Meritex to Develop Two Distribution Buildings in Roseville, MNNovember 15, 2017 Minneapolis, MN
MINNEAPOLIS – Meritex will this month demolish an existing 360,000-sq.-ft. industrial property, formerly known as the Minnesota Technology Exchange building, and construct two state-of-the-art 144,000-sq.-ft. bulk-distribution buildings, Highcrest II & III, in Roseville, MN.
The project has an anticipated fall 2018 delivery. Meritex has selected the Cushman & Wakefield team of David Stokes, Todd Hanson, Jason Sell, Chris Weirens and Ian Thompson for leasing services.
Highcrest II & III are across the street from Meritex’s fully leased 130,000-sq.-ft., Class A office-warehouse known as Highcrest Distribution Center.
“We’re excited to bring Highcrest II & III to the market,” said Ray Kivett, chief investment officer at Meritex. “We know tenants want great freeway access, to be close to Minneapolis and St. Paul and have unrivaled access to labor, and this project will provide all of the above.”
Meritex developed the building currently on the Highcrest II & III site in 1964, and owned and managed the property for four decades. The company sold the building in 2004, and then repurchased the asset in 2016.
The property, located at 2470 Highcrest Road in Roseville, has close access to Interstate 35W, Highway 36 and Highway 280, and is closer to downtown Minneapolis and downtown St. Paul than any other recent industrial development. It is zoned I-1, which permits a variety of uses including manufacturing, warehousing and distribution, and will feature 32-foot-clear ceilings and ESFR sprinkler systems.
“The Northeast metro submarket has seen a tremendous amount of activity throughout the last several years as growing companies look to expand and others look to consolidate operations in newer, better spaces,” said Stokes, Cushman & Wakefield Senior Director. “The market has only just become aware that this opportunity is available, and there’s already healthy interest in the new Highcrest II & III.”
Total vacancy in the Northeast submarket is just 6.8 percent, according to Cushman & Wakefield research.
For more project information regularly updated, please visit highcrestmn.com.