One Logistics Park will feature up to 2.8 million square feet along a prime East Coast distribution channel
The Meridian Group (TMG) announced today that it has closed on a major new acquisition, targeting the exploding market for distribution logistics spaces.
The first-class development will feature up to 2.8 million square feet (SF) of premier distribution logistics space and over 100,000 SF for gas service, quick service restaurants and other retail. Developed in partnership with Wickshire Industrial, One Logistics Park will be strategically located along I-81 in Winchester, VA.
TMG, a real estate investment and development firm based in Bethesda, Md., acquired the 277-acre property this week. It marked the first time that TMG has invested in developments outside of office, residential, hotel or mixed-use properties, which the firm has specialized in the metro DC area since 1993.
“We’re excited to continue our diversified investment focus and take advantage of the unparalleled expertise we’ve developed as a best-in-class developer, investor and owner over the past 28 years,” said Gary Block, Partner and CIO of TMG. “The world is changing, and the commercial real estate market is evolving, but one thing remains the same: our commitment to creating exceptional value for our investors.”
TMG is expanding its investment strategy as the pandemic has accelerated a surge in e-commerce, driving a soaring demand for logistics space nationwide, including port-centric markets in the Delaware-Maryland-Virginia area, Block said.
“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 smoothly as possible,” said Kyle Maurer, Vice President in Acquisitions at TMG. “That’s why we’re diversifying our portfolio and starting with One Logistics Park, developing this property to offer world-class industrial space in an ideal location for logistics.”
A multi-phased development project, One Logistics Park will begin Phase 1 construction with nearly 1.4 million SF of best-in-class industrial space spread across two facilities: a 1-million-SF building and a 360,000-SF building.
The property is strategically located along I-81 – the transportation backbone of the East Coast – with over 50% of the U.S. population within an 11-hour drive. One Logistics Park will offer convenient access to the Baltimore-Washington area via I-66 and I-70, with close proximity to the Virginia Inland Port, also located in Winchester, Va.
TMG selected Colliers to market the project based on its track record of leasing similar developments.
Much like TMG’s successful approach to mixed-use office, retail and hospitality projects, the firm will focus on creating a campus environment for tenants, driving value through on-site amenities, security and ease of access.
“Despite the different asset and prospect type, we believe at the core of every development – be it office, retail, mixed-use or industrial – there is a common desire for top-of-the-line product that meets and exceeds the needs of workers and overall business operations,” Maurer said. “Our plan for One Logistics Park is to create an environment where tenants can work, grow and thrive long-term.”
Added David Cheek, Chairman of TMG: “One Logistics Park will be another one of our best-in-class developments in the DC metro area. We’re confident it will be just as successful as our other projects across the region.”
TMG is well known for its premier office, retail, hotel and mixed-use projects, including The Boro, an award-winning mixed-use development in Tysons, Va.For nearly three decades, TMG has earned impressive investment returns using a proven three-tiered strategy – a local focus within the DC metro area, an opportunistic approach to investment and an emphasis on value creation at every stage.
TMG carefully identifies opportunistic investments in the DC area with significant potential to add value. Its strategic partners and widespread network of institutional and local owners, brokers, lenders and service providers are a continual source of market intelligence.
“Our experience and expertise are unmatched in the market, giving us a true competitive advantage,” Cheek said. “We’re taking that same proven approach to our new investments in the industrial and residential product types.”
To learn more about the property, visit http://onelogisticspark.colliers.com/.
ABOUT THE MERIDIAN GROUP
The Meridian Group (TMG) is a real estate investment and development firm based in Bethesda, Md. Since its inception in 1993, TMG has acquired and developed more than 14 million square feet of office, residential, hotel, mixed-use, and land with a focus on the metropolitan Washington, DC market. To learn more, visit TMG’s website at www.tmgdc.com.