The Meritex Company in May announced the acquisition of the Sportech building, a 105,000-square-foot manufacturing and warehouse facility located in Elk River, Minn. By making a forward commitment to purchase the building upon completion, Meritex gained the exclusive right to own a brand new, 105,000-square-foot, 32-foot clear asset.
“Our investment strategy focuses on acquiring assets where we can create value and produce consistent cash flows,” said Dan Williams, chief investment officer of Meritex. “The property is 100 percent leased to Sportech and comes with excess land able to support a 70,000-square-foot Sportech expansion offering growth for both Sportech and Meritex.”
This acquisition expands Meritex’s Minneapolis portfolio to nearly 2.5 million square feet of real estate owned or under management. Sportech will directly manage all routine facility operations.
“We are excited about the addition of this property to our portfolio in the Minneapolis market,” commented Steve Dorff, senior property manager for Meritex in Minneapolis.
Sportech designs and thermoforms components for vehicles, concentrating on powersports, agriculture, automotive, golf and turf, and other on-and-off road vehicles. It specializes in vehicle cab enclosures, body panels, windshields and styling accents.
The company was started in 1994 in a garage and has grown to an exclusive OEM product development partner.