The Meridian Group buys 277 acres in Winchester for industrial park
One Logistics Park will have 2.8M SF
Bethesda, Maryland-based real estate investment firm The Meridian Group has purchased 277 acres of land in Winchester along Insterstate 81 and has plans to develop an industrial park on it.
The purchase price of the land was not disclosed and is not yet available from public land records.
The Meridian Group acquired the property this week from multiple sellers, including JGR Three, Hockman Investments and Governor’s Hill LLC and will develop One Logistics Park in partnership with Wickshire Industrial, along Interstate 81. It’s the first time TMG has ventured into developments outside office, residential, hotel or mixed-use properties.
The first phase of One Logistics Park to be built will have nearly 1.4 million-square-foot of industrial space spread across two facilities: a 1 million-square-foot building and a 360,000-square-foot building.
Another 100,000 square feet will include fast food restaurants and retail space, The Meridian Group said in a news release.
TMG will break ground in the first quarter of 2022 and will deliver the first project in the park in the second half of 2023, said Kyle Maurer, vice president in acquisitions at TMG.
“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,” Maurer said in a statement. “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.”