“This acquisition is in keeping with our strategy of investing in markets that provide opportunity for growth, expansion and diversification,” commented Dan Williams, chief investment officer of Meritex. “We continue to seek additional investments in the market with a goal of building an industrial portfolio of 1.5 to 2.0 million square feet in Phoenix.
The industrial campus, Park Ladera at Spectrum Ridge, comprises of three buildings at 750, 800 and 850 Covey Ln. in Phoenix, near Seventh Street and Deer Valley Drive. The property was constructed in 2015.
Principal Real Estate Investors and Trammell Crow Company sold the property. The two sellers were represented by Barry Gabel and Chris Marchildon from CBRE’s Phoenix office and Darla Longo, Barbara Emmons Perrier, Brett Hartzell and Michael Kendall – CBRE National Partners.
Bruce Francis, Val Achtemeier and Doug Seylar with CBRE’s Debt and Structured Finance group provided financial support for both seller and buyer.
The property provides quick access to the Loop 101 and is only a few miles from both the I-17 and State Route 51 freeways. The Class A industrial facilities are well suited for a diverse range of users, featuring ample trailer storage, full concrete truck courts, natural gas, ESFR sprinklers, multiple suite sizes, abundant parking and 24-foot to 30-foot minimum clear heights. CBRE’s John Werstler, Mitchell Stravitz and Cooper Fratt have retained the marketing and leasing assignment on the property.