April 9, 2014

AZRE

Cutler Commercial sells home of Universal Technical Institute for $6.3M

Cassidy Turley announced the sale of a ±58,120 SF Class-B flex, office-industrial project at 2844 W. Deer Valley Rd. and 2837 W. Louise Dr. in Phoenix’s Deer Valley submarket. California-based Hyperion Fund L.P purchased the property for $6.3M ($108.40/psf) from locally based City Park, LLC, a company formed by Cutler Commercial.

Executive Managing Director Eric Wichterman and Senior Vice President Mike Coover with Cassidy Turley negotiated the transaction on behalf of the buyer.

Built in 1983 and 1985, the Deer Valley project is a ±58,120 SF, two building complex that includes 42,160 SF and 15,960 SF structures. The project is located at Deer Valley Road and 27th Avenue one mile from the Interstate 17 and two miles from the North Loop 101. The property is leased entirely to Universal Technical Institute, a technical training school for auto mechanics, marine technicians and NASCAR techs. The new owners plan to hold the property and maintain the current tenancy.