Centerbridge Partners has led a $750 million investment in Merritt Properties, providing dedicated capital to support the continued expansion of the company’s shallow bay industrial portfolio across its existing markets and into select new regions.
As part of the transaction, Centerbridge acquired the ownership interest previously held by Almanac Realty Investors, the private real estate investment arm of Neuberger Berman, which has partnered with Merritt Properties since 1997. Almanac also participated in the Centerbridge-led investment, reaffirming its long-term support for the company. Founded more than 50 years ago and headquartered in Maryland, Merritt Properties is one of the largest privately held commercial real estate companies in the mid-Atlantic and southeast. The company specializes in the development, acquisition, leasing and management of shallow bay industrial properties and plans to use the new capital to accelerate growth across Maryland, Virginia, North Carolina and Florida, while pursuing expansion into additional markets.
Jefferies Private Capital Advisory served as financial advisor to Merritt Properties, CBRE National Partners acted as real estate advisor, and Miles & Stockbridge and Kramon & Graham served as legal counsel to the company. Simpson Thacher & Bartlett advised Centerbridge, while Seyfarth Shaw represented Almanac Realty Investors.