Meritex acquired a a 474,669-square-foot infill industrial portfolio in the Minneapolis market at 14600 21st Ave. North in Plymouth, Minnesota.
Meritex is planning to invest significant capital into the project to modernize and enhance the image of the buildings while also initiating a branding and marketing campaign to attract local, regional and international companies to the park.
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.
Parkers Lake Commerce Center was formerly the North American headquarters for Nilfisk International until the company relocated years ago. The existing project consists of three interconnected buildings totaling 474,669 square feet. Meritex will begin construction soon on the first phase of the redevelopment, consisting of about 216,275 square feet.
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.
