Merritt Properties has received top honors from two area commercial real estate award programs for its expansion of Crescent Business Center in Ashland, Virginia. The Greater Richmond Association for Commercial Real Estate (GRACRE) named Building 7 at Crescent Business Center the Industrial Project of the Year. The project was also recognized as a 2026 Top Project winner in the inaugural Virginia Business Magazine Top Projects & Real Estate Deals program.
Both award programs recognize projects that demonstrate innovation, quality, complexity, problem-solving, and overall success, as well as their impact on Virginia’s built environment and regional economy.
Building 7, located at 10382 Lakeridge Parkway, was the first of two new light industrial buildings comprising Phase I of Crescent Business Center’s planned expansion. The building was completed in just five months from groundbreaking to completion, a result of coordinated execution and the ability to navigate complex site conditions. These awards reinforce Merritt Properties continued focus on delivering well-executed, tenant-focused spaces that support the rapidly growing market.
Delivered in August 2025, the 32,000-square-foot Class A light industrial facility was constructed on a strict timeline for its lead tenant, Agiliti, a national healthcare solutions provider that occupies just over 55 percent of Building 7.
Full occupancy was achieved prior to construction completion through the execution of three lease agreements. Building 7 features a modern shallow-bay design with 20’–24’ clear heights, dock and drive-in loading, an expansive truck court, and direct access to I-95, supporting operational efficiency and long-term flexibility.
According to Jamie Campbell of Merritt’s leasing team, “We’re proud that Building 7 at Crescent Business Center has been recognized with two industry awards. These honors reflect the strength and dedication of our team and partners, our continued commitment to supporting the greater Richmond market, and our ability to deliver high-quality, tenant-focused space on an accelerated timeline—even under complex conditions.”
Merritt Properties acquired Crescent Business Center in 2022, as a five-building light industrial park, with plans to expand in response to strong local demand for small-bay warehouse space. The strategy included adding four new Buildings on the site. Located along Lakeridge Parkway in Hanover County, Virginia, the park now includes seven completed buildings totaling over 350,000 square feet, with two additional light industrial properties currently under development.
Graham Stoneburner, SIOR, and R. Scott Douglas, SIOR, of Thalhimer Realty Partners, Inc. are supporting Merritt’s leasing efforts at Crescent Business Center.
To learn more about Crescent Business Center, visit www.crescentbusinesscenter.com
About Merritt Properties
Established in 1967, Merritt Properties is a privately held commercial real estate company offering a portfolio of more than 21 million square feet of Class A office, flex, warehouse, industrial, retail and build-to-suit throughout Maryland, North Carolina, Florida and Virginia. Capabilities include leasing, property development and management, and financing. Merritt Properties is committed to “Creating Homes for Businesses” and providing the highest quality service to its customers. For more information, visit www.merrittproperties.com.