A Phoenix-based real estate investment firm has announced plans to build an industrial park on just over 80 acres some 5 miles to the southwest of the city’s Sky Harbor International Airport.
The site, located off the intersection of W. Elwood Street and 7th Avenue, is currently vacant.
Merit Partners, Inc., which specializes in the development, operations, and leasing of industrial and office properties, says it wants to build seven buildings that will be classified as Class A and will, together, have a footprint of around 900,000 square feet.
The planned Merit Sky Harbor Industrial Park is going up on one of the last large chunks of infill land that has remained undeveloped in the vicinity of the airport.
The sale of the land was brokered by the real estate firm of Cushman & Wakefield.
In a statement, Andy Markham, executive managing director of the firm, described the transaction as particularly important given the recent COVID-19 economics.
“We just aren’t aware of any other major investment land deals since the pandemic,” said Markham.
Merit’s projects are all on the big size and include the 125-acre Tolleson Corporate Park and the 185-acre Buckeye Industrial Park, both in metro Phoenix.
By Garry Boulard
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