Land Advisors Organization announced it recently completed the sale of an 18.1-acre parcel on behalf of the Murphy Elementary School District in Metropolitan Phoenix for $4.33 million to Merit Partners, a developer specializing in acquisitions and development of industrial, flex, and office properties.
Land Advisors Organization broker Michele Pino in partnership with Jackie Orcutt, a broker with CBRE, represented the seller, Murphy Elementary School District No. 21. Representation of the District was awarded through the competitive RFP process. Land Advisors Organization and CBRE also jointly represented the buyer, Merit Partners. The land parcel is located at 1441 S. 27th Ave., in Phoenix. Murphy Elementary School District is a public school district serving students in Southwest Phoenix from preschool to 8th grade.
“Over the past 20 years, Land Advisors Organization has worked with more than 20 school districts across Arizona to acquire or dispose of excess land,” Pino said. “This was an excess school site, and the district is being strategic in taking advantage of today’s market conditions. With the current tremendous need for industrial in this market, it was a win for the district to achieve the highest value and for Merit Partners, which is developing the industrial parcel. Land Advisors successfully put forth a strong partnership with CBRE to get this deal done.”
CommercialSearch recently ranked Metro Phoenix second nationally for industrial development growth in 2022. According to CommercialSearch, Metro Phoenix has 36.3 MSF of industrial space currently under construction.