Clarius Trades Phoenix Industrial Property
- Apr 30, 2018
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.
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.