Market Overview

Meritex to Develop 14 Acre Land Parcel near Charlotte Douglas International Airport

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Phase I projected for completion by Spring 2018

Meritex has begun development on a 79,420-square-foot, Class A,
multi-tenant industrial building on the land site next to its
11-building industrial portfolio known as CLT Logistics Center. The
development will feature 32' clear height, 60' speed bay, attractive
store fronts with timber panel finishes, additional trailer storage, and
the flexibility to be demised to 3 to 4 suites, targeting users with
needs ranging from 25,000 sq. ft. to nearly 80,000 sq. ft.

This press release features multimedia. View the full release here:
http://www.businesswire.com/news/home/20171207005125/en/

Rendering of CLT Logistics Center - Building 1 (Photo: Business Wire).

Rendering of CLT Logistics Center - Building 1 (Photo: Business Wire).

The project is the first phase of a larger plan to develop three modern
distribution buildings on the site, which can accommodate nearly 220,000
sq. ft. of new industrial product. Phase I will be completed on a
speculative basis and is anticipated for delivery by Spring 2018. The
remaining buildings will be considered during the construction process.

"When we purchased the CLT Logistics Center in 2016, we always planned
on developing the adjacent land site," says Matt Wagner, director of
acquisitions at Meritex. "We have a long-term interest in expanding our
presence in Charlotte, so we immediately began to assess the feasibility
of developing three modern distribution buildings."

Meritex first entered the Charlotte market in mid-2016 with the $46.3
million acquisition of the 11 building, 583,021 square foot, Class A
property known as CLT Logistics Center. The complex contains more than
40 local, national and international tenants with a wide range of suite
sizes from 1,500 sq. ft. to 40,000 sq. ft. The initial purchase also
included the 14 acres of available land which is now being developed.

Over the long-term, Meritex anticipates the area near the development
will continue to see strong tenant and user demand due to its attractive
location near Charlotte Douglas International Airport, intermodal,
I-485, I-77 and I-85.

"With favorable property fundamentals and increasing demand from small-
to mid-sized users, we feel the development will be well-received in the
market," says Wagner. "We also believe the modern design and features of
the new buildings are highly sought after by the growing companies in
the area."

Meritex has selected Foundry Commercial as the listing agent and
property manager for the project.

Eric Ridlehoover, managing director and principal at Foundry Commercial,
says, "With overall market vacancy rates around 4 percent, and with the
steady leasing velocity in both the overall market and airport
submarket, the new building delivery couldn't come at a better time."

About The Meritex Company
The
Meritex Company
is a 101-year-old, family owned real
estate investment company focused on leasing light industrial space to
tenants in eight markets -- Atlanta, Charlotte, Columbus, Houston,
Indianapolis, Kansas City, Minneapolis-St. Paul and Phoenix. The company
strategically acquires, develops, and manages approximately 10 million
square feet of institutional grade, multi-tenant space made up of more
than 90 properties, ensuring that each space is capable of meeting the
demands of a dynamic tenant base. The Meritex Company is headquartered
in Minneapolis.

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