MINNEAPOLIS, MN--(Marketwired - May 19, 2016) - The Meritex Company today announced the acquisition of the Sportech Building, a 105,000 square foot, manufacturing and warehouse facility located at 10752 168th Circle Northwest in Elk River, Minnesota. By making a forward commitment to purchase the building upon completion, Meritex gained the exclusive right to own a brand new, 105,000 SF, 32 foot clear asset.
"Our investment strategy focuses on acquiring assets where we can create value and produce consistent cash flows," said Dan Williams, chief investment officer of Meritex. "The property is 100% leased to Sportech and comes with excess land able to support a 70,000 SF Sportech expansion offering growth for both Sportech and Meritex."
This acquisition expands Meritex's Minneapolis portfolio to nearly 2.5 million square feet of real estate owned or under management. Sportech will directly manage all routine facility operations. "We are excited about the addition of this property to our portfolio in the Minneapolis market," commented Steve Dorff, senior property manager for Meritex in Minneapolis.
Company Information: The Meritex Company 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 10.5 million square feet of commercial real estate in seven 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, 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
