Meritex Expands Portfolio in Charlotte with Acquisition of Infill Industrial PropertyDecember 19, 2018 Charlotte, NC
The Meritex Company continues to expand in Charlotte with the purchase of Northpark VIII, a 102,000-square-foot property. The building is located in an established infill industrial park just six miles north of downtown Charlotte, and approximately 11 miles from Charlotte Douglas International Airport. This acquisition comes shortly after Meritex announced the final phase of a development project near the airport, known as CLT Logistics Center.
“We were attracted to Northpark VIII because of its unique infill location and overall building functionality,” says Matt Wagner, director of acquisitions at Meritex. “The immediate access to I-77 and its close proximity to I-485, downtown Charlotte, amenities, and labor force position this building for long-term success.”
Northpark VIII is located at 6509 Northpark Boulevard within the Northpark Business Park in Charlotte, North Carolina. Originally built in 1994, the building features 24’ clear height, ESFR sprinkler system, high dock ratio count and ample parking. The property is currently fully leased to a long-term tenant; however, it was designed with multiple storefronts and an extended glass-line to accommodate multiple users if needed. “We have been very active in Charlotte over the past few years and plan to strategically grow our platform in-excess of two million square feet,” says Wagner. “This acquisition, along with our other investments this year, are great examples of what we intend to target going-forward.”
Since making its first acquisition in the Charlotte market in 2016, Meritex has steadily grown its presence in the area. With the recent purchases of Northpark VIII and Airpark West V along with the CLT Logistics Development, the company portfolio in the metro area will now be close to one million square feet.
Justin Smith, vice president of Colliers International says, “The North submarket is highly sought after by institutional investors and we continue to see robust leasing and investment activity. More specifically, Northpark is located at the center of the overall market and historically has performed very well over the years as an established business park that users want to be associated with. This was a great investment by Meritex and complements their existing industrial portfolio while establishing a presence in a new submarket.”
Smith and Rob Speir of Colliers International represented Meritex in the acquisition. Foundry Commercial in Charlotte has been engaged for property management services for Northpark VIII.