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.
“This site offers the scale and zoning required to deliver modern industrial product in an established infill location,” said a buyer representative. “Opportunities to redevelop properties of this nature—a building site uniquely positioned and already zoned to support infill industrial uses—are increasingly rare.”
North Mountain Corporate Center consists of a 109,332-square-foot, two-story Class B office building originally constructed in 1996 and renovated in 2016, situated on 7.625 acres. While the asset had historically functioned as an office property, its recent vacancy created a timely opportunity to reposition the site. The existing improvements were secondary to the underlying land value and industrial zoning, which ultimately drove buyer interest.
The surrounding Northwest Phoenix area continues to experience elevated investment activity, supported by major redevelopment initiatives such as the Metrocenter redevelopment and broader regional momentum tied to advanced manufacturing and logistics growth occurring in neighboring submarkets, including activity related to Taiwan Semiconductor Manufacturing Company (TSMC).
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.
