{"id":1004635006,"date":"2022-12-14T07:11:45","date_gmt":"2022-12-14T15:11:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004635006"},"modified":"2022-12-15T05:09:23","modified_gmt":"2022-12-15T13:09:23","slug":"meridian-group-lands-81m-for-virginia-industrial-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/meridian-group-lands-81m-for-virginia-industrial-project\/","title":{"rendered":"Meridian Group Lands $81M for Virginia Industrial Project"},"content":{"rendered":"
\"\"<\/a>

One Logistics Park Building 2. Image courtesy of JLL<\/p><\/div>\n

The Meridian Group<\/strong> has obtained an $80.5 million loan for the development of the second building in One Logistics Park, a 280-acre master-planned project that calls for the construction of 2.7 million square feet of industrial space and 45,000 square feet of retail in Winchester, Va. A JLL <\/strong>Capital Markets Debt Advisory team arranged the financing that was provided by Bank OZK<\/strong> and ACORE Capital<\/strong>.<\/p>\n

The deal marks the latest update in a yearlong string of project-related events. TMG had purchased the development site<\/a> from a triumvirate of firms in December 2021. In August, the firm broke ground on the first phase<\/a> of the project, which includes Building 1, a 360,000-square-foot speculative industrial facility, and the 1 million-square-foot Building 2.<\/p>\n

\n

READ ALSO:<\/strong> Warehouse Development to Drop in 2023: Prologis<\/a><\/p>\n

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Situated alongside U.S. Route 50 at 1486 Millwood Pike, Building 2 is taking shape within 2 miles of Interstate 81 and the Winchester Regional Airport. After its construction finishes, the facility will feature 40-foot clear heights, 50- by 56-foot column spacing with 65-foot speed bay areas, a 190-foot truck court, 100 dock doors and four additional drive-in doors.<\/p>\n

JLL Managing Director Robert Carey and Senior Director Drake Greer led the team that arranged the financing on behalf of the borrower.<\/p>\n

Tapping into industrial<\/h2>\n

One Logistics Park marks TMG\u2019s first foray into the industrial sector, motivated by both high demand and relative resistance to economic strife.<\/p>\n

In an October interview<\/a> with Commercial Property Executive<\/em>, CIO James Huckaby stated that he sees the firm\u2019s development of the project as well as its niche entrance into the sector as advantageous, particularly in a time where industries reshore along the eastern seaboard. \u201cWe think this dynamic will continue and accelerate, and we view this as a good time to be a market participant.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Bank OZK and ACORE Capital provided the construction financing.<\/p>\n","protected":false},"author":3012,"featured_media":1004635008,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,21748,11,21742],"tags":[36746,41597,32796,33280],"class_list":["post-1004635006","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-industrial","category-midatlantic","category-latest","tag-acore-capital","tag-bank-ozk","tag-jll","tag-the-meridian-group"],"acf":[],"yoast_head":"\nMeridian Group Begins Second Phase of Virginia Industrial Project - CPE<\/title>\n<meta name=\"description\" content=\"The Meridian Group has obtained an $80.5 million loan for the construction of the second building in One Logistics Park in Winchester, Va.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/meridian-group-lands-81m-for-virginia-industrial-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Meridian Group Lands $81M for Virginia Industrial Project\" \/>\n<meta property=\"og:description\" content=\"The Meridian Group has obtained an $80.5 million loan for the construction of the second building in One Logistics Park in Winchester, Va.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/meridian-group-lands-81m-for-virginia-industrial-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-14T15:11:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-15T13:09:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/12\/One-Logistics-Park-Email-e1670881037262.png\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"619\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Gabriel Frank\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/meridian-group-lands-81m-for-virginia-industrial-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/meridian-group-lands-81m-for-virginia-industrial-project\/\",\"name\":\"Meridian Group Begins Second Phase of Virginia Industrial Project - CPE\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/meridian-group-lands-81m-for-virginia-industrial-project\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/meridian-group-lands-81m-for-virginia-industrial-project\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/12\/One-Logistics-Park-Email-e1670881037262.png\",\"datePublished\":\"2022-12-14T15:11:45+00:00\",\"dateModified\":\"2022-12-15T13:09:23+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/cf1bfd2d6753f6ea305911ffd020862c\"},\"description\":\"The Meridian Group has obtained an $80.5 million loan for the construction of the second building in One Logistics Park in Winchester, Va.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/meridian-group-lands-81m-for-virginia-industrial-project\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/meridian-group-lands-81m-for-virginia-industrial-project\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/meridian-group-lands-81m-for-virginia-industrial-project\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/12\/One-Logistics-Park-Email-e1670881037262.png\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/12\/One-Logistics-Park-Email-e1670881037262.png\",\"width\":800,\"height\":619,\"caption\":\"One Logistics Park building 2. 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