This transaction was unique in that the buyer plans to commence speculative industrial development on the 13 acre site. All of our previous Highcrest Park land sales were driven by build-to-suit requirements. -Dan Williams, Chief Investment Officer
Minneapolis, MN (PRWEB) June 28, 2013
Meritex announced today the sale of a 13-acre land site located north of I-35W in Roseville, Minnesota, to Trammell Crow Chicago Development, Inc. The sale closed on June 14, 2013.
In 2010, Meritex razed a 700,000 square foot building in preparation of subdividing the 42 acre site for smaller land parcel sales. To date, Meritex has sold 32 acres in four separate transactions.
Daniel Williams, chief investment officer for Meritex commented, “We are excited to have concluded another significant land sale at Highcrest Park. This transaction was unique in that the buyer plans to commence speculative industrial development on the 13 acre site. All of our previous Highcrest Park land sales were driven by build-to-suit requirements.”
CBRE brokers, Steve Buss and Brian Pankratz, represented Meritex in the sale of the property. CBRE continues to market a prime 9 acre rail-served land parcel for sale.
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 nearly 9.2 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 http://www.meritex.com.