Meritex recently acquired a 474,669 square foot infill
industrial portfolio located in the western metro of Minneapolis at 14600 21st
Avenue North in Plymouth, Minnesota.
With plans for a major redevelopment this summer, Meritex intends to invest
significant capital into the project to modernize and enhance the image of the
buildings while simultaneously initiating a rebranding and marketing campaign
to attract local, regional, and international companies to the park.
“We are very excited to expand into the west metro of
Minneapolis and look forward to transforming this project into a best-in-class
business park,” says Matt Wagner, Senior Director of Investments.
The industrial development will be completed in multiple phases
with construction starting immediately for a portion of the site that is
currently unoccupied. Meritex is naming the project Parkers Lake Commerce
Center.
“We plan to continue pursuit of excellent well-located
industrial properties and land sites similar to this project in Minneapolis and
nationally,” adds Wagner.
Parkers Lake Commerce Center was formerly the North American
headquarters for Nilfisk International until they relocated years ago. The
existing project consists of three interconnected buildings totaling 474,669
square-feet. Meritex will begin construction in the coming months with the
first phase of the redevelopment, consisting of approximately 216,275 square
feet. The state-of-the-art redevelopment
will feature modern amenities similar to today’s industrial construction design
standards and will include new storefront entrances and façade, new ballasted
EPDM roof system, 32’ clear height, LED lighting with motion sensors,
clerestory windows, ESFR sprinkler system, new concrete truck court with 24
additional dock-high doors, two drive-in doors, additional parking, new
landscaping, and trailer parking. The first phase of the construction is
expected to be completed and available for occupancy by late 2021. Future
phases are tentatively scheduled within the next few years.
“The portfolio is strategically located in the Northwest
submarket and surrounded by amenities, Fortune 500 companies, labor, housing,
public transportation, and provides immediate access to major transportation
nodes such as I-494, I-394, I-94, and Highway 55,” says Ben Lieser, Regional
Manager at Meritex. “We feel Parkers Lake Commerce Center can capitalize on the
need for high clear height warehouse space in this market. Over the past couple of years high clear
distribution vacancy rates in Plymouth have been sub five percent.”
Transwestern and Ten-X assisted in the sale process. Meritex
will manage the portfolio and has selected Brent Masica and Jason Meyer of
Cushman & Wakefield for leasing services. The design team consists of Pope
Architects, BKBM Engineers, and Innovative Structural Solutions.