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109K-SF Phoenix Corporate Center Trades Hands
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.
- ◦Sale/Acquisition
