CBRE Closes $9M Sale of Kennebec Distribution Center to Meritex
- Feb 09, 2015
By Ioana Neamt, Associate Editor
CBRE announced the sale of Kennebec Distribution Center in Eagan, Minn., to Minneapolis-based Meritex Enterprises Inc. for $9.2 million. According to a news release, the seller, Boston-based TA Associates Realty, was represented in the transaction by CBRE Institutional Properties through a Minneapolis team led by Steven Buss, Ryan Watts and Tom Holtz.
Located at 3703 Kennebec Drive, the 155,050-square-foot warehouse, built in 1994, is currently 100 percent occupied by CITI-Cargo and Storage Co. The facility features an ESFR sprinkler system, a 26-foot clear ceiling height and efficient T-5 motion sensor lighting.
“Our investment strategy focuses on acquiring properties where we can create value and produce consistent cash flows,” said Dan Williams, chief investment officer at Meritex. “Kennebec Distribution Center is well located in the vibrant Eagan submarket, is highly functional, and offers the added benefit of ample parking for truck trailers.”
The property is Meritex’s third industrial facility in the city of Eagan; it also owns the Aldrin Corporate Center and Lexington Corporate Center.
Image courtesy of Meritex Enterprises Inc.
Click here for further market data on the Twin Cities.