Cushman & Wakefield announced the firm has arranged the sale of Pinnacle Peak Commerce Center, a freestanding 93,725-square-foot (SF) Class A light industrial building in the Deer Valley submarket of Phoenix, Arizona. The property was 100% leased to three tenants at closing.
The asset was acquired by Top 10 Properties, a Southwest U.S. based real estate investment firm, which purchased the asset for $21.85 million.
Cushman & Wakefield’s Will Strong, Kirk Kuller, Michael Matchett, Molly Hunt, and Dean Wiley of the firm’s National Industrial Advisory Group – Mountain West in partnership with Tracy Cartledge and Robert Buckley brokered the sale for both buyer and seller. Trevor McKendry and Chris Rogers of DAUM Commercial also provided leasing advisory.
“Pinnacle Peak Commerce Center is exceptionally located in Deer Valley, one of the most in-demand submarkets in Metro Phoenix,” said Senior Director Kirk Kuller. “Investors and occupiers remain very attracted to this submarket given its access to key logistical freeways and abundance of labor. Increasingly paramount is the recent development and exciting expansion to Taiwan Semiconductor Manufacturing Company Limited (“TSMC”) in the area.”
“Top 10 Properties has added a highly desirable and strong performing light industrial asset in Arizona to their investment portfolio. The building’s diverse tenant roster and staggered lease expirations provide security as well as the potential to consistently grow revenue. The buyer can also look to capitalize on the prolific growth the surrounding area has experienced overall driven by TSMC,” added Executive Director Tracy Cartledge.
The property has immediate access to the I-17, providing easy access to I-10, and is within a few miles of Loop 101. The location is walking distance to popular amenities including Happy Valley Towne Center and The Shops at Norterra, while Deer Valley Airport is also within a 5-minute drive.
