In July, an entity formed by Phoenix-based Merit Partners acquired 83 acres of land for a new industrial park project. The company plans to construct a new, 900,000-square-foot, seven-building, Class A+ industrial park on the site called Merit Sky Harbor Industrial Park. Here is more on the new industrial park coming to Phoenix.
Merit Sky Harbor Industrial Park
Merit Sky Harbor Industrial Park will be located at 7th Avenue and Elwood Street in Phoenix?s Sky Harbor Airport submarket. In a recent article, the land involved was identified as one of the ?last large undeveloped infill land sites remaining in the Sky Harbor Airport submarket.? The transaction is reported by those involved to be one of the most significant land deals to take place in Phoenix since the pandemic.? Specific details about the project have yet to be released. However, the principals have expressed excitement over the future of Merit Sky Harbor Industrial Park.
Other Industrial Activity in the Phoenix Area
Cohen Asset Management of Los Angeles recently purchased an industrial property located at 7400 W. Buckeye Rd. for $30.7 million from Kansas City Life Insurance Co. The sale was initially delayed when the pandemic broke out. Still, the parties were able to get everything back on track. The 325,800 square foot space is presently occupied by the logistics company Ontrac and an LA Specialty produce company.
California industrial development and investment firm CapRock Partners recently acquired a newly constructed industrial building at 4615 W. McDowell Rd. in Phoenix. At the time of the acquisition, CapRock had just purchased another 216,880-square-foot Class A property at 7200 W. Roosevelt St. The McDowell Rd. property is a 146,500-square-foot building that can accommodate up to four light-manufacturing and distribution tenants. The property has 900 linear feet of frontage along the I-10 freeway and is within a mile of an on/off-ramp to the I-10. The location allows for single-day delivery to multiple cities in Southern California, as well as Dallas, Salt Lake City, and Denver.
CapRock intends to gain a foothold in the Phoenix market and has not been slowed by the pandemic. With its most recent acquisition, CapRock now owns approximately 1 million square feet of industrial space in the Phoenix area. The firm is reportedly in escrow to acquire several additional properties in Metro Phoenix. The company reports that due to the pandemic, it is seeing interest from e-commerce, food, and medical-related sector tenants in the Phoenix area.
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