MINNEAPOLIS, MN--(Marketwire - April 14, 2010) - Meritex announces the purchase of the Lexington Corporate Center, a 76,520 square foot, Class A office/warehouse property located at 3225 Neil Armstrong Boulevard in Eagan, Minnesota. In February Meritex purchased the note for the property in an online auction, and recently secured ownership of the property via a Deed in Lieu of Foreclosure.
"This was a very unique acquisition process for Meritex and we continue to look for other creative ways to purchase first-class industrial real estate properties," commented Dan Williams, chief investment officer.
Meritex is committed to expansion in the Minneapolis market; the Company now owns eight buildings in Minneapolis totaling over 1.1 million square feet. The purchase is consistent with Meritex's strategy to build portfolios of multi-tenant industrial properties in targeted markets such as Minneapolis, Atlanta, Indianapolis, Houston and Columbus.
Phil Simonet and Zach Anderson of Paramount Real Estate Corporation have been retained to market Lexington Corporate Center for lease. Information regarding available space can be found at www.paramountre.com or by calling 952-854-8290.
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 8.2 million square feet of commercial real estate in 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, Columbus, Denver, Houston, Indianapolis, Kansas City, Minneapolis-St. Paul, and Warren, OH. Additional information can be found at the Company's website www.meritex.com.
Contact Information:
Contact: Dan Williams
(651)855-9671
