Phoenix – A company formed by Meritex Enterprises Inc. in Minneapolis, Mn. (Paddy McNeely, CEO) paid $17.675 million ($91.41 per foot) to acquire 193,366 sq. ft. of Phoenix industrial space in two buildings located in the Deer Valley area. The purchase included a 57,764-square-foot structure at 21410 N. 15th Lane and a 135,602-square-foot building at 21415 N. 15th Lane. The seller in the cash transaction was Carlson Real Estate Co. LLLP, a limited partnership formed by Carlson Real Estate Co. of Minneapolis, Mn. (Matt Van Slooten, pres.). The buying entity was Meritex Deer Valley LLC. The buyer was represented by Tony Lydon, Steve Sayre and Pat Harlan of Jones Lang LaSalle in Phoenix. Although Meritex paid cash for the Deer Valley project, the company may look to put a loan on the asset or even bring in a joint venture partner. In January 2006, BREW reported Carlson paying $19.075 million ($98.60 per foot) to acquire the Deer Valley buildings. The purchase is the first in the Phoenix area for Meritex, a privately-held real estate investment firm. The company presently owns 9+ million sq. ft. of commercial real estate properties. Those assets, which are spread across eight U.S. markets, are all primarily multi-tenant industrial buildings. While the Deer Valley acquisition is the first in the Phoenix market for Meritex, it is not expected to be the last. Dan Williams, chief investment officer for Meritex, says the company is looking for more investment opportunities in the Valley. “Our interest is to have at least 1 million sq. ft. and even up to 2 million sq. ft. in the Phoenix area,” says Williams. Continue reading
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