Meritex this week closed the commitment period for its Meritex Industrial Fund IV, having achieved its target of $100 million in investments.
Tom Hotovec, president, Meritex, said his company has committed 20 percent of the equity in the fund, which is targeting approximately $250 million in industrial investment properties within 10 U.S. target markets.
The fund to date has acquired approximately $92 million in industrial properties in four target markets – Phoenix, Minneapolis, Atlanta, and Kansas City.
It also has committed approximately $69.5 million to three industrial property developments in Kansas City, Indianapolis and Houston, giving the portfolio approximately 1.37 million square feet of industrial properties.
Providing immediate cash flow at favorable property level returns, its initial fund acquisitions also included four infill industrial properties that were acquired through off-market and auction transactions totaling nine buildings and approximately 825,000 square feet. They are located in Marietta (Atlanta market); Lenexa (Kansas City); Plymouth (Minneapolis); and Tempe (Phoenix).
Under development are infill industrial properties sourced through off-market transactions in Houston, Texas, Indianapolis, Indiana, and Lenexa (Kansas City). These total five buildings and approximately 432,000 square feet of space.