ROSEVILLE, MN--(Marketwire - August 10, 2010) - Meritex announces the recent sale of Ohio Commerce Center located in Warren, Ohio to Spirongo/George Bakeris and Spiros Bakeris. The facility consists of 12 buildings totaling 1.4 million square feet on 470 acres of land. At the time of disposition the property was leased to 19 tenants. Meritex acquired the facility over 40 years ago from the Village of Lordstown. Meritex engaged the firm of Marcus & Millichap to market the disposition.
This disposition represents one of the final steps of a strategy by Meritex to reposition its real estate portfolio. Meritex has disposed of over 7.0 million square feet of office and bulk warehouse real estate. The sale proceeds have been reinvested into over 5.0 million square feet of institutional-grade, multi-tenant industrial properties in the markets of Columbus, Indianapolis, Atlanta, Houston and Minneapolis.
"By executing our strategy, we have created a national platform of institutional-grade industrial real estate that generates highly predictable cash flows and offers strong liquidity. We are now well positioned to successfully operate in a wide variety of market conditions," commented Daniel Williams, Chief Investment Officer.
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 and manages 6.7 million square feet of commercial real estate in 7 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, and Minneapolis-St. Paul. Additional information can be found at the Company's website www.meritex.com.
Contact Information:
Contact:
Daniel Williams
(651) 855-9671