Cushman & Wakefield announced that Westport Capital Partners of Wilton, Conn. sold Pinnacle Park Business Center, located at 1125 W. Pinnacle Peak Road in Phoenix, to Libitizky Property Companies of Emeryville, Calif. for $14.847 million.
Bob Buckley, Tracy Cartledge and Steve Lindley of Cushman & Wakefield negotiated the transaction on behalf of the seller.
Pinnacle Park Business Center is a high-performing flex office/warehouse property totaling 123,544 square feet. Built in 2006, the property is located in Metro Phoenix’s Deer Valley submarket, one of the best performing submarkets in the Phoenix, and is currently 94.5% leased.
“The project is anchored by Pinnacle Transplant, who occupies 30% of the facility on a new 10-year lease, providing stability and investment security for the property” said Bob Buckley.
Deer Valley is Metro Phoenix’s ninth largest industrial submarket and has the highest number of Fortune 500 companies in Phoenix, including Honeywell, USAA, Cigna, American Express and Wells Fargo. Cushman & Wakefield’s research shows the Deer Valley submarket has been consistently in the top four submarkets for net absorption over the past five years. Occupancy will continue to rise based on strong current absorption within multi-tenant and flex properties in the submarket.