Phoenix Industrial Building Sells for Nearly Double Its 2020 Purchase Price

Article originally posted on CoStar on February 1, 2024

Arizona-based Pat Simone Charitable Foundation has sold a 101,932-square-foot building in the Southbank Industrial Park in Phoenix for slightly more than $20 million, after paying over $10 million for it in 2020, according to CoStar data.

The Meritex Co., a privately held real estate investment and management firm headquartered in Minneapolis, Minnesota, acquired the property this month for $20.3 million, or $199.15 per square foot.

Constructed in 1999 and occupying 7.96 acres, the multitenant industrial building is located at 3930 E. Watkins St. and offers immediate access to Interstate 10 and Highway 143. It boasts a 24-foot clear height, dock-high and drive-in doors, a 130-foot truck court, outside storage, surface and covered parking, and an expansive glass line with multiple storefronts.

“With its proximity to the airport, supply shortage of this property type, strong tenant demand, and the excess land on the site, there is tremendous upside for this property over the long-term,” Matt Wagner, senior director of investments at Meritex, said in a statement.

The acquisition brings Meritex’s portfolio in Phoenix to over 1 million square feet.

Colliers’ Brian Ackerman brokered this transaction on behalf of the seller.