MINNEAPOLIS, MN--(Marketwired - January 12, 2017) - Meritex announced today the acquisition of Park Ladera at Spectrum Ridge, a class A, 220,463 square foot light industrial project located in Phoenix, Arizona.
Park Ladera is a three-building portfolio developed in 2015. It is located in the Spectrum Ridge Industrial Park in the dynamic Deer Valley submarket with ideal freeway access. It is only a few miles from the I-17 and State Route 51 freeways and the 101 Loop. The project is highly functional and well-leased to a diverse group of eleven tenants. The Class A project amenities include abundant parking and trailer storage, full concrete truck courts, natural gas, ESFR sprinklers and 24'-30' clear heights.
"This acquisition is in keeping with our strategy of investing in markets that provide opportunity for growth, expansion and diversification," commented Dan Williams, chief investment officer of Meritex. "We continue to seek additional investments in the market with a goal of building an industrial portfolio of 1.5 to 2.0 million square feet in Phoenix."
Park Ladera will be managed by Janet Herlyck, vice president, and Chris Cannon, sr. property manager, with Metro Commercial Properties. Leasing will be handled by John Werstler, Mitchell Stravitz and Cooper Fratt with CBRE. "We are excited by the addition of Park Ladera to our Phoenix portfolio and look forward to serving our new tenants," commented Arvid Povilaitis, Meritex chief operating officer.
Company Information: Meritex is a private real estate investment and management company that acquires, develops, owns and operates commercial real estate, primarily institutional grade, multi-tenant industrial properties. The Company owns, leases, and manages 10.8 million square feet of commercial real estate in eight (8) markets in the U.S. Its portfolio consists of multi-tenant industrial, office and subsurface industrial properties. The Company's properties are located in Atlanta, Charlotte, Columbus, Houston, Indianapolis, Kansas City, Minneapolis-St. Paul, and Phoenix. Additional information can be found at the Company's website www.meritex.com.
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