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www.MerrittProperties.comSummary:
The Light Industrial Market in 28 North offers a wide variety of product types from the older small bay,
second generation product in TransDulles that are typically offered at lower rates per square foot, to the
newer, more functional product in Beaumeade, Northwoods, and Ashburn Tech Park. Given what we
know today about the market, we should be able to out-perform the market as we did at Loudoun
County Parkway as well as Beaumeade when the market had a much higher vacancy rate. Our proximity
to One Loudoun and its amenities, as well as dense housing developments in Ashburn Village, should
make our building very desirable.
Our rate on a warm, lit, shell should be +/- $10.00 psf, NNN and +/- $12.50 psf, NNN for 40% to 50%
office build-outs. Given our location and scarcity of class A light industrial product in Ashburn, we
should be able to push those rates higher. We continue to perform turnkey buildouts for significantly
less cost than our competitors (often by +/- $35 psf on smaller office environments). That should be a
significant help to us as it was during our lease-up at Beaumeade since our competitors establish their
rates by quantifying the amount of office to warehouse and amortizing the cost over the term. Our
project will have walking-distance proximity to over 700,000 square feet of new retail amenities located
at the mixed-use development of One Loudoun, which is a significant benefit that no other competing
light industrial product has in our market. With the recent opening of Alamo Draftouse Cinema, The
Fresh Market grocery store and multiple restaurants and stores, there seems to be significant momentum
on the amenity retail that will help our site.
One very important observation of the Light Industrial market is that many of the older buildings in
Transdulles and Northpointe have seen higher percentages of office buildout over the years as tenants
have built out more of their space and looked to those buildings as low-priced alternatives to the higher
priced office buildings.
Merritt Availability:
Our traditional light industrial product at Beaumeade is 93% leased. 20700 Loudoun County Parkway is
78% leased, and there are leases out for the entirety of the remaining space. We only have 12,687
square feet of flex/office space available at Ashbrook. This 12,687 square foot vacancy is within a single-
story, 16’ clear product in a mostly office park.
MARKET SNAPSHOT
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