Family Office Buys Phoenix Industrial Asset for $14M
- Nov 13, 2020
San Francisco-based family office Catalyst Real Estate has acquired Desert Gateway II, an industrial property in Phoenix, for $13.5 million. CBRE represented the buyer in the off-market acquisition from a private investor. The broker also secured acquisition financing. According to public records, Nationwide Life Insurance Co. provided the borrower with $6.7 million loan.
Completed in 2018, the property comprises two multi-tenant buildings totaling 36,004 and 40,870 square feet. The Class A asset features 20-foot clear height, 12- by 14-foot overhead doors and air conditioning throughout the office and warehouse space. Suites range from 2,252 to 6,778 square feet.
Located at 747 and 777 West Pinnacle Peak Road, the property is located 18 miles north of Downtown Phoenix, within 2 miles of Interstate 17 and adjacent to Cutter Aviation Deer Valley Airport.
CBRE’s Mark Shaffer, Geoff Turbow and Anthony DeLorenzo represented the buyer, while the brokerage’s finance team consisted of Jim Korinek, Shaun Moothart, Dana Summers, Doug Birrell and Bob Ybarra. Recently, DeLorenzo represented the seller of Stewart Plaza, an 84,498-square-foot medical office campus in Upland, Calif. Harbor Associates and The Bascom Group acquired the asset for $10.3 million.