PHOENIX--(BUSINESS WIRE)--The Meritex Company has purchased a 198,771 square-foot Class A industrial portfolio located adjacent to Phoenix Sky Harbor International Airport. The project is newly constructed and consists of two multi-tenant industrial buildings that feature modern amenities such as 28’ – 30’ clear heights, LED lighting, ESFR sprinkler system, efficient column spacing and attractive façade and entryways. The park is located at 2625 and 2675 South 16th Street in Phoenix and is called Meritex Park Sky Harbor.
“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,” says Matt Wagner, director of acquisitions at Meritex. “We targeted these properties due to the infill positioning near the airport, major transportation nodes, significant population and labor force concentration.”
The business park is located only a quarter mile from two major highways, I-17 and I-10, and just over a mile from the Phoenix Sky Harbor International Airport.
Meritex Park Sky Harbor is currently 71 percent leased to four regional, national, and international companies. The building suites range in size from 10,000 sq. ft. to 43,000 sq. ft.
“The buildings are specifically designed to accommodate small to mid-size users, which is where most of the leasing velocity occurs,” says Wagner. “We are very optimistic that the strong market fundamentals in the surrounding area are positioned for additional near-term growth.”
About The Meritex Company
The Meritex Company is the expert in putting properties and people together, offering the flexibility and innovation of a family-owned company, with the discipline and governance of a much larger business. With more than a century of experience providing light industrial real estate to companies at every stage of their growth, Meritex offers spaces that allow businesses to grow, evolve, and redefine themselves as needed. Meritex owns, develops and manages approximately 10 million square feet of institutional grade, multi-tenant space made up of more than 90 properties, ensuring that each is capable of meeting the demands of its dynamic tenant base. The broad selection in eight markets – Atlanta, Charlotte, Columbus, Houston, Indianapolis, Kansas City, Minneapolis-St. Paul and Phoenix – means companies will find the right place to take care of business, while receiving responsive service and great solutions for their space needs, now and into the future. The Meritex Company is headquartered in Minneapolis.