Hanover County business center sells for $41M

Baltimore-based Merritt Properties announced Tuesday it has purchased Crescent Business Center in Ashland from Crescent Business Center LC, a Thalhimer Realty Partners Inc. development, for $41.3 million.

The Hanover County business center includes five industrial buildings with 262,256 square feet of space on 20 acres and are 100% occupied, including Trane U.S. Inc., Electronic Systems, Motion Industries Inc. and Sunbelt Rentals as tenants. Another 19 acres on the property off Interstate 95 are undeveloped, and Merritt is evaluating development options to meet market needs.

“With this acquisition, we continue to execute on our strategy of extending our presence in strategic growth markets from the mid-Atlantic to the Southeast,” Merritt CEO Scott Dorsey said in a statement. “Crescent Business Center offered us the ideal opportunity to establish our presence in Richmond with high-quality existing assets, a strong tenant base and land for additional shallow bay industrial development.”

Eric Robison of Cushman & Wakefield | Thalhimer’s Capital Markets Group handled the sale negotiations on behalf of the seller. Graham Stoneburner and R. Scott Douglas, also with Thalhimer, have been named exclusive leasing representatives for Crescent Business Center on behalf of Merritt Properties. Thalhimer’s Commercial Property Services Group will handle the property management of Crescent Business Center. Jason Crowder has been named portfolio manager for the center.

Merritt Properties already has 1.7 million square feet of office, bulk and flex/light industrial space in Loudoun, Prince William and Stafford counties.