CBRE has recently completed the sale of Park Ladera at Spectrum Ridge, a state-of-the-art general industrial campus made up of three buildings located at 750, 800 & 850 Covey Lane in Phoenix, Arizona. Constructed in 2015, the 220,463 sq. ft. best in class, general industrial property features institutional quality finishes in a premier Deer Valley location.
“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.
The sellers were Principal Real Estate Investors and Trammell Crow Company. The buyer was Meritex Enterprises, Inc. Barry Gabel and Chris Marchildon from CBRE’s Phoenix office and Darla Longo, Barbara Emmons Perrier, Brett Hartzell and Michael Kendall – CBRE National Partners – represented the seller. Additionally, Bruce Francis, Val Achtemeier and Doug Seylar with CBRE’s Debt and Structured Finance group provided financial support for both Seller and Buyer. Total consideration for the transaction was $26.4 million.
Park Ladera at Spectrum Ridge is strategically located with extensive frontage on 7th Street within the Deer Valley submarket. The property provides quick access to the Loop 101 and is only a few miles from both the I-17 and State Route 51 freeways. The Class A industrial facilities are well suited for a diverse range of users, featuring ample trailer storage, full concrete truck courts, natural gas, ESFR sprinklers, multiple suite sizes, abundant parking and 24’-30’minimum clear heights. CBRE’s John Werstler, Mitchell Stravitz and Cooper Fratt have retained the marketing and leasing assignment on the property.