MINNEAPOLIS, MN--(Marketwired - September 30, 2014) - Meritex announced today the sale of 444 Lafayette Road in St. Paul, Minnesota. The property totals 282,565 SF and is 100% leased to the State of Minnesota-Department of Human Services.
The marketing and sale of the property was part of a 677,500 square foot, four (4) building portfolio sale coordinated between two ownerships: Meritex and NGP Lafayette Portfolio Owners Corp. The sellers cooperated in the joint marketing, contract negotiations, due diligence coordination and final closing for the entire portfolio. Meritex and NGP were represented by Steven Buss, Tom Holtz, Ryan Watts and Judd Welliver of CBRE.
Meritex has been retained by the Buyer as property manager for the entire portfolio. Fred Koehler, asset manager for Meritex, will be responsible for park management.
Daniel Williams, chief investment officer for Meritex commented, "This sale completes the execution of our initial investment strategy when we purchased 444 Lafayette in 2012. That strategy called for joining with NGP so as to present a substantial, cohesive office park to the investment market, selling the park to a well-capitalized buyer and then providing our management expertise to the new buyer going forward. The proceeds from this sale will be used to expand our multi-tenant industrial portfolio in targeted markets."
Meritex has been an active owner/operator of industrial real estate in Minneapolis since 1916. Meritex continues to own several properties in the Minneapolis/St. Paul area 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 eight 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 Phoenix. Additional information can be found at the Company's website www.meritex.com.
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Contact Information:
Contact:
Dan Williams
(651) 855-9671
