Meritex Snags 300 KSF Industrial Property
- May 19, 2017
Meritex, a private real estate investment and management company, has just added a Class A, industrial facility in Shakopee, Minn., to its portfolio, for an undisclosed amount. The company tapped Senior Asset Manager Steve Dorff to oversee operations at the new property.
1080 Park Place offers 299,600 square feet of industrial space and features 38-foot clear heights, an EFSR sprinkler system, trailer parking and 12 dock-high doors. The Opus Group built the facility was built in 1993, on a 16.5-acre lot. Since its completion, the property has changed hands two times, the last transaction having closed last year for $12.8 million, according to PropertyShark data. Two tenants are currently anchoring the site, which is at 100 percent occupancy.
Dan Williams, Meritex’s chief officer of investments, said in prepared remarks that Shakopee is an investment market, which the company has been targeting for years. The acquisition of 1080 Park Place brings Meritex’s Minneapolis portfolio to a total of 1.9 million square feet.
Meritex has also been expanding in Houston and Phoenix. At the beginning of the year, the company bought a 220,463-square-foot industrial building for $26 million.
Image courtesy of Meritex