Bethesda, Maryland-based The Meridian Group — one of the largest developers of commercial, residential and retail real estate in the D.C. area — is diversifying development to warehousing, citing the exploding market for logistics from rising e-commerce sales and supply chain demands.
It is a big project.
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 eventually be a 2.8 million square foot distribution logistics park that will also include restaurants and retail.
It is the first time The Meridian Group has invested in developments outside of office, residential, hotel and mixed-use properties. Some of the developer’s better-known projects have included The Boro in Tysons, One Ballston Plaza, Anthem Row in D.C. and Bethesda Metro Center.
Meridian has 29 office buildings in the D.C. area.
In Winchester, One Logistics Park, being developed with partner Wickshire Industrial, will be completed in phases. Phase 1 construction will include nearly 1.4 million square feet of industrial space across two facilities. Groundbreaking is set for the first quarter of 2022, with delivery of Phase 1 in the second half of 2023.
The speculative space is being marketed by Colliers.
Its location will have access to the Baltimore-Washington region via Interstate-66 and Interstate-70, and is close to the Virginia Inland Port.
“Companies and their customers want their products delivered faster and more efficiently than ever before. This has created incredible demand for larger warehouses that keep supply chains running as smooth as possible,” said Kyle Maurer, vice president of acquisitions at The Meridian Group.