Cushman & Wakefield announced today the firm has brokered the sale of approximately 83 acres of land in Phoenix, Arizona. The property was acquired by an entity formed by Phoenix-based Merit Partners, which plans to construct a brand new approximately 900,000-square-foot, seven-building Class A+ industrial park on the vacant site. The property will be developed on a build-to-suit and/or speculative basis, and the multi-building project will be known as the Merit Sky Harbor Industrial Park.
Merit Partners’ future master-planned industrial park will be strategically located at 7th Avenue and Elwood Street in Phoenix’s Sky Harbor Airport submarket. The land, which signifies one of the last large undeveloped infill land sites remaining in the Sky Harbor Airport submarket, was sold by Mexico-based CEMEX, a multinational building materials company.
Cushman & Wakefield’s Phil Haenel, Andy Markham and Mike Haenel with Cushman & Wakefield Phoenix represented both buyer and seller in the land sale. The Cushman & Wakefield team has also been retained for the leasing of the new Merit Sky Harbor Industrial Park project.
T.J Wead, Investment Officer with Merit Partners, said, “We are extremely excited to have the opportunity to develop a master-planned infill industrial park of this scale. We look forward to working with the community and our Partners to create a best-in class-environment for Users looking to serve Phoenix from a central location.”
“We are thrilled to have been part of this transaction and having the chance to bring Merit Partners, as one of the most regarded and award-winning industrial developers in Arizona, this wonderful off-market opportunity, and more so for them to now deliver what will be a premier Class A+ industrial project in the heart of the Sky Harbor Airport submarket,” said Phil Haenel, Director.
According to the Cushman & Wakefield team, this is the first land sale of such magnitude in Phoenix since the COVID-19 pandemic. Andy Markham, Executive Managing Director, noted, “From a market standpoint, this is a very significant transaction for Phoenix in 2020 and particularly these past few months, as we just aren’t aware of any other major investment land deals since the pandemic. Furthermore, it is also very rare for land such as this to trade in the infill Sky Harbor Airport submarket in general.”