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Phoenix, AZ — A vacant corporate office in Phoenix is set for a major transformation. North Mountain Corporate Center, a 109,000-square-foot property located at 10400 N. 25th Avenue, has been acquired by The Meritex Company for $7.2 million. The buyer plans to redevelop the property into a modern, institutional-grade industrial facility.
Built in 1996 and renovated in 2016, the property sits on 7.625 acres and was recently vacated, paving the way for the redevelopment initiative. Meritex’s strategy capitalizes on the site’s desirable infill location and favorable zoning, which supported their investment thesis.
The sale was brokered by Brian Ackerman, Todd Noel, Kyle Campbell, and Matt Baniszewski of Colliers, who represented seller Macfarlan Capital Partners. Leasing for the future industrial site will be managed by Keri Scott and Alex Kas-Marogi of Newmark.
“The property had recently become vacant, which allowed the buyer to pursue a redevelopment strategy without near-term leasing constraints,” said Brian Ackerman. “Ultimately, the land characteristics and zoning drove the investment thesis.”
The project marks another example of the growing trend in Phoenix of converting underutilized office space into more viable industrial use amid evolving market demands.
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