The Meritex Company, a 108-year-old, privately held, real estate investment and management company based in Minneapolis, MN, has purchased an industrial building at 3930 E. Watkins St. for $20,300,000. The fully leased building was sold by the Simone Charitable Foundation.
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“Meritex was attracted to this property due to its strong cash flow, three very impressive credit tenants, and its location in the center of Phoenix adjacent to Sky Harbor Airport and key freeways,” says Brian Ackerman, CCIM, executive vice president with Colliers in Arizona. Ackerman handled this sale transaction as well as assisted in structuring the financing for the seller.
Ackerman, who represtents the Foundation, helped them acquire the building in 2020. When they purchased, the property was 70 percent leased. Today, the 101,932-square-foot building is fully occupied by Verizon Communications, Anderson Windows and Doors, and Pueblo Mechanical.
Located near Sky Harbor International Airport, the property is situated in an established park surrounded by many Fortune 500 companies. The building was constructed in 1999 and sits on approximately 7.96 acres just north of Interstate 10 and west of SR143 leading into Sky Harbor International Airport.
