SOURCE: Meritex

Meritex

February 25, 2011 15:56 ET

Meritex Announces Indianapolis Portfolio Acquisition

MINNEAPOLIS, MN--(Marketwire - February 25, 2011) - Meritex Enterprises, Inc. announces the acquisition of a three-building, 307,000 square foot, office/warehouse portfolio in Indianapolis, Indiana from RORI Property Holdings, LLC. The class-A, multi-tenant properties range in size from 98,000 to 107,000 square feet and are located in Fishers, Indiana. The portfolio is currently 79% occupied with 7 tenants. The properties will be managed by Jill Evans and Melissa Brickner of Meritex who are both based in Columbus. Brian Seitz and Brian Buschuk with the Indianapolis office of Jones Lang LaSalle have been selected as leasing agents for the properties.

"We are excited to add these excellent assets to our Indianapolis holdings," said Dan Williams, chief investment officer of Meritex. "Our interest in the properties began over two years ago when we learned that the owner was having financial challenges. We waited-out a foreclosure process followed by the non-performance of several other buyer groups. When we finally got control of the project, we were given only ten business days in which to conduct our due diligence. In spite of severe ice storms and office closings, we were able to thoroughly complete our inspections/interviews through the coordinated efforts of our in-house due diligence team and key consultants. With this purchase, we now own 801,000 square feet of multi-tenant industrial product in the Indianapolis 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 7.7 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