Phoenix Commerce Center Trades for $14M
- Oct 04, 2017
Orsett Properties sold Pinnacle Peak Commerce Center, located in Phoenix’s Deer Valley submarket. Nicola Crosby purchased the flex/industrial asset for $14.1 million, in a deal arranged by Kidder Mathews. This is the second Phoenix industrial property acquired by the asset management firm. In both deals, Kidder Mathews was retained as manager of the buildings.
Pinnacle Peak Commerce Center is a 93,725-square-foot single story flex office industrial building. Built in 2005, it occupies approximately six acres at 23751 N. 23rd Ave. in Phoenix. The location allows for convenient access to surrounding areas via Interstate 17, Pinnacle Peak Road and Loop 101 freeway. Currently, the property is 100 percent leased, its three tenants being RevSpring, Suntec Concrete, and Arizona State Parks & Trails.
“Given its strong location, excellent curb appeal and secure in-place cash flow, this asset will be a great addition to our growing portfolio in the Phoenix market,” said Mark Hannah, senior vice president of acquisitions at Nicola Crosby, in a prepared statement. “All the tenants were relatively new occupants of the building and required extensive tenant improvements. Orsett Properties stood up to the task of re-positioning the building to accommodate the businesses.” added Mike Ciosek, senior vice president & managing partner at Kidder Mathews, in a prepared statement.
Ciosek, along with Senior Vice Presidents Darren Tappen, Peter Beauchamp and Eric Bell represented both parties in the transaction.
Image courtesy of Kidder Mathews