Merritt Properties announced a $750 million strategic investment led by global investment firm Centerbridge Partners, L.P.
This includes dedicated growth capital to support the continued expansion of the company’s shallow bay industrial portfolio across existing markets and into select new markets. As part of the agreement, Centerbridge acquired the ownership interest previously held by Almanac, which has partnered with Merritt since 1997. The transaction positions Merritt to accelerate the development and acquisition of industrial properties in Maryland, Virginia, North Carolina and Florida, with expansion markets on the horizon.
Jefferies Private Capital Advisory served as financial advisor to Merritt. CBRE National Partners served as the real estate advisor. Miles & Stockbridge P.C. and Kramon & Graham, P.A. provided legal counsel to Merritt. Simpson Thacher & Bartlett LLP served as legal counsel to Centerbridge, and Seyfarth Shaw LLP represented Almanac.
During this phase of growth, President Robb Merritt has been appointed chief executive officer. Scott Dorsey, who has served as Chief Executive Officer, will transition to executive chairman. In addition, Bobby Lanigan, who led acquisitions and strategic growth initiatives, will become president.
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