A vacant Phoenix corporate center will soon transform into an industrial property. North Mountain Corporate Center, a 109,000-square-foot property at 10400 N. 25th Avenue, was acquired by The Meritex Company from Macfarlan Capital Partners for a price of $7.2 million. The buyer plans to redevelop the infill site with a new institutional-quality industrial project.
The transaction was handled by Brian Ackerman, Todd Noel, Kyle Campbell, and Matt Baniszewski of Colliers, who represented the seller. Keri Scott and Alex Kas-Marogi of Newmark will handle leasing for the property following redevelopment.
Ackerman added, “The property had recently become vacant, which allowed the buyer to pursue a redevelopment strategy without near-term leasing constraints. Ultimately, the land characteristics and zoning drove the investment thesis.”
North Mountain Corporate Center, constructed in 1996 and renovated in 2016, is situated on 7.625 acres.
The post 109K-SF Phoenix Corporate Center Trades Hands appeared first on Connect CRE.