Relationship will enable Meritex to increase presence in key markets
MINNEAPOLIS--(BUSINESS WIRE)--The Meritex Company announces the formation of a joint venture with a pension plan advised by a global real estate investment manager. The joint venture will acquire and operate multi-tenant warehouse properties in select U.S. markets. This marks the beginning of a long-term programmatic investment relationship designed to increase the venture’s market presence and leverage Meritex’ tenant-focused investment and operating strategy. It is the third joint venture relationship formed by Meritex since 2010.
“Strategically aligned equity partners enable us to secure attractive investment opportunities and generate consistent returns for our investors through active portfolio management,” says Tom Hotovec, chief financial officer at Meritex.
The new relationship will be formed with the acquisition of properties in Phoenix, AZ and Charlotte, NC. The investment strategy is an extension of Meritex’ focus on well-located, highly-functional, multi-tenant warehouse properties.
Ray Kivett, chief investment officer at Meritex, says, “In addition to properties already in the portfolio, we’re aggressively looking to increase holdings in the key markets of Dallas, Miami, Phoenix and Charlotte, with several pending transactions in the works. We’d like to acquire an additional $125 million in properties over the next 18 months on behalf of the joint venture.”
About The Meritex Company
The Meritex Company is the expert in putting properties and people together, offering the flexibility and innovation of a family-owned company, with the discipline and governance of a much larger business. With more than a century of experience providing light industrial real estate to companies at every stage of their growth, Meritex offers spaces that allow businesses to grow, evolve, and redefine themselves as needed. Meritex owns, develops and manages approximately 10 million square feet of institutional grade, multi-tenant space made up of more than 90 properties, ensuring that each is capable of meeting the demands of its dynamic tenant base. The broad selection in eight markets – Atlanta, Charlotte, Columbus, Houston, Indianapolis, Kansas City, Minneapolis-St. Paul and Phoenix – means companies will find the right place to take care of business, while receiving responsive service and great solutions for their space needs, now and into the future. The Meritex Company is headquartered in Minneapolis.
The Meritex Company