Clarius Trades Phoenix Industrial Property

The two-building asset opened in 2017 and contains nearly 200,000 square feet. The structures are 71 percent leased to four tenants.
Meritex Park Sky Harbor in Phoenix

The Meritex Co. has acquired a newly constructed 198,771-square-foot Class A industrial development in Phoenix for $23.7 million. The firm acquired the property on an all-cash basis, according to Yardi Matrix. The asset, now known as Meritex Park Sky Harbor, opened in 2017. The seller, Clarius Partners, constructed the distribution center with an $11.6 million construction loan held by Wells Fargo Bank.

Located at 2625 and 2675 S. 16th St., the two multi-tenant buildings’ 11.7-acre parcel is positioned south of the intersection of interstates 10 and 17, within two miles of Phoenix Sky Harbor International Airport. The city’s central business district lies three and a half miles northwest.

Modern features

The 68,220-square-foot northern building features 28-foot clear heights, 28 loading docks and four drive-in doors. The southern structure includes 30-foot clear heights, 38 dock-high bays and four grade level doors. The asset includes a total of 201 parking spaces and is 71 percent leased to four tenants: WR Group, American Furniture Rental, CallBox and DWF.

“We are very excited to add these best-in-class assets to our portfolio as we continue to execute our investment strategy and expand our presence in Phoenix,” said Matt Wagner, director of acquisitions at Meritex, in a prepared statement. “We targeted these properties due to the infill positioning near the airport, major transportation nodes, significant population and labor force concentration.”

Image courtesy of The Meritex Co.