Contact Information: Contact: Daniel Williams (651) 855-9671
Meritex Sells Memphis Distribution Center
| Source: Meritex Enterprises
ROSEVILLE, MN--(Marketwire - January 8, 2008) - Meritex Enterprises, Inc. announces the sale
of 4836 Hickory Hill Road in Memphis, TN for $16.1 million to Crown
Memphis, LLC. The facility is a 646,000-square-foot bulk distribution
warehouse and was built in 1985. Meritex's logistics subsidiary, Meritex
Logistics - Memphis, will lease the facility from Crown Memphis Associates,
LLC for a term of five years. The property sale was marketed for Meritex by
the Memphis office of CB Richard Ellis.
This transaction is one of four major dispositions that Meritex completed
in 2007 which represent some of the final steps of a strategy launched in
2003 by Meritex to reposition its real estate portfolio. Since then,
Meritex has disposed of over 4.2 million square feet of office and bulk
warehouse real estate and has reinvested into over 4.6 million square feet
of institutional grade, multi-tenant industrial properties in the markets
of Columbus, Indianapolis, Atlanta, Houston and Minneapolis.
"By executing our strategy, we have created a national platform of
institutional grade industrial real estate that generates highly
predictable cash flows and offers strong liquidity. We are now well
positioned to successfully operate in a wide variety of market conditions,"
commented Daniel Williams, Chief Investment Officer.
Company Information: Meritex Enterprises, Inc. 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
8.5 million square feet of commercial real estate in nine 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, Denver, Houston, Indianapolis, Kansas City,
Minneapolis-St. Paul, Nashville, and Warren, OH. In addition, a
subsidiary, Meritex Logistics, provides third party logistics services in
Kansas City, Memphis, Nashville, and Warren, Ohio. Additional information
can be found at the Company's website, www.meritex.com.