|Cushman & Wakefield Negotiates Sale of 123,544 SF Flex Office/Warehouse|
|PHOENIX, Dec. 19, 2017 – 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 (SF). 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.
|About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visitwww.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.