Pinnacle Peak CO, LLC, an investment company based out of Bellingham, Washington, has paid $17,000,000 cash for the sale of an industrial manufacturing building located at 2140 West Pinnacle Peak Road in Phoenix, Arizona. The building was purchased from Thul, LLC, a principle of APSM Systems, a sheet metal fabrication company founded in 1966 that has occupied the building since it was built in 1994. APSM has signed a 10-year leaseback on the property.
The industrial building at 2140 West Pinnacle Peak Road is 168,897 square feet with 25,484 square feet of office space. The lot size is 13.55 acres. It is in the Deer Valley submarket and represents the largest sale of a single-tenant industrial building in Deer Valley by both dollar amount and square feet since 2011.
Kidder Mathews commercial real estate brokers, Eric Bell, Mike Ciosek, and Dylan Scott represented Pinnacle Peak Company in the transaction.
“This was a win-win for both buyer and seller. The buyer’s manufacturing background gave them a great comfort level with both the real estate and the tenant operations, and the seller is able to use the proceeds from the sale to reinvest in their growing manufacturing business,” said Bell.