Joint venture highlights continued institutional demand for high-quality infill industrial assets in well-located, supply constrained growth markets

The Meritex Company, a privately held, industrial real estate investment and management firm ("Meritex"), announced today the successful recapitalization of select assets in partnership with funds managed by Vintage Strategies at Goldman Sachs Alternatives ("Vintage Strategies"). The newly formed continuation vehicle acquired exposure to an 18 building, infill industrial portfolio totaling 1,222,596 square feet, located in Atlanta, GA. Under the terms of the transaction, Meritex will remain as the controlling partner and will serve as the operating member and day-to-day manager of the portfolio.

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Meritex and Goldman Sachs Alternatives Recapitalize 1.2 Million Square Foot Infill Industrial Portfolio in Atlanta

"This transaction reflects the quality of the portfolio we have assembled and the strength of our operating platform," said Mark Spotts, Chief Financial Officer at Meritex. "We are pleased to expand our relationship with Goldman Sachs Alternatives while maintaining majority ownership and operating control of assets we have invested in over many years. The venture positions us to continue creating value through active asset management, leasing execution, and disciplined capital deployment."

The portfolio consists of strategically located, multi-tenant shallow and mid-bay industrial properties in the Northeast, North Central/Georgia-400 and Northwest submarkets of Atlanta. The properties are situated in Kennesaw, Smyrna, Norcross, Lawrenceville, and Alpharetta, which are some of the region's most desirable industrial locations across Atlanta. Serving a diverse tenant base across a broad range of industries, the properties benefit from strong market fundamentals, including limited availability of developable land and sustained demand for distribution and light manufacturing space. As a result, the portfolio is expected to benefit from long-term occupancy stability and continued operating performance.

With convenient access to major transportation corridors and a deep regional labor pool, the portfolio is well-positioned to capitalize on Atlanta’s continued population and employment growth, which remain key drivers of industrial space demand throughout the market.

"Atlanta remains one of the nation's most attractive long-term industrial markets," said Tom Hotovec, Chief Executive Officer at Meritex. "Demand continues to be supported by population growth, business formation, transportation connectivity, and the region's role as a key logistics hub for the Southeast. Our portfolio is concentrated in highly constrained infill locations where replacement opportunities are limited, positioning us to benefit from continued tenant demand over the long term. This partnership allows us to continue executing our long-term investment strategy while preserving the operational discipline and local market focus that have been central to our success."

The joint venture further diversifies Meritex's capital relationships and enhances the firm's ability to pursue acquisitions, development opportunities, and portfolio growth initiatives across its target markets. The venture combines Goldman Sachs Alternatives’ institutional investment capabilities with Meritex's vertically integrated operating platform and deep local market expertise. The transaction represents another step in Meritex's long-term strategy of pairing institutional capital with disciplined industrial real estate investment and operational excellence across its targeted U.S. markets.

About The Meritex Company

The Meritex Company is a privately held, 110-year-old industrial real estate investment and management firm with a vertically integrated team. Meritex focuses exclusively on acquiring, developing, owning, and managing infill, multi-tenant industrial properties in targeted major U.S. markets. Its strategy is grounded in deep local market insights, rigorous research, and a thorough understanding of leasing trends and tenant preferences, guiding disciplined, long-term investment decisions. Meritex owns and manages approximately 15.0 million square feet across 127 industrial properties in nine major U.S. markets. The company is headquartered in Minneapolis/St. Paul, Minnesota. For more information, visit www.meritex.com. Follow Meritex on LinkedIn.

About Vintage Strategies at Goldman Sachs Alternatives

Goldman Sachs (NYSE:GS) is one of the leading investors in alternatives globally, with over $706 billion in assets and more than 40 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, hedge funds and sustainability. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs.

The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.

The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has over $4.0 trillion in assets under supervision globally as of June 30, 2026.

Established in 1998, Vintage Strategies at Goldman Sachs Asset Management is one of the largest secondaries investors in the world and has invested over $95 billion of capital since inception and has been a pioneer in the industry. The business provides liquidity, capital and partnering solutions to private market investors and managers worldwide across a range of private market strategies. Follow us on LinkedIn.

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Debra Berger

The Meritex Company

dberger@meritex.com

651-855-9680