MINNEAPOLIS, MN--(Marketwired - March 18, 2014) - Meritex announced today its entry into the Phoenix market with the acquisition of a two (2) building industrial portfolio totaling 193,366 square feet. The class A properties are located at 21410 and 21415 North 15th Lane in Deer Valley, Arizona.
"We are excited about the addition of the Deer Valley properties to our portfolio and our entry into the Phoenix market," commented Dan Williams, chief investment officer for Meritex in Minneapolis. "The acquisition of these assets complements our investment strategy of entering into markets that provide opportunity for growth, expansion and diversification of our industrial portfolio. Meritex continues to seek additional investment opportunities in the Phoenix market." JLL managing directors Tony Lydon and Pat Harlan represented Meritex in the transaction, which closed on March 7, 2014.
Meritex has selected Metro Commercial Properties to continue management of the properties. "We look forward to working with Metro Commercial Properties," commented Arvid Povilaitis, chief operating officer of Meritex. "The properties are located in the thriving Deer Valley submarket and have a proven track record of consistent demand. The properties are currently 97% occupied by ten (10) tenants including a recent tenant expansion of nearly 15,000 square feet." John Pompay of Cassidy Turley has been retained as the listing agent for the properties.
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 over 9 million square feet of commercial real estate in eight (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.