SOURCE: Meritex Enterprises

January 08, 2008 04:00 ET

Meritex Sells St. Paul Office Building

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.

Contact Information

  • Contact:
    Daniel Williams
    (651) 855-9671