Orsett Properties, Ltd., a Phoenix-based commercial real estate development company, has sold Pinnacle Peak Commerce Center for $14,175,000. The property was purchased by Nicola Crosby, a real estate and asset management company that oversees more than $2 billion worth of real estate in Canada and the United States. Kidder Mathews commercial real estate brokers, Darren Tappen, Peter Beauchamp, Mike Ciosek, and Eric Bell, represented both parties in the transaction.
Pinnacle Peak Commerce Center is a 93,725 square foot, state-of-the-art flex/industrial property located at 23751 North 23rd Avenue in Phoenix, Arizona, near Interstate 17.
“All the tenants were relatively new occupants of the building and required extensive tenant improvements. Orsett Properties stood up to the task of re-positioning the building to accommodate the businesses and, as a result, they were able to find a stellar buyer in Nicola Crosby,” said Ciosek.
Deer Valley has added well over one million square feet of spec office and industrial projects over the past two years. In addition to 13,000+ homes between Happy Valley Road and Carefree Highway, USAA has broken ground on an upscale, 1,100 home residential development in the surrounding area. Once a good outlying location for heavier industrial uses, Deer Valley has become a great location for residential and business alike.
“Given its strong location, excellent curb appeal and secure in-place cash flow, this asset will be a great addition to our growing portfolio in the Phoenix market,” said Mark Hannah, senior vice president of acquisitions, Nicola Crosby.
Pinnacle Peak Commerce Center is the second property Nicola Crosby has purchased in the Phoenix area in the last two months. The previous acquisition was Cabot Business Center. Kidder Mathews represented the seller, Dunbar CBC, LLC, in that transaction and was assigned to manage the asset. Kidder Mathews has also been retained to manage Pinnacle Peak Commerce Center.