MINNEAPOLIS (11/15/2017) – Meritex will this month demolish an existing 360,000-sq.-ft. industrial property, formerly known as the Minnesota Technology Exchange building, and construct two state-of-the-art 144,000-sq.-ft. bulk-distribution buildings, Highcrest II & III, in Roseville, MN.
Highcrest II & III are across the street from Meritex’s fully leased 130,000-sq.-ft., Class A office-warehouse known as Highcrest Distribution Center.
“We’re excited to bring Highcrest II & III to the market,” said Ray Kivett, chief investment officer at Meritex. “We know tenants want great freeway access, to be close to Minneapolis and St. Paul and have unrivaled access to labor, and this project will provide all of the above.”
Meritex developed the building currently on the Highcrest II & III site in 1964, and owned and managed the property for four decades. The company sold the building in 2004, and then repurchased the asset in 2016.
The property, located at 2470 Highcrest Road in Roseville, has close access to Interstate 35W, Highway 36 and Highway 280, and is closer to downtown Minneapolis and downtown St. Paul than any other recent industrial development. It is zoned I-1, which permits a variety of uses including manufacturing, warehousing and distribution, and will feature 32-foot-clear ceilings and ESFR sprinkler systems.
“The Northeast metro submarket has seen a tremendous amount of activity throughout the last several years as growing companies look to expand and others look to consolidate operations in newer, better spaces,” said Stokes, Cushman & Wakefield Senior Director. “The market has only just become aware that this opportunity is available, and there’s already healthy interest in the new Highcrest II & III.”
Total vacancy in the Northeast submarket is just 6.8 percent, according to Cushman & Wakefield research.
About The Meritex Company
Minneapolis-based 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 over 10.5 million square feet of commercial real estate in seven 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, Houston, Indianapolis, Kansas City, Minneapolis-St. Paul, and Phoenix. Additional information can be found at the Company’s website www.meritex.com.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.
Adam Rae Voge