Merritt Properties secures $750M Centerbridge investment
The family-owned Baltimore developer takes on growth capital from Centerbridge and reshuffles its top leadership.
Merritt Properties, the family-owned Baltimore industrial and commercial developer, has secured a $750 million investment led by Centerbridge Partners, capital the company will use to expand its shallow bay industrial portfolio across its existing footprint and into new markets. The deal arrived alongside a reshuffling of the firm’s top leadership.
President Robb Merritt has been appointed chief executive officer. Scott Dorsey, who had served as CEO, becomes executive chairman and stays involved in the business, while Bobby Lanigan, who led the company’s acquisitions and strategic growth work, steps up to president.
Why it matters. Shallow bay industrial — smaller, multi-tenant warehouse and flex space serving local distribution and light manufacturing — has become one of the more sought-after niches in commercial real estate, and the Centerbridge check is a bet that a vertically integrated operator can keep building and buying it at scale. For a firm founded in 1967 and run across generations, taking outside growth capital marks a deliberate shift toward a faster expansion posture. Track more deals like it on our Capital & Deals desk.
The numbers. Merritt controls more than 21 million square feet across Maryland, Virginia, North Carolina and Florida, spanning warehouse, flex, office and retail space. As part of the transaction, Centerbridge acquired the ownership interest previously held by Almanac, the real estate arm of Neuberger, which had partnered with Merritt since 1997; Almanac reaffirmed its support by participating in the Centerbridge-led investment. Jefferies Private Capital Advisory served as financial advisor to Merritt, and CBRE National Partners acted as real estate advisor.
“This is an important milestone for Merritt Properties and reflects the strength of our business, portfolio and people,” said Robb Merritt, chief executive officer.
What’s next. The growth capital positions Merritt to accelerate development and acquisitions in its core states and to enter select new markets, deepening its concentration in a property type that has drawn heavy institutional demand. Expect the company to lean into that expansion while the new leadership team beds in — and to test how far the shallow bay thesis can travel beyond the Mid-Atlantic and Southeast.