The Meritex Company has purchased Jetstar 114 Business Center, a three building Class A industrial portfolio located adjacent to the Dallas Fort Worth International Airport in Texas, marking the entry into the market for the Minneapolis-St. Paul-based firm. The portfolio is approximately 84,080 square feet and 100 percent occupied by seven local, regional and international tenants. Meritex has a goal of growing in excess of two million square feet in Dallas and this marks the first acquisition.
“We recently selected Dallas as a strategic expansion market for us,” said Ray Kivett, Chief Investment Officer at Meritex. “Historically and going forward, Dallas has and will continue to show strong job and population growth over the long term, which fits our 103-year-old company’s investment objectives.”
Meritex currently owns and manages approximately 11 million square feet of infill industrial product across nine markets within the U.S. with Dallas and Miami as newly identified growth markets for the company.
“We are excited to take our first step into the Dallas market and will be aggressively pursuing both existing and development opportunities over the next few years,” said Matt Wagner, Director of Investments for Meritex.
The properties purchased by Meritex are located at 8000, 8050, and 8100 Jetstar Drive. They were originally developed in 1999 by Jackson Shaw as part of a larger development within Jetstar Business Park. The buildings feature dock-high and drive-in loading, 18-foot clear heights, multiple store fronts, air-conditioned warehouse, and an expansive glass-line.
Wagner says, “We really like this portfolio because it’s well-located; providing excellent access and proximity to major highways, labor, airport, and amenities.”
The Jetstar portfolio is an infill location within an established business park located adjacent to the Dallas – Fort Worth International Airport with excellent access to TX-114, I-635, and TX-121. The property will be managed locally by Holt Lunsford Commercial. Colliers International represented buyer and seller in the transaction.
The Meritex Company is a 103-year-old, privately held, family owned real estate investment and management firm focused on acquiring, developing and managing infill industrial properties in nine major markets in the U.S. Meritex owns and manages approximately 11 million square feet of institutional grade, multi-tenant space made up of more than 90 properties in nine markets: Atlanta, Charlotte, Columbus, Dallas, Houston, Indianapolis, Kansas City, Minneapolis-St. Paul, and Phoenix.