July 9, 2020
An entity formed by Phoenix-based Merit Partners acquired 83 acres of land in Phoenix and plans to construct a brand new roughly 900,000-square-foot, seven-building Class A+ industrial park on the vacant site. The property will be developed on a build-to-suit and/or speculative basis, and the multi-building project will be known as the Merit Sky Harbor Industrial Park.
The future master-planned industrial park will be strategically located at 7th Avenue and Elwood Street in Phoenix’s Sky Harbor Airport submarket. The land, which is one of the last large undeveloped infill land sites remaining in the Sky Harbor Airport submarket, was sold by Mexico-based CEMEX, a multinational building materials company.
Cushman & Wakefield’s Phil Haenel, Andy Markham and Mike Haenel with Cushman & Wakefield Phoenix represented both buyer and seller in the land sale. The Cushman & Wakefield team has also been retained for the leasing of the new Merit Sky Harbor Industrial Park project.
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Tags: Acquisition, Development, Industrial, Land
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