2023 CoStar Impact Award - Commercial Development of the Year - Merritt TW Crossing

Pulled from CoStar's: "Conversion of Brownfield Site to Industrial Park Fills Need" article:

Merritt TW Crossing in Durham, North Carolina, helped provide needed industrial space to the Raleigh-Durham area, winning the project the 2023 CoStar Impact Award for commercial development of the year, as judged by real estate professionals familiar with the market.

Merritt Properties opened the newest building in the Research Triangle-area industrial park in December with leases to three tenants, the largest of which was a 58,000-square-foot lease to pharmaceutical equipment maker Carolina Components Group.

Due to the conversion of many industrial properties in the Raleigh-Durham area to life science laboratories, the market has suffered from a lack of available industrial space.

The four buildings at Merritt TW Crossing offer 18- to 24-foot ceiling heights, dock-high and drive-in doors and free surface parking.

Pictured are the Merritt Properties’ North Carolina Team. (CoStar)

About the project: Merritt TW Crossing is a four-building industrial park on a former brownfield site in the Research Triangle Park area of Raleigh-Durham.

What the judges said: The development has led to a "transformation of a brownfield site and the addition of much-needed flex/light industrial product," said Elizabeth Gates, senior research analyst at CBRE.

"It satisfies the need for new general space for small businesses," said Steven Beattie, director of pre-development at Dewitt Carolinas.

They made it happen: Merritt Properties.

CoStar's Impact Awards highlight the commercial real estate transactions and projects that have transformed their markets over the past year. The winners are chosen by independent panels of industry professionals who work in the markets they judge. Learn more about the awards here.