Centerbridge Partners is reportedly close to acquiring a minority stake in Merritt Properties in a deal that would value the Baltimore-based commercial real estate company at approximately $3 billion, according to the Financial Times.
The private equity firm is in negotiations to purchase about one-third of Merritt Properties from Almanac Realty Investors, the real estate investment platform owned by Neuberger Berman. Sources familiar with the discussions told the FT that talks are ongoing and no final agreement has been reached.
If completed, the Merritt family — which founded the company in the late 1960s — would retain majority ownership and continue controlling the business.
The potential transaction underscores continued investor demand for industrial real estate assets despite persistent pressure from elevated borrowing costs across the broader commercial property market. Industrial properties, including warehouses, logistics facilities, and distribution centers, have remained among the sector’s strongest-performing asset classes, driven by e-commerce expansion, supply-chain modernization, and increased domestic manufacturing activity.
Merritt Properties owns and manages more than 21 million square feet of industrial and office space across Maryland, Virginia, North Carolina, and Florida.
Centerbridge, which manages roughly $47 billion in assets, has expanded its focus on infrastructure and real estate investments in recent years.
The reported negotiations come amid a rebound in global real estate transaction activity. Worldwide property deal volume totaled approximately $99 billion through late May, up 44% year-over-year, according to LSEG data cited by the FT.
The resurgence in activity has also included large-scale consolidation among publicly traded real estate companies. Earlier this week, apartment landlords AvalonBay Communities and Equity Residential announced an all-stock merger that would create a residential real estate company with a combined enterprise value of approximately $69 billion.
Almanac Realty Investors oversees approximately $6 billion in assets and has invested in a variety of property-related businesses, including self-storage operator Storage Post, according to the FT.