This area appears to be an outdoor break area for the nearby businesses. A nice shady little place to relax, eat lunch, see a deer or two, and, oh yeah, find a cache!
The street names on Mapquest don't appear to match up with the street signs; what it calls Merna Lane is actually Briarwick Drive. MapPoint seems to be more accurate, in this case.
Also, many many thanks to TreyB for being the guinea pig and updating my coordinates!