The Meritex Company continues to expand in the Phoenix market with the acquisition of 17 North Corporate Center, a recently developed 111,676 sq. ft. Class A industrial building that can accommodate up to three tenants. The acquisition brings the Meritex footprint in Phoenix to nearly one million sq. ft. of space that houses 42 tenants.
The property, located at 2335 Corporate Center Drive in the Deer Valley Submarket of Phoenix, is a newly completed building that Ryan Companies US, Inc. built and developed. It features a 32’ clear height, ESFR sprinkler system, 30 9’ x 10’ dock high doors, 4 drive-in doors, and a 130’ truck court with secured fencing.
“Phoenix, and especially the Deer Valley submarket, remain a key area of interest for Meritex, and one we are actively looking to invest in,” explains Matt Wagner, Senior Director of Investments for Meritex. “This was a great opportunity to acquire a Class A, newly constructed industrial building in a great location. The property provides an immediate opportunity to capitalize on strong leasing demand and rent growth.”
The submarket is regarded as one of the top industrial submarkets for investment in Phoenix. Development within the submarket surged to an all-time high in 2022 as developers raced to capitalize on an expected boom in demand from suppliers and ancillary operations stemming from TSMC.
“Deer Valley’s location in Phoenix metro has always been attractive because of its centralized location and proximity to labor, housing, amenities, and decision-makers,” adds Wagner. “17 North Corporate Center also will benefit greatly from its visibility, access to I-17, and close proximity to the TSMC chip plant.”
Will Strong, Kirk Kuller, Molly Hunt, and Micki Strain of Cushman and Wakefield represented the buyer and seller of this transaction. Cooper Fratt, John Werstler and Tanner Ferrandi of CBRE will be retained for leasing, and Ryan Companies as the property manager.
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