MINNEAPOLIS, MN--(Marketwire - April 4, 2011) - Meritex announced today that it closed on a debt and equity joint venture, aggregating approximately $24 million in gross proceeds, with a major institutional partner on its previously announced acquisition of a ten-building 726,000 square foot office/warehouse portfolio in Atlanta, Georgia. Meritex has historically invested in and owned property solely for its own account. This is the first joint venture relationship for the company since it has focused its investment strategy on multi-tenant industrial properties.
"Creating joint venture relationships such as this is an important part of our long term strategy, enabling us to leverage our capabilities throughout the organization," stated Tom Hotovec, CFO of Meritex. "We continue to actively pursue investment opportunities and expect to further grow our portfolio through these types of transactions," he added.
Meritex will be the managing partner and will continue to manage and lease the properties on behalf of the venture.
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 8.7 million square feet of commercial real estate in seven 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:
Tom Hotovec
(651) 855-9660