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MINNEAPOLIS, MN --(Marketwired - February 23, 2016) - Meritex today announced the acquisition the Minnesota Technology Exchange Building, a 359,540 square foot, multi-tenant, office/data center facility located at 2470 Highcrest Road in Roseville, Minnesota. The property is presently leased to Unisys and is 33% occupied. It is serviced by two off-site electrical substations and multiple fiber optic providers. The 16 acre site also provides abundant parking. The property is zoned I-1 which permits a variety of uses including manufacturing, warehousing, laboratory, office and truck terminal.
"Our investment strategy focuses on acquiring assets where we can create value and produce consistent cash flows," said Dan Williams, chief investment officer of Meritex. "The Minnesota Technology Exchange Building is a property that we are quite familiar with. We developed the building in 1964, owned and managed the property for four decades, then sold the building in 2004. We recently repurchased the asset through Auction.com. At our new basis we have the options of leasing the existing asset at favorable rates, repositioning the property by investing capital or redeveloping the entire site. We are very bullish on this micro-market having had great success selling four large industrial land parcels and with our own spec development project." Meritex recently completed Highcrest Distribution Center, a 130,000 SF, Class-A, office-warehouse, now 100% leased to two tenants.
This acquisition expands Meritex's Minneapolis portfolio to more than 2.4 million square feet of real estate owned or under management. Meritex will directly manage the 2470 Highcrest Road facility along with its other holdings in Minneapolis. "We are excited about the addition of this property to our portfolio in the Minneapolis market," commented Steve Dorff, senior property manager for Meritex in Minneapolis. "With superb access to major Midwest transportation routes, including, I-35, Hwy 280 and I-94, 2470 Highcrest Road is an excellent complement to our portfolio."
Company Information: Meritex is a private real estate investment and management company that acquires, develops, owns and operates commercial real estate, primarily institutional grade, multi-tenant industrial properties. The Company owns, leases, and manages over 10.5 million square feet of commercial real estate in seven markets in the U.S. Its portfolio consists of multi-tenant industrial, office and subsurface industrial properties. The Company's properties are located in Atlanta, Columbus, Houston, Indianapolis, Kansas City, Minneapolis-St. Paul, and Phoenix. Additional information can be found at the Company's website www.meritex.com.
Daniel K. Williams