CBRE negotiated the sale of a 198,771-square-foot industrial park located near Phoenix Sky Harbor International Airport. The Meritex Company, a Minneapolis-based commercial real estate investment company purchased the two-building property from Chicago-based Clarius Partners, LLC, for approximately $23 million.
Cooper Fratt and John Werstler with CBRE’s Phoenix office represented both the buyer and seller in the transaction.
Built in 2017, Meritex Park Sky Harbor is a Class A, 12-acre property located on the southeast corner of University Drive and 16th Street in Phoenix. The property is currently 70% leased and consists of a 68,220-square-foot north building and a 130,421-square-foot south building, which is fully leased to WR Group, American Furniture Rental and CallBox.
“Meritex saw an excellent opportunity to obtain a core asset located in an extremely land constrained submarket,” said CBRE’s Fratt. “The Airport submarket is currently experiencing a resurgence among users and properties like Meritex Park Sky Harbor are meeting the demand for high-quality industrial space.”
Located less than a mile from Interstate 17 in the Airport submarket, the property features a central Phoenix location and offers immediate access to Phoenix Sky Harbor International Airport.
The Airport submarket experienced some of the highest net absorption and tenant demand at the end of 2017, according to CBRE Research.
