Charlotte's CLT Logistics Center Sold for $46M

Minneapolis-based Meritex, a private real estate investment and management company, announced its first acquisition in the Charlotte, NC real estate market with the purchase of the industrial CLT Logistics Center for $46.3 million. In a deal brokered by CBRE, the 11 building industrial complex was sold by Carlson Real Estate. Terms of the sale were not disclosed, and it's unclear when Carlson originally acquired the property.

"This acquisition is in keeping with our strategy of investing in markets that provide opportunity for growth, expansion and diversification," said Dan Williams, chief investment officer for Meritex, in a press release. "The CLT Logistics Center comes with a sizable and diverse array of highly functional assets and excellent tenants. It also provides us with the opportunity to develop up to three modern industrial buildings totaling 200,000 square feet on the adjacent land site."

The 583,021 square foot complex at Yorkmont and International Drive includes a 14-acre land parcel ready for development. Each building features durable and attractive concrete tilt wall construction, 18-20 foot clear heights, full sprinkler system, truck-high loading docks and drive-in doors, and abundant parking. The property was 91% leased at the time of sale with major tenants including Bimbo Bakeries, FedEx and DC74 Data Centers. Foundry Commercial has been named the listing agent and property manager for CLT Logistics Center.

For more news and information visit Blumberg Partners.

Meritex Developing Chandler Industrial Park

Minneapolis-based Meritex Enterprises Inc. and Metro Commercial Properties received approval last week from the Chandler City Council on the Planned Area Development (PAD) zoning request and site plan approval for Chandler Airport Center, a general industrial park at the SWC of Germann and Cooper Roads in Chandler, Arizona. Meritex, under Meritex Chandler, LLC, will move forward with the development of Chandler Airport Center in association with Tempe-based Metro Commercial Properties, who will provide development and property management services to Meritex for the three building industrial park.

"The site has fantastic visibility on German Road with over 2,000 feet of frontage along with direct access from four public streets," said Dan Williams, Chief Investment Officer of Meritex. "The project will provide excellent opportunities for general industrial users to gain prominent visibility for their wholesale & service facilities and locate closer to their customer base in the Southeast Valley."

The 20-acre project, located immediately north of the Chandler Municipal Airport, is slated to include a three-building industrial park totalling as much as 260,200 square feet. Lee & Associates principals Chris McClurg and Ken McQueen are handling the leasing on the project, according to a Phoenix Business Journal article.

For more news and information visit Blumberg Capital Partners.