Cushman & Wakefield announced that Libitzky Property Companies of Emeryville, Calif. purchased Corridors Phoenix, located at 1925, 2001, 2075 and 2095 W. Pinnacle Peak Road in Phoenix, from Adler Realty Investments of Woodland Hills, Calif. for $21.17 million.
Bob Buckley, Tracy Cartledge and Steve Lindley with Cushman & Wakefield Phoenix’s capital markets group negotiated the transaction on behalf of the seller.
Corridors Phoenix is a four-building, single-story office campus totaling 164,437 square feet (SF). Located in the Deer Valley submarket, the property is currently 80 percent leased to a diverse tenant base including Mars Petcare, Amica Insurance and Belcan Engineering.
“Corridors has a strong tenant mix due to the quality of the property and its location in the dynamic Deer Valley area,” said Buckley. “This sale completes a successful investment for Adler Realty, and Libitsky can now realize investment upside through the lease up of the Corridors’ vacant space.”
Deer Valley is Metro Phoenix’s ninth largest submarket, and has been consistently in the top four submarkets for net absorption over the past five years. The Deer Valley submarket has already experienced almost 150,000 SF of net absorption as of midyear 2018, with a vacancy rate that has fallen to 12.1%.