Meritex Announces Industrial Acquisition in Atlanta
May 22, 2014 - MINNEAPOLIS, MN
MINNEAPOLIS, MN--(Marketwired - May 22, 2014) - Meritex today announced a further expansion of its joint venture holdings in Atlanta with the acquisition of a 102,297 square foot, office/warehouse project located at 1851 West Oak Parkway in Marietta, Georgia. The fully occupied property includes an adjacent pad site which can accommodate a future building expansion up to 25,000 square feet.
"Our investment strategy focuses on acquiring properties where we can create value and produce consistent cash flows," said Dan Williams, chief investment officer of Meritex. "The tenant in the West Oak property is in the 'last mile' logistics business providing home delivery services for its national, brand-name clients. Having a modern, highly functional office/warehouse facility located near the end user is critical in order for last-mile deliveries to be handled quickly and cost-effectively."
This acquisition further expands Meritex's joint venture relationship with a major institutional investor by increasing its holdings to more than 1.2 million square feet. Meritex is the managing partner and will manage the Marietta property on behalf of the venture. Dan Ward, director of real estate/investments for Meritex in the southeast region, will be responsible for managing the property.
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 9.6 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 Phoenix. Additional information can be found at the Company's website www.meritex.com.
ï»¿Daniel K. Williams