North Mountain Corporate Center, located at 10400 N. 25th Avenue in Phoenix, has been sold for $7,175,000. The property was acquired by The Meritex Company, headquartered in Minneapolis, Minnesota from Macfarlan Capital Partners, headquartered in Dallas, Texas. The buyer plans to redevelop the infill site with a new institutional-quality industrial project, repositioning the property to meet continued demand for modern industrial space in the Northwest Phoenix area.
“This was a unique opportunity to acquire a well-located infill site that is already zoned A-1 for industrial use, which is increasingly difficult to find in this part of the market,” said Brian Ackerman, Executive Vice President at Colliers. “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.”
The buyer cited the site’s size, zoning, and proximity to Interstate 17 as key factors supporting the redevelopment opportunity…