SOURCE: Meritex

Meritex

April 11, 2011 16:53 ET

Meritex Announces Houston Portfolio Acquisition

MINNEAPOLIS, MN--(Marketwire - Apr 11, 2011) - Meritex announced today the acquisition of a two-building, 313,000 square foot, warehouse portfolio in Houston, Texas from 3Ds Porte, LLC. The class-A properties range in size from 115,000 to 198,000 square feet and are located in La Porte, Texas. Meritex also acquired rights to purchase a 13-acre land parcel located between the two buildings capable of supporting an additional 150,000 square feet of warehouse development. The portfolio is currently 100% occupied and will be managed by Meritex.

This purchase follows two other recent acquisitions by Meritex -- a 726,000 square foot, ten-building portfolio in Atlanta, and a 308,000 square foot, three-building portfolio in Indianapolis.

"We are excited to add these excellent core assets to our Houston holdings," said Dan Williams, chief investment officer for Meritex. "This acquisition provides us with stable cash flow secured by highly functional, well-located real estate. However, unlike many core investments, it also offers the potential for value-add development in the future," he added. With this purchase, Meritex now owns and manages 622,000 square feet of multi-tenant industrial product in the Houston 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 8.8 million square feet of commercial real estate in 7 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, and Minneapolis-St. Paul. Additional information can be found at the Company's website www.meritex.com.

Contact Information

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