SOURCE: The Meritex Company

The Meritex Company

August 17, 2016 03:00 ET

Meritex Announced Today Its Entry Into the Charlotte, North Carolina Industrial Property Market

MINNEAPOLIS, MN--(Marketwired - August 17, 2016) - Meritex announced today its entry into the Charlotte market with the acquisition of the CLT Logistics Center, a class A, eleven (11) building industrial portfolio. CLT Logistics Center is located immediately south of the Charlotte-Douglas Airport with properties on International Drive and Yorkmont Road. It includes 583,021 square feet and a 14-acre land parcel ready for development.

"Our market research has consistently identified Charlotte as a prime market for investment," commented Dan Williams, chief investment officer for Meritex in Minneapolis. "This acquisition is in keeping with our strategy of investing in markets that provide opportunity for growth, expansion and diversification. The CLT Logistics Center comes with a sizable and diverse array of highly functional assets and excellent tenants. It also provides us with the opportunity to develop up to three modern industrial buildings totaling 200,000 square feet on the adjacent land site. We will also continue to seek other investment opportunities in the market with a goal of building an industrial portfolio of 1.5 to 2.0 million square feet."

"We look forward to working with Foundry Commercial which has been retained as the listing agent and property manager for the portfolio," commented Arvid Povilaitis, chief operating officer of Meritex. "The properties are located in the thriving airport submarket and have a proven track record of consistent demand. The properties are currently 91% occupied by thirty (30) tenants." Leasing will be handled by Eric Ridlehoover and Fermin Deoca; management will be handled by Ben Hullender and Melissa Zickefoose. Dan Ward, director of investments for Meritex, will oversee the management and leasing of the portfolio and Matt Wagner, director of acquisitions for Meritex, will oversee acquisitions in the Charlotte market.

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 million square feet of commercial real estate in eight (8) 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, Charlotte, Columbus, Houston, Indianapolis, Kansas City, Minneapolis-St. Paul, and Phoenix. Additional information can be found at the Company's website www.meritex.com.

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Contact Information

  • Contact:
    Daniel K. Williams
    (651) 855-9671