Real estate investment firm buys Phoenix office building with plans for industrial redevelopment

Article originally posted on CoStar on February 27, 2026

A real estate investment firm based in Minneapolis has acquired a vacant office building in Phoenix with plans to redevelop the property into an industrial park.

The Meritex Co. purchased the North Mountain Corporate Center, a roughly 109,300-square-foot office building at 10400 N. 25th Ave., from Macfarlan Capital Partners for about $7.18 million, or approximately $66 per square foot.

Meritex plans to redevelop the property into an industrial park with two buildings totaling about 127,000 square feet, according to a press release from the company. The project is expected to be completed in spring 2027, the company said.

The property is positioned within the Phoenix metropolitan area’s transportation network, with immediate access to Interstate 17 and close proximity to Loop 101 and Interstate 10. The site is also less than one-quarter mile from the Valley Metro Rail’s northwest extension.

Brian Ackerman, Todd Noel, Kyle Campbell and Matt Baniszewski of Colliers represented the seller in the transaction.