Press 2010

Real estate. Real integrity.^®

Meritex Acquires Lexington Corporate Center, Eagan, MN

Minneapolis, MN, April 14, 2010 – Meritex announces the purchase of the Lexington Corporate Center, a 76,520 square foot, Class A office/warehouse property located at 3225 Neil Armstrong Boulevard in Eagan, Minnesota.  In February Meritex purchased the note for the property in an online auction, and recently secured ownership of the property via a Deed in Lieu of Foreclosure. 

“This was a very unique acquisition process for Meritex and we continue to look for other creative ways to purchase first-class industrial real estate properties,” commented Dan Williams, chief investment officer.   

Meritex is committed to expansion in the Minneapolis market; the Company now owns eight buildings in Minneapolis totaling over 1.1 million square feet.  The purchase is consistent with Meritex’s strategy to build portfolios of multi-tenant industrial properties in targeted markets such as Minneapolis, Atlanta, Indianapolis, Houston and Columbus. 

Phil Simonet and Zach Anderson of Paramount Real Estate Corporation have been retained to market Lexington Corporate Center for lease.  Information regarding available space can be found at www.paramountre.com  or by calling 952-854-8290.
 

Meritex Announces 2010 New Green-for-Green Program

Minneapolis, MN, January 12, 2010 – Meritex announced today an exciting new sustainability program called “Green- for- Green” available at all of its properties nationwide.  Meritex will reimburse up to 20% of the net cost for tenant-sponsored “Green” building improvements.  Meritex has committed up to $100,000 for “Green-for-Green” improvements in 2010 -- available to all its tenants on a first come-first serve basis. 

Payback for the tenant on sustainability projects, such as replacing older-style warehouse lights with energy efficient T-5 lights, can be in as little as 1-2 years due to current rebates available from utility companies and municipalities, immediate savings on electrical consumption, and  Meritex’ 20% contribution. 

Tenants receive the benefit of all rebates, potential tax savings, and energy consumption savings over the term of their lease, allowing them to immediately reduce occupancy costs in Meritex-owned properties. As a result, many are showing interest in the “Green-for-Green” program.
 
“Everybody wins with this program, our tenants, our vendors, and most importantly the environment,” said Arvid Povilaitis, Chief Operating Officer of Meritex in Minneapolis.  “Meritex is proud to offer ‘“Green-for-Green”’ to all of our tenants and to have the opportunity to partner with them in 2010 in creating over $500,000 in new green projects.”

The Meritex “Green- for- Green” program is in addition to other standard sustainability practices that the company employs during regular remodeling of tenant spaces and property redevelopment.

Jeremy Woods of Summit Realty Group, exclusive brokers for Meritex in Indianapolis, commented, “The Meritex ‘“Green-for-Green”’ program is unique in the industrial sector, and could offer Meritex an occupancy edge over competing properties.  Meritex’ sensitivity to its tenants’ total occupancy costs is in keeping with its commitment to high customer satisfaction.  We are happy to be a part of the Meritex leasing team.”

Meritex announces 2009 Leasing activity in the Columbus, Ohio market

Columbus, Ohio, January 14, 2010 – Meritex announced today that 2009 was its most successful year for leasing activity since entering the Columbus, Ohio market in 2003. Over 550,000 square feet of renewals or new leases were signed in 2009 representing 26 transactions involving 16 of Columbus’ top real estate agents at 10 industrial properties located in Columbus, Groveport, and Gahanna.  Deal sizes range from a 680 square foot tenant, Media Works, at Plaza I to a 100,000 square foot tenant, Eagle Logistics, at Trade Center II, both located in the Westbelt industrial park.

“In spite of the current economic conditions, we have been fortunate to maintain our high occupancy with a lot of creative leasing,” commented Jill Evans, Meritex Columbus Portfolio Manager.  “With our competitive pricing, exceptional broker partners, and flexible leasing
solutions, we are looking forward to another solid year in 2010.”

Meritex owns and manages 1.6 million square feet with 55 tenants in Columbus, Groveport, and Gahanna.  “We are proud to have in our portfolio 4 of the 50 fastest growing companies in the Columbus metropolitan area,” “ added Jill Evans.   Meritex is represented by Ray and Jeff Boll of Rj Boll Realty,; Steve Kuhr of CB Richard Ellis; and Mike Linder, Shane Woloshan, Joel Yakovac, and Ben Johnson of Grubb and Ellis.

Meritex is actively seeking to expand its Class A/Class B multi-tenant industrial portfolio in Columbus.