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Meritex Leases Recently Redeveloped Parkers Lake Commerce Center
Rhea-AI Impact
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Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Stratasys has secured a seven-year lease for the newly redeveloped Parkers Lake Commerce Center in Plymouth, Minnesota, effective August 1, 2022. The redevelopment included modern amenities in a 168,100 square foot facility with a 32' clear height. The project was spearheaded by Meritex, which aims to attract various companies to the site. The executive team believes this partnership enhances tenant diversity and boosts long-term cash flows. The project reflects ongoing demand for high-quality industrial spaces in the market.
Positive
Stratasys signed a seven-year lease for the entire 168,100 square foot facility.
The redevelopment modernized the property, adding new amenities and increasing functionality.
The lease strengthens the diversity and stability of Meritex's tenant base.
Negative
None.
Redeveloped building fully leased by Stratasys
MINNEAPOLIS--(BUSINESS WIRE)--
Meritex, through its Industrial Fund IV, has completed the redevelopment on its newest Twin Cities acquisition, Parkers Lake Commerce Center, a three-building, 381,349 square foot infill industrial portfolio in Plymouth, Minnesota. Meritex purchased the portfolio in June 2021 with the intent of modernizing and enhancing the buildings to attract local, regional, and international companies to the park.
Parkers Lake facility (Photo: Business Wire)
“We’re dedicated to transforming this project into a best-in-class business park,” said Matt Wagner, Senior Director of Investments. “We felt Parkers Lake Commerce Center could capitalize on the need for high clear height warehouse space in this market and are excited to bring that vision to fruition. We now have a fully leased, highly functional warehouse in a high-demand sub-market.”
The redevelopment of building one, a 168,100 square foot, 32’ clear height property, was completed in June, and included adding modern amenities, featuring new storefront entrances and façade, new ballasted EPDM roof system, LED lighting with motion sensors, clerestory windows, ESFR sprinkler system, new concrete truck court with 24 additional dock-high doors, two drive-in doors, additional parking, new landscaping, and trailer parking.
Ben Lieser, Regional Manager, said, “With the redevelopment we are able to deliver high-demand modern industrial space to a strong sub-market. We’ve seen sustained high demand among our other properties, and Parkers Lake was no exception. We had multiple prospects and were in lease negotiations before we completed construction.”
The new tenant, Stratasys (Nasdaq: SSYS), a leader in polymer 3D printing solutions, entered into a seven-year lease with Meritex for the entire building. The lease will commence on August 1, 2022.
"We are excited to partner with a high-quality publicly traded company with a longstanding history in the Twin Cities that values all the amenities the property offers," said Arvid Povilaitis, Chief Operating Officer of Meritex. “The lease further strengthens the diversity and stability of our tenant base and enhances our long-term cash flows. We welcome Stratasys to our portfolio.”
Jason Meyer and Brent Masica with Cushman & Wakefield represented Meritex in the lease transaction. Jim DePietro with CBRE represented Stratasys.
About The Meritex Company
Meritex is a 106-year-old, privately held, real estate investment and management firm focused on owning, managing, acquiring, and developing infill industrial properties. Meritex’ strategy is to invest in targeted major regional U.S. industrial markets which possess strong economic, demographic and real estate fundamentals, as determined by its research methodology. Meritex owns and manages a portfolio of 106 industrial properties across nine major U.S. markets consisting of approximately 11.7 million square feet.
