BALTIMORE — Merritt Properties, a privately held commercial real estate developer and owner based in Baltimore, has received a $750 million investment led by Centerbridge Partners LP. The investment includes capital to grow the company’s shallow-bay industrial portfolio in existing markets in Maryland, Virginia, North Carolina and Florida, as well as new markets.
As part of the investment, Centerbridge acquired the ownership interest previously held by Almanac, the private real estate investment arm of Neuberger that has partnered with Merritt since 1997. Almanac is also part of the investment group led by Centerbridge. Jefferies Private Capital Advisory served as financial adviser to Merritt in connection with the transaction, and CBRE National Partners served as real estate adviser. Miles & Stockbridge PC and Kramon & Graham PA provided legal counsel to Merritt. Simpson Thacher & Bartlett LLP served as legal counsel to Centerbridge, and Seyfarth Shaw LLP represented Almanac.
Additionally, Merritt has announced changes to its C-suite of executives. Robb Merritt, the company’s current president, has been appointed to CEO, while previous CEO Scott Dorsey will transition to executive chairman. Bobby Lanigan, who previously led Merritt’s acquisitions and strategic growth initiatives, will become the firm’s new president.