A long-empty office park in Phoenix’s North Mountain area is about to trade cubicles for loading docks. The Meritex Company has bought the vacant North Mountain Corporate Center and plans to turn it into a modern industrial campus. The roughly 109,000-square-foot office park sold for $7.2 million, according to brokers.
According to ConnectCRE, The Meritex Company acquired the 109,332-square-foot building at 10400 N. 25th Avenue from Macfarlan Capital Partners for $7.2 million and intends to convert the infill site into an institutional-quality industrial project. Colliers broker Brian Ackerman told the outlet that the building’s recent vacancy gave the buyer a rare clean slate, saying, “The property had recently become vacant, which allowed the buyer to pursue a redevelopment strategy without near-term leasing constraints.”
Property Details And The Pitch
Marketing materials from Colliers describe the asset as a two-story, 109,332-square-foot building on about 7.63 acres, originally built in 1996 and renovated in 2016. The brochure touts a plug-and-play office layout and ample parking, a combination that can be handy for developers looking to repurpose older office product into industrial space without starting entirely from scratch.
Phoenix’s Appetite For Infill Industrial
The deal taps into a broader Phoenix trend in which underused offices and suburban corporate campuses are increasingly targeted for industrial conversions. Demand for centrally located logistics and mid-bay space is still strong, even as some parts of the industrial market cool off.
CBRE’s Q4 2025 figures report robust net absorption that pushed annual industrial totals higher. At the same time, Matthews notes that while large-format deliveries have started to temper rent growth, investor and tenant appetite for infill mid-bay product remains solid.
Next Steps And Leasing
Newmark will handle leasing for the redeveloped site, with Phoenix industrial specialists Keri Scott and Alex Kas-Marogi listed on the assignment, according to Newmark. The firm points to its recent expansion of its Southwest industrial team as a sign it is well positioned to market infill conversions and redevelopment plays like this one across the Phoenix area.
Meritex, a long-running industrial owner-operator active in Phoenix, typically targets institutional, multi-tenant industrial projects, which company releases and profiles characterize as a core part of its strategy. This acquisition fits that playbook. Timelines for demolition or construction have not been disclosed, and brokers say formal leasing and design details will roll out as the redevelopment program moves ahead.
