and the Beltway, great amenities in White Marsh, and a highly-skilled, educated workforce,” said Scott Dorsey, Chief Executive Officer of Merritt Companies. “We are seeing a surge in demand from businesses that want to locate to this area, while the supply is extremely limited.”
“As Baltimore County continues our economic recovery from the COVID-19 pandemic, we welcome Merritt Properties’ investment in dynamic redevelopment projects like this that will welcome dozens of new businesses, create jobs for working families and bring new opportunities to our communities,” said Baltimore County Executive Johnny Olszewski. “We’re excited about Merritt Properties’ clear vision for the future of this site that will support economic growth in eastern Baltimore County for years to come.”
After exploring the purchase opportunity, Merritt quickly recognized the site’s redevelopment potential, which is anticipated to have a dramatic impact on job creation and economic growth.
“After demolishing the existing plant, we will construct up to nine, one-story buildings totaling approximately 750,000 square feet. This will create space for 50 to 100 businesses to establish and grow, leasing from 2,700 to 50,000 square feet or more. We anticipate that these businesses will provide good jobs for 1,200 to 1,500 people,” added Dorsey.
“I am excited to learn that one of Baltimore County’s best property development companies has acquired the former GM Allison site,” said Councilwoman Cathy Bevins. “Merritt Properties redevelopment plans are both exciting and timely as we begin the economic healing necessary due to the COVID-19 pandemic. The potential employment opportunities for up to 1,500 Baltimore County residents is tremendous. I commend Merritt Properties for their vision to take on this project.”
White Marsh Interchange Park is located within Merritt’s Baltimore County east portfolio, which has been 97 percent occupied since 2016.
Future construction will be managed by Merritt Construction Services, the construction division of Merritt Companies.
Bo Cashman and Jonathan Beard of CBRE National Partners represented the seller in the transaction.
To learn more about White Marsh Interchange Park, visit www.merritt-wmi.com.
About Merritt Properties
Established in 1967, Merritt Properties is a privately held commercial real estate company with over 17 million square feet of Class A office, flex, warehouse, industrial, retail and build-to-suit throughout Maryland, North Carolina, and Virginia. Capabilities include leasing, property development and management, and financing. Merritt Properties is committed to “Creating Homes for Businesses” and providing the highest quality service to its customers. For more information, visit www.merrittproperties.com.
About Merritt Construction Services
Merritt has been providing site development, general construction, redevelopment and interior build-outs for over 50 years. Whether serving as a general contractor, construction manager or design-builder, Merritt Construction Services offers full-service construction capabilities through all phases of development, from feasibility to commissioning. Merritt’s highly skilled construction team has completed a comprehensive roster of customized projects, including corporate campuses, food processing facilities, LEED-certified green buildings, schools, manufacturing facilities and retail centers. For more information, visit www.merrittconstruction.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
Noelle Hewitt Merritt Properties 410-594-1552 firstname.lastname@example.org