MINNEAPOLIS, Aug. 17, 2017 (GLOBE NEWSWIRE) -- The Meritex Company announced today the completion of its Jefferson II Distribution Building, a 57,750-square foot Class A modern industrial facility located in the established Park 100 area of Indianapolis. The newly-completed development is the first small Class A multi-tenant industrial building constructed in the area in more than a decade. Highly flexible, Jefferson II can be leased to a full-building user or divided down to as small as 8,250 square feet, accommodating multiple tenants. The building brings Meritex’s investment in the Indianapolis market to nearly 1.3 million square feet.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/9204350b-4165-4655-8cb9-c470047bf7a9
The Indianapolis market has seen a steadily increasing demand from industrial space users seeking less than 15,000 square feet, yet prior to the completion of Jefferson II, there were no buildings in the area that could meet that need. “We’ve been aware of the growing need for small industrial spaces in the Indianapolis market for quite a while. Jefferson II was specifically designed to be adaptable to tenant needs based on that demand,” says Jill Evans, portfolio manager for Meritex in Indianapolis. Matt Wagner, director of acquisitions states, “We were compelled to move forward with this development on a speculative basis because of the historical low vacancy, attractive rents, and lack of modern small to mid-bay industrial product in Park 100.”
The new development was constructed alongside the Jefferson I Distribution Building, which Meritex acquired in 2012 along with the 4.5 acres of land that Jefferson II now sits on. Jefferson I was built in 2000 and has maintained 100 percent occupancy since Meritex took over its management. Tenants of the building employ nearly 30 people and contain 73,290 square feet of space in a multi-tenant office/warehouse configuration.
The newly completed Jefferson II Distribution Building is located in the popular Park 100 area and offers modern amenities with excellent access. The building is now available for lease and is currently being marketed by JLL.
About The Meritex Company
Meritex is a fourth-generation, private, family-owned real estate and investment company that acquires, develops, owns and operates more than 10 million square feet of commercial real estate. The spaces are primarily institutional grade, multi-tenant industrial properties. Meritex is headquartered in Minneapolis and operates in eight markets -- Atlanta, Charlotte, Columbus, Houston, Indianapolis, Kansas City, Minneapolis-St. Paul and Phoenix.