Cushman & Wakefield has brokered the sale of approximately 83 acres of land in Phoenix. The property was acquired by an entity formed by Phoenix-based Merit Partners, which plans to construct a new approximately 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.
Merit Partners’ 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 signifies 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.
According to the Cushman & Wakefield team, this is the first land sale of such magnitude in Phoenix since the COVID-19 pandemic. Andy Markham
