Merritt Properties has secured a $750 million strategic investment led by global investment firm Centerbridge Partners, L.P., providing new growth capital for the private developer and owner. The capital is earmarked to support the continued expansion of Merritt’s shallow bay industrial portfolio, both within its current footprint and in select new markets.
As part of the transaction, Centerbridge acquired the ownership interest in Merritt that had previously been held by Almanac. Almanac has been a long-standing capital partner to Merritt, having invested alongside the company since 1997. The shift in ownership interest from Almanac to Centerbridge marks a transition in institutional backing while maintaining Merritt’s focus on industrial real estate.
The new investment is intended to position Merritt to accelerate both development and acquisition of industrial properties in several key states. The company plans to pursue additional shallow bay industrial projects in Maryland, Virginia, North Carolina and Florida, with the potential for expansion into additional markets over time. The capital is described as dedicated growth capital, underscoring a focus on scaling Merritt’s industrial platform rather than refinancing existing obligations.
Merritt engaged multiple advisors and legal counsel to execute the transaction. Jefferies Private Capital Advisory served as financial advisor to Merritt, supporting the company in structuring and securing the investment. CBRE National Partners acted as real estate advisor, reflecting the industrial focus of the transaction. On the legal side, Miles & Stockbridge P.C. and Kramon & Graham, P.A. represented Merritt, while Simpson Thacher & Bartlett LLP served as legal counsel to Centerbridge and Seyfarth Shaw LLP represented Almanac.
The investment is accompanied by a leadership transition intended to support Merritt’s next phase of growth. President Robb Merritt has been appointed chief executive officer, taking on the top executive role. Scott Dorsey, who has been serving as CEO, will move into the role of executive chairman, maintaining an ongoing leadership presence and governance role. In addition, Bobby Lanigan, who has been leading acquisitions and strategic growth initiatives, has been promoted to president.
These leadership changes formalize a succession plan as the company embarks on a larger expansion strategy supported by fresh institutional capital. The combination of a new equity partner, substantial growth capital and updated leadership roles is designed to enable Merritt to pursue a broader pipeline of industrial projects across multiple states while maintaining continuity with its existing management team and long-term strategic focus.
The announcement also coincides with promotion of broader industry engagement opportunities. Connect Industrial West, scheduled for August 20 in Irvine, California, is highlighted as a forum bringing together owners, investors, developers, brokers, lenders and occupiers active in industrial real estate across the Western United States. The event is positioned as a venue for market insights, dealmaking and networking among leading industrial real estate decision-makers.
