Meritex Buys Phoenix Industrial Asset for $26M
- Jan 16, 2017
Phoenix—Meritex, a private real estate investment and management company that acquires, develops, owns and operates commercial real estate, has announced the purchase of Park Ladera at Spectrum Ridge, an industrial project in Phoenix. According to Yardi Matrix, Trammel Crow Co. sold the asset for $26.4 million.
“This acquisition is in keeping with our strategy of investing in markets that provide opportunity for growth, expansion and diversification. We continue to seek additional investments in the market with a goal of building an industrial portfolio of 1.5 to 2.0 million square feet in Phoenix,” Dan Williams, CIO of Meritex, said in a prepared statement.
Located at 750 E. Covey Lane, the Class A industrial park completed in 2015 encompasses three one-story buildings totaling nearly 220,463 square feet. The asset is highly functional and leased to 11 different tenants. Amenities include 375 parking stalls, trailer storage, full concrete truck courts, ESFR sprinklers and 24- to 30-foot clear heights. The park is located within the Spectrum Ridge Industrial Park, close to I-17 and the 101 Loop.
Vice President Janet Herlyck and Senior Property Manager Chris Cannon, both with Metro Commercial Properties, will be responsible for the management of the newly acquired property. Leasing will be handled by John Werstler, Mitchell Stravitz and Cooper Fratt of CBRE.
Rendering courtesy of parkladera.com