|By Marketwired .||
|October 3, 2013 01:00 AM EDT||
MINNEAPOLIS, MN--(Marketwired - October 03, 2013) - Meritex today announced the acquisition of the Aldrin Building, a 172,849 square foot distribution facility located at 985 Aldrin Drive in Eagan, Minnesota. The Class A industrial property was purchased from Aldrin Drive Limited Partnership.
"The facility had been utilized by Uline, who vacated the facility to consolidate operations at their new facility in Hudson, Wisconsin," reported Dan Williams, chief investment officer for Meritex. "This acquisition presents Meritex with the opportunity to provide future tenant(s) with state-of-the-art warehouse space in the dynamic sub-market of Eagan."
The property has excellent access to I-35E, I-494 and Highway 55. It has been impeccably maintained, features an ESFR sprinkler system and has clear heights exceeding 32 feet. Meritex plans to immediately upgrade the property with T5 lighting and is prepared to demise the building for multi-tenant use if necessary. Phil Simonet with Paramount Real Estate Corporation has been retained by Meritex as the listing agent for the property.
"We are excited about the addition of this property to our portfolio in the Minneapolis/St. Paul market," commented Steve Dorff, property manager for Meritex in Minneapolis. "Based on our experience in the vibrant Eagan sub-market, we feel that the property is well-designed to serve a wide range of distribution businesses."
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 nearly 9 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.
Daniel K. Williams