Minneapolis-based real estate firm Meritex buys again in Charlotte with $7.2 milion industrial acquisition near Charlotte Douglas International Airport – Charlotte Business Journal

A Minneapolis real estate firm has made another industrial acquisition in Charlotte after buying an 11-building business park here in 2016.

The Meritex Co., whose business is primarily in light-industrial real estate acquisition and development, has purchased the 100,286-square-foot AirPark West Five building for nearly $7.2 million, according to Mecklenburg County real estate records. The 8.6-acre property, at 8610 Air Park West Drive, is part of an industrial park near the intersection of Sam Wilson Road and Wilkinson Boulevard and is about three miles from Charlotte Douglas International Airport.

Matt Wagner, director of acquisitions at Meritex, said in a statement that the company plans to reposition the currently vacant building into a multi-tenant building for small or mid-size users. Renovations will include additional dock doors, LED lighting, new HVAC systems, exterior enhancements and updated office suites. The cost of the capital improvements was not disclosed by Meritex.

AirPark West Five was built in 2004 and expanded in 2007. The previous owner, Kershaw Investments LLC, acquired the property in 2005 for $1.5 million.

Justin Smith and Rob Speir at Colliers International represented Meritex in the sale. The Charlotte office of Foundry Commercial has been appointed as leasing agent and property manager for Airpark West Five.

Meritex purchased CLT Logistics Center for $46.3 million in 2016, its first investment in the Charlotte market. It planned to expand that business park on a speculative basis.

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