Meritex Sells Another Roseville Parcel

Meritex said today (Friday) it has sold a 13-acre parcel in Roseville to Trammell Crow Chicago Development, Inc. 

Terms were not disclosed on the transaction, which was completed earlier this month. 

The site is at the corner of Terminal Road and Walnut Street, north of the new Fed Ex facility. "The development is going to be called Midtown Business Center,'' according to Roseville Acting City Manager Pat Trudgeon. 

In a press statement, Meritex said it razed a 700,000 square-foot building on the site in 2010 in anticipation of subdividing the 42 acre site for smaller land parcel sales. 

According to Roseville administrative officials, Trammell Crow plans to build a 185,470 square-foot,multi-tenant warehouse/distribution business center building for lease. 

So far, Meritex has sold 32 acres in four separate transactions, the  Minneapolis-based eal estate investment and development firm said.

“We are excited to have concluded another significant land sale at Highcrest Park." Meritex chief investment officer Daniel Williams said in a statement. "This transaction was unique in that the buyer plans to commence speculative industrial development on the 13 acre site. All of our previous Highcrest Park land sales were driven by build-to-suit requirements.”

CBRE brokers, Steve Buss and Brian Pankratz, represented Meritex in the property sale. 

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