The asset was acquired by Top 10 Properties, a Southwest U.S. based real estate investment firm. (File Photos/DigitalFreePress)
Top 10 Properties acquires 93,725-square-foot building in Deer Valley of Phoenix
Staff Reports | Digital Free Press
Cushman & Wakefield has arranged the sale of Pinnacle Peak Commerce Center, which is a freestanding 93,725-square-foot Class A light industrial building in the Deer Valley submarket of Phoenix.
The property was 100% leased to three tenants at closing, according to a press release. The asset was acquired by Top 10 Properties, a Southwest U.S. based real estate investment firm, which purchased the asset for $21.85 million, the release states.
Cushman & Wakefield’s Will Strong, Kirk Kuller, Michael Matchett, Molly Hunt, and Dean Wiley, of the firm’s National Industrial Advisory Group – Mountain West, in partnership with Tracy Cartledge and Robert Buckley brokered the sale for both buyer and seller. Trevor McKendry and Chris Rogers of DAUM Commercial also provided leasing advisory.
“Pinnacle Peak Commerce Center is exceptionally located in Deer Valley, one of the most in-demand submarkets in metropolitan Phoenix,” said Senior Director Kirk Kuller, in a prepared statement.
“Investors and occupiers remain very attracted to this submarket given its access to key logistical freeways and abundance of labor. Increasingly paramount is the recent development and exciting expansion to Taiwan Semiconductor Manufacturing Company Limited (“TSMC”) in the area.”
Executive Director Tracy Cartledge echoed a similar sentiment.
“Top 10 Properties has added a highly desirable and strong performing light industrial asset in Arizona to their investment portfolio,” she said. “The building’s diverse tenant roster and staggered lease expirations provide security as well as the potential to consistently grow revenue. The buyer can also look to capitalize on the prolific growth the surrounding area has experienced overall driven by TSMC.”
