Contact Information: Contact: Daniel Williams (651) 855-9671
Meritex Sells St. Paul Office Building
| Source: Meritex Enterprises
ROSEVILLE, MN--(Marketwire - January 8, 2008) - Meritex Enterprises, Inc. announces the sale
of 444 Lafayette Road, in St Paul, MN for $36.0 million to 444 Lafayette,
LLC. The facility is a 250,695 square foot office building and was
originally built in 1919 as a multi-story warehouse facility. The structure
was converted to an office building in the 1970s. Meritex recently
completed a major remodeling of the office building as part of a ten-year
lease renewal with the Minnesota Department of Human Services. Meritex will
provide property management services for the new owner going forward. The
property sale was marketed for Meritex by the Twin Cities 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.