More than 400,000 square-feet of industrial space now 100% occupied in the area.
MINNEAPOLIS – The Meritex Company is announcing that all three of their Eagan properties have been completely leased to nine separate tenants. The properties represent a total of 404,109 square-feet of industrial real estate, primarily office and warehouse space, in the southeast submarket of the Twin Cities. “Continued industrial growth in the metro area has led to a high demand for quality properties that meet businesses’ unique needs, from higher clear heights to adaptable spaces,” says Ben Lieser, Minnesota regional manager at Meritex. “We’ve been matching tenants to their ideal spaces for more than a century, and are thrilled to continue to provide ideal locations, like our three Eagan properties, where business can thrive.” Eagan represents the second largest industrial trade area by size. Currently, there are 93 industrial
properties in the area, with less than 4 percent of spaces remaining vacant.
The largest of Meritex’s Eagan properties, 985 Aldrin, was purchased by Meritex in 2013 and is currently home to three tenants. The facility boasts 172,559 square feet with 32’ clear height. It’s located at 985 Aldrin Drive.
Finally, the Lexington Corporate Center, located at 3225 Neil Armstrong Boulevard, has recently completed leasing to five separate tenants. The 76,500 square-foot facility is a Class A building.
Equipped with divisible office and warehouse spaces with 19’ clear height. Meritex purchased the facility in 2010. In addition to the three Eagan locations, Meritex owns and manages property throughout the Twin Cities, totaling 1.8 million square feet. Buildings are located in Eagan, Elk River, Fridley, Minneapolis, Rogers, Roseville, Shakopee and St. Paul. Additionally, Meritex is wrapping up construction on two state-of-the-art 144,000-sq.-ft. bulk-distribution buildings, Highcrest II and III, in Roseville. The properties are anticipated for completion later this month and have already signed one lease.
“As the situation in Eagan demonstrates, demand for industrial spaces in the Twin Cities market continues to grow,” says Lieser. “Vacancy rates are already low and quality spaces are leasing quickly.”
