MINNEAPOLIS, MN--(Marketwired - April 24, 2014) - Meritex announced today the sale of 4850 North Church Lane in Atlanta (Smyrna), Georgia. The property totals 101,500 SF and is 100% leased to two tenants: MeadWestvaco Packaging Systems and Associated Materials.
Meritex first acquired the building in December of 2010 as part of a ten-building, 750,000 square foot portfolio. During its ownership, Meritex completed numerous improvements at the property including repairing parking lots, replacing HVAC units, painting the building exterior and installing a new roof system, in addition to extending the lease terms of the existing tenants.
Daniel Williams, chief investment officer for Meritex, commented, "This transaction was significant for Meritex because it once again demonstrates our ability to adeptly execute a value-add investment strategy and to realize the value created through successful disposition."
Meritex has been an active owner/operator of industrial real estate in Atlanta since 1992. Meritex continues to own a portfolio in Atlanta consisting of 26 multi-tenant office/warehouse buildings totaling 1,876,000 SF. The Atlanta portfolio is managed by Dan Ward, director of real estate for Meritex.
CBRE brokers, Tom Shafer and John Hinson represented Meritex in the sale of 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 9.5 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.