Press 2010

Real estate. Real integrity.^®

Dero Bike Rack Company Chooses Meritex Midway Business Center for its new headquarters site

Minneapolis, MN, November 17, 2010 - Meritex announced today a new 23,879 square foot lease with Dero Bike Rack Company, at 504 Malcolm Ave S.E. in Minneapolis. Dero Bike Rack Company, www.dero.com, based in Minneapolis, is an innovator in bicycle rack design and chose Meritex for its relocated manufacturing plant. 

“Dero is excited to be moving to a building that has an image in line with the future of Dero Bike Racks.  We conducted a multi-location search for our new facility, and we feel that the Meritex property is the ideal solution.  The property met all of our requirements for the business, is excellent for access for our employees, and is a high quality facility we will be proud to show visitors and future customers,” commented Hans Steege, Chief Executive Officer of Dero. “A significant feature of the building is its location on the intercampus bus and bike lane. Many of our employees ride bikes to work everyday.”

Meritex owns and manages 2 million square feet of industrial properties in Minnesota.  “We are proud to have the opportunity to provide Dero with the facility they need to retain and expand Green jobs especially given the Green opportunities on the horizon.” said Steve Dorff, Asset Manager for Meritex.  “Meritex is committed to Green practices, pledging up to $100,000 in Green improvements to our portfolio nationally in 2010 with our successful Green for Green program.  We are thrilled to have the opportunity to partner with an industry leader at our Malcolm Avenue property.”

Dero Bikes was represented by Steve Chirhart and Ron Moss of TaTonka Real Estate Advisors in the lease transaction and Meritex was represented by Brian Doyle and Eric Batiza of the Welsh Companies.
 

Iosil Energy Chooses Meritex Groveport Facility for $13.5 Million Pilot Plant for Manufacturing Silicon for the Solar Industry

Columbus, Ohio, October 20, 2010 - Meritex announced today a new 30,700 square foot lease to Iosil Energy Corporation, located at 5700 N. Green Pointe Drive in Groveport, Ohio.  Iosil, an Albuquerque, New Mexico based company, is an innovator in solar technology and chose Columbus, Ohio for its new pilot manufacturing plant.  The company plans to create 20 new to the region engineering and manufacturing jobs in its production of high purity polysilicon, the essential raw material for solar cells.

“Iosil is excited to be moving from a successful research and development phase to a manufacturing scale-up of its technology in Groveport, Ohio.  We conducted a multi-location search for our pilot plant, and we feel that the Meritex property is the ideal solution.  The property met all of our requirements for the business, is excellent for access for our employees, and is a high quality facility we will be proud to show visitors and future customers,” commented Earl Fuller, Chief Executive Officer of Iosil Energy Corporation.   “Significant economic development support including job creation tax credits from the State of Ohio and property tax abatement from the Village of Groveport were also major factors in choosing a location for Iosil’s new plant.”

Meritex owns and manages 1.6 million square feet of industrial properties in Columbus, Groveport, and Gahanna, Ohio.  “We are proud to have the opportunity to partner with such an important new-to-Ohio business,” said Jill Evans, Portfolio Manager for Meritex.  “Meritex is committed to Green practices, pledging up to $100,000 in Green improvements to our portfolio nationally in 2010 with our successful Green for Green program.  We are thrilled to have the opportunity to partner with such an important solar industry leader at our Groveport property.”
Iosil Energy was represented by Steve Tucker and Todd Schiff of The Robert Weiler Company in the lease transaction and Meritex was represented by Ray and Jeff Boll of Rj Boll Realty.
 

Meritex Sells Warren, Ohio Property

Minneapolis, Minnesota, 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.

Meritex Acquires Lexington Corporate Center, Eagan, MN

Minneapolis, MN, April 14, 2010 – Meritex announces the purchase of the Lexington Corporate Center, a 76,520 square foot, Class A office/warehouse property located at 3225 Neil Armstrong Boulevard in Eagan, Minnesota.  In February Meritex purchased the note for the property in an online auction, and recently secured ownership of the property via a Deed in Lieu of Foreclosure. 

“This was a very unique acquisition process for Meritex and we continue to look for other creative ways to purchase first-class industrial real estate properties,” commented Dan Williams, chief investment officer.   

Meritex is committed to expansion in the Minneapolis market; the Company now owns eight buildings in Minneapolis totaling over 1.1 million square feet.  The purchase is consistent with Meritex’s strategy to build portfolios of multi-tenant industrial properties in targeted markets such as Minneapolis, Atlanta, Indianapolis, Houston and Columbus. 

Phil Simonet and Zach Anderson of Paramount Real Estate Corporation have been retained to market Lexington Corporate Center for lease.  Information regarding available space can be found at www.paramountre.com  or by calling 952-854-8290.
 

Meritex Announces 2010 New Green-for-Green Program

Minneapolis, MN, January 12, 2010 – Meritex announced today an exciting new sustainability program called “Green- for- Green” available at all of its properties nationwide.  Meritex will reimburse up to 20% of the net cost for tenant-sponsored “Green” building improvements.  Meritex has committed up to $100,000 for “Green-for-Green” improvements in 2010 -- available to all its tenants on a first come-first serve basis. 

Payback for the tenant on sustainability projects, such as replacing older-style warehouse lights with energy efficient T-5 lights, can be in as little as 1-2 years due to current rebates available from utility companies and municipalities, immediate savings on electrical consumption, and  Meritex’ 20% contribution. 

Tenants receive the benefit of all rebates, potential tax savings, and energy consumption savings over the term of their lease, allowing them to immediately reduce occupancy costs in Meritex-owned properties. As a result, many are showing interest in the “Green-for-Green” program.
 
“Everybody wins with this program, our tenants, our vendors, and most importantly the environment,” said Arvid Povilaitis, Chief Operating Officer of Meritex in Minneapolis.  “Meritex is proud to offer ‘“Green-for-Green”’ to all of our tenants and to have the opportunity to partner with them in 2010 in creating over $500,000 in new green projects.”

The Meritex “Green- for- Green” program is in addition to other standard sustainability practices that the company employs during regular remodeling of tenant spaces and property redevelopment.

Jeremy Woods of Summit Realty Group, exclusive brokers for Meritex in Indianapolis, commented, “The Meritex ‘“Green-for-Green”’ program is unique in the industrial sector, and could offer Meritex an occupancy edge over competing properties.  Meritex’ sensitivity to its tenants’ total occupancy costs is in keeping with its commitment to high customer satisfaction.  We are happy to be a part of the Meritex leasing team.”

Meritex announces 2009 Leasing activity in the Columbus, Ohio market

Columbus, Ohio, January 14, 2010 – Meritex announced today that 2009 was its most successful year for leasing activity since entering the Columbus, Ohio market in 2003. Over 550,000 square feet of renewals or new leases were signed in 2009 representing 26 transactions involving 16 of Columbus’ top real estate agents at 10 industrial properties located in Columbus, Groveport, and Gahanna.  Deal sizes range from a 680 square foot tenant, Media Works, at Plaza I to a 100,000 square foot tenant, Eagle Logistics, at Trade Center II, both located in the Westbelt industrial park.

“In spite of the current economic conditions, we have been fortunate to maintain our high occupancy with a lot of creative leasing,” commented Jill Evans, Meritex Columbus Portfolio Manager.  “With our competitive pricing, exceptional broker partners, and flexible leasing
solutions, we are looking forward to another solid year in 2010.”

Meritex owns and manages 1.6 million square feet with 55 tenants in Columbus, Groveport, and Gahanna.  “We are proud to have in our portfolio 4 of the 50 fastest growing companies in the Columbus metropolitan area,” “ added Jill Evans.   Meritex is represented by Ray and Jeff Boll of Rj Boll Realty,; Steve Kuhr of CB Richard Ellis; and Mike Linder, Shane Woloshan, Joel Yakovac, and Ben Johnson of Grubb and Ellis.

Meritex is actively seeking to expand its Class A/Class B multi-tenant industrial portfolio in Columbus.