Minneapolis, MN (PRWEB) January 03, 2013
Meritex today announced the sale of two facilities totaling 312,964 square feet located at 9701 and 9705 State Highway 225 La Porte, Texas to DCT Industrial Operating LLC.
“Meritex acquired this property in February of 2011 as a way to increase the allocation of core assets within our investment portfolio. It was great real estate with a strong tenant and a long term lease. The acquisition also came with certain rights to develop an adjacent land parcel for the tenant, so the deal had a value-add component as well,” said Dan Williams, chief investment officer of Meritex. “Since our purchase, the investment market in Houston has continued to heat up. DCT Industrial Operating, LLC recently approached us with an interest in acquiring not only the property, but also assuming our development rights. It simply made sense for us to sell at this time.”
Neither party was represented by a brokerage firm in this transaction. Meritex continues to own and manage more than 300,000 square feet in the Houston market.
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 9.3 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.