SOURCE: Meritex Enterprises

January 08, 2008 04:00 ET

Meritex Sells Memphis Distribution Center

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.

Contact Information

  • Contact:
    Daniel Williams
    (651) 855-9671