Merritt Properties marked the completion Oct. 22 of Building 300 at Merritt at Gate Parkway of the first phase of its redevelopment plan at the South Jacksonville business park.
The site is at 5022 Gate Parkway near Interstate 295, Butler Boulevard and St. Johns Town Center.
Merritt Properties said three tenants have signed leases within the renovated building. It said speculative suites “are experiencing strong leasing interest from a range of prospects.”
The release said the modernization of Building 300 “reflects Merritt’s long-term vision to reposition the property into a high-performing business environment that delivers flexible, high-quality space to meet the evolving needs of today’s light industrial users.”
Merritt at Gate Parkway is at 5022 Gate Parkway near Interstate 295, Butler Boulevard and St. Johns Town Center.
Merritt Properties
“This transformation — from a traditional single-story office site to modern, flexible light industrial space — marks an important step in our continued investment in the Jacksonville market,” said Patrick Franklin, Florida regional director.
Merritt is preparing to launch the redevelopment of Building 400, the next phase in the park’s transformation
“Work is underway, with completion planned for the first quarter of 2026. Building 400 will introduce the same design efficiencies and functionality that have driven leasing momentum at Building 300,” said Gary Swatko, Merritt director of land development and construction in the Florida office.
Merritt said its acquisition of Merritt at Gate Parkway in 2024 strengthened the company’s presence in Jacksonville’s expanding industrial market and reflects its long-term commitment to the Northeast Florida region.
Merritt at Gate Parkway is at 5022 Gate Parkway near Interstate 295, Butler Boulevard and St. Johns Town Center.
Merritt Properties
It also owns Imeson Landing Business Park, a five-building light industrial property, and Magnolia Park, a three-building complex.
Merritt Properties announced Aug. 28, 2024, it acquired the five-building, 200,000-square-foot light industrial park at 5022 Gate Parkway and renamed it from The Meridian at Deerwood to Merritt at Gate Parkway.
Merritt said it paid $19.6 million for the property, which is south of St. Johns Town Center and offers access off of Butler Boulevard on Gate Parkway.
Merritt said it bought the property through receivership.
The site plan for Merritt at Gate Parkway.
Merritt Properties
Upon the purchase, Merritt said the property was 60% occupied. Among the tenants, Deutsche Bank leased Buildings 100 and 200.
Duval County Property Appraiser records show the property comprises 26.75 acres. The buildings were developed from 2000 to 2003 and range from more than 31,000 to about 50,000 square feet of space.
The property was sold by Taurus Investment Holdings LLC. through CD119 Meridian LLC, which paid almost $23.57 million for the property in 2006.
Merritt Properties, based in Baltimore, focuses on flexible industrial space.
It said in the August 2024 news release that the development had transitioned to a single-story office layout, “but with increasing demand for small-bay light industrial spaces, Merritt Properties identified a prime opportunity to convert the property to Class A light industrial use.”
Merritt planned to install drive-in docks and upgrade the facilities to meet industrial standards.