Merritt Properties acquires Crescent Business Center for $41.3M

Baltimore-based Merritt Properties Tuesday expanded its reach into the Richmond, Virginia area with the purchase of the Crescent Business Center for $41.3 million. The center in in Ashland, Virginia includes five existing Class A industrial buildings situated on close to 20 acres, as well as an additional nearly 19 acres for new development opportunities for warehouse and distribution space. Merritt acquired the park from Crescent Business Center LC, a Thalhimer Realty Partners, Inc. development. Baltimore-based Merritt Properties expands its commercial real estate footprint into the expanding Richmond, VA, market.