The Flight Center in Deer Valley at 615 and 625 W. Deer Valley Rd. was sold to Scottsdale-based KBP Realty Advisors for $4.5 million, according to Cushman & Wakefield, which worked on the deal.
Bob Buckley, Steve Lindley, Tracy Cartledge and Ben Geelan with Cushman & Wakefield represented the seller, California-based Business Properties.
Flight Center is a 33,451-square-foot, high-quality, multi-tenant retail/showroom project in the Deer Valley submarket that is currently 93 percent occupied.
At the immediate corner of Deer Valley Road and 7th Avenue, the property includes two multi-tenant retail/showroom buildings, as well as two undeveloped pads fronting Deer Valley Road. The property also features attractive architecture, convenient drive-up parking and signage designed to take advantage of the high visibility location.
“Nearly fully occupied, Flight Center offered the buyer in-place income as well as the ability to increase rents in a strong Deer Valley submarket,” said Buckley.
A focal point of Flight Center is the “Jenny” model aircraft on display at the entrance, which was built in 2004 by Arizona Model Aircrafters to the exact specifications of a 1921 U.S. Army Signal Corps JN-4D “Jenny”. The flying airframe was built by the owner of Flight Center to honor his father, a “Jenny” pilot in the U.S. Army at March Field, California.
Positioned at the entrance of the Phoenix Deer Valley Airport, Flight Center is located in one of the most sought after submarkets in Phoenix at one of the highest profile intersections in the area. Deer Valley Road and 7th Avenue also offers direct freeway access to Interstate 17 Black Canyon and Loop 101 Pima freeways.