MINNEAPOLIS, MN--(Marketwired - October 07, 2014) - Meritex announced today the sale of 14399 Huntington Avenue in Savage, Minnesota. The property totals 244,050 SF and is 100% leased to two tenants: Northern Tool & Equipment Company, Inc. and American Builders & Contractors Supply Co, Inc.
Prior to the sale of the property, Meritex completed lease extensions with the existing tenants and worked with the City of Savage to increase the outside storage area. The buyer, who targets facilities leased by Northern Tool, approached Meritex with interest in acquiring the asset.
Daniel Williams, chief investment officer for Meritex, commented, "This transaction was significant for Meritex because it once again demonstrates our ability to maximize asset value by way of strategic property management and successful disposition. The proceeds from this sale will be used to expand our multi-tenant industrial portfolio in targeted markets here and nationally."
Meritex has been an active owner/operator of industrial real estate in Minneapolis since 1916. Meritex continues to own over one million square feet of industrial space in Minneapolis and is actively pursuing additional acquisition opportunities in the 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 9.1 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.
Image Available: http://www.marketwire.com/library/MwGo/2014/10/6/11G023229/Images/14399_Huntington_Avenue-1083583144570.jpg
Contact Information:
Contact:
Dan Williams
(651) 855-9671
