CHARLOTTE, N.C.--(BUSINESS WIRE)--The Meritex Company has purchased Airpark West V, a 100,286-square-foot property located just three miles from the Charlotte Douglas International Airport, providing a versatile opportunity for small- to mid-sized businesses. In keeping with the Meritex tradition of doing good business by creating flexibility and innovation in properties, the building will undergo a major capital improvement plan, including adding additional dock doors, energy-efficient LED lighting, new HVAC systems, exterior enhancements and newly updated office suites.
“We acquired the asset completely vacant and plan to reposition it into an attractive, multi-tenant building appealing to small-to-midsize users,” says Matt Wagner, director of acquisitions at Meritex. “We intend to transform the functionality and image to best-in-class.”
With an eye to the long-term goal of providing spaces that are business-friendly, the property was also chosen due to its potential for allowing the companies within the space to evolve as they wish.
Ray Kivett, chief investment officer at Meritex, says, “Given the pace of change in so many industries, there’s no single design or layout that solves every problem. Rather than design to a specific need, we work to ensure all Meritex properties combine functionality with flexibility, designing spaces in such a way that we can anticipate and accommodate needs in a variety of ways—and be ready to evolve even further forward.”
Airpark West V is located at 8610 Airpark West Drive within the Air Park West Industrial Park in Charlotte, North Carolina. Originally built in 2004 and expanded in 2007, the property was strategically acquired based on its premium location and fulfilling Meritex’s objective of further expanding in the Charlotte airport submarket. In addition to its infill positioning, its transportation access is exceptional due to the adjacency to major corridors – under a mile from I-485, 0.25 mile from I-85, and only 1.6 miles from the intersection of I-485 and I-85.
Justin Smith, vice president at Colliers International, says, “Recently the airport submarket has experienced tremendous growth through leasing and investments and the Airpark West V building will be well-positioned to succeed with the future redevelopment plan.”
Smith and Rob Speir of Colliers International represented Meritex in the acquisition of this transaction.
Foundry Commercial in Charlotte has been engaged to act as both leasing agent and property management firm for the Airpark West V.
About The Meritex Company
The Meritex Company is the expert in putting properties and people together, offering the flexibility and innovation of a family-owned company, with the discipline and governance of a much larger business. With more than a century of experience providing light industrial real estate to companies at every stage of their growth, Meritex offers spaces that allow businesses to grow, evolve, and redefine themselves as needed. Meritex owns, develops and manages approximately 10 million square feet of institutional grade, multi-tenant space made up of more than 90 properties, ensuring that each is capable of meeting the demands of its dynamic tenant base. The broad selection in eight markets – Atlanta, Charlotte, Columbus, Houston, Indianapolis, Kansas City, Minneapolis-St. Paul and Phoenix – means companies will find the right place to take care of business, while receiving responsive service and great solutions for their space needs, now and into the future. The Meritex Company is headquartered in Minneapolis.