Merritt Properties Secures $750 Million Investment Led by Centerbridge

Commitment Includes Growth Capital to Expand Merritt's Shallow Bay Industrial Presence Across Existing and Future Markets

BALTIMORE, July 1, 2026 /PRNewswire/ -- Merritt Properties today announced a $750 million strategic investment led by global investment firm Centerbridge Partners, L.P. ("Centerbridge"). This includes dedicated growth capital to support the continued expansion of the company's shallow bay industrial portfolio across existing markets and into select new markets.

As part of the agreement, Centerbridge acquired the ownership interest previously held by Almanac, the private real estate investment arm of Neuberger, which has partnered with Merritt since 1997. That relationship helped fuel Merritt's evolution into one of the largest privately held commercial real estate companies in the Mid-Atlantic and Southeast. In connection with the transaction announced today, Almanac reaffirmed its support for Merritt through its participation in the Centerbridge-led investment.

As Merritt enters its next phase of growth, President Robb Merritt has been appointed chief executive officer. Over his nearly four decades with the company, he has played a central role in driving operations and leading the company's development strategy. Scott Dorsey, who has served as Chief Executive Officer, will transition to Executive Chairman and remain actively involved with the company. In addition, Bobby Lanigan, who has led acquisitions and strategic growth initiatives, will become President.

"This is an important milestone for Merritt Properties and reflects the strength of our business, portfolio and people," said Merritt. "As we look ahead, we remain committed to the values that have guided the company for more than 50 years while continuing to invest in the markets, customers and partnerships that have defined our success."

"Merritt's legacy has been built through disciplined decision-making, strong customer relationships and a long-term focus on the markets we serve," said Dorsey. "Centerbridge recognizes the value of that approach and shares our commitment to building on the foundation Leroy Merritt established."

"We are entering this next phase with significant momentum, an exceptional team and a clear vision for future growth," said Lanigan. "We are excited to work alongside Centerbridge and Almanac, two organizations that share our investment philosophy. This additional capital will allow us to expand our portfolio, pursue new opportunities and continue serving customers at the highest level."

This transaction positions Merritt Properties to accelerate the development and acquisition of additional shallow bay industrial properties in Maryland, Virginia, North Carolina and Florida, with expansion markets on the horizon.

"Merritt Properties has built an exceptional business with a strong culture, experienced leadership team and a proven track record of growth," said Matt Dabrowski, Senior Managing Director and Co-Head of Real Estate at Centerbridge. "Shallow bay industrial is a high-conviction theme across our real estate platform, and Merritt is exactly the type of best-in-class, vertically integrated operator we look to partner with. We are excited to work alongside the Merritt team as the company continues to expand its footprint and capitalize on attractive opportunities ahead."

"Merritt has been an outstanding partner for nearly three decades, and we are proud of what we have accomplished together since our initial investment in 1997," said Madeline Wick, Managing Director at Almanac Realty Investors. "We have great confidence in the company's leadership and strategy and look forward to continuing our support as Merritt enters this next phase of growth."

Jefferies Private Capital Advisory served as financial advisor to Merritt Properties in connection with the transaction. CBRE National Partners served as real estate advisor. Miles & Stockbridge P.C. and Kramon & Graham, P.A. provided legal counsel to Merritt.

Simpson Thacher & Bartlett LLP served as legal counsel to Centerbridge, and Seyfarth Shaw LLP represented Almanac.

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 properties 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.

About Centerbridge Partners

Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines — Private Equity, Private Credit and Real Estate — in an effort to develop the most attractive opportunities for our investors. The Firm was founded in 2005 and, as of March 31, 2026, has approximately $47 billion in assets under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies. For more information, please visit www.centerbridge.com.

About Almanac Realty Investors

Almanac Realty Investors, a business unit of Neuberger, is a leading provider of growth capital to private and public real estate companies. Originally founded in 1981 under the name Rothschild Realty, Almanac Realty Investors partners with established owner-operators in all sectors of the real estate market with the goal of accelerating company growth and has committed more than $9.1 billion in capital to 61 real estate companies, both private and public, throughout North America. For more information, visit www.almanacrealty.com.

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SOURCE Merritt Properties, LLC