Hopewell Development acquires three-building portfolio in prestigious Deer Valley
Cushman & Wakefield announced the firm has brokered the disposition sale of a multi-building flex/industrial campus totaling 99,859 square feet in Phoenix, Arizona. The asset consists of three (3) single-story buildings located at 2844 & 2932 West Deer Valley Road and 2837 West Louise Drive.
The property was acquired by Hopewell Development for $14.45 million from seller, Hyperion Fund L.P. Eric Wichterman, Mike Coover and Michael Kitlica of Cushman & Wakefield in Phoenix handled the sale.
“At the time of the sale the project was fully occupied by a single tenant that will vacate in the near future which will provide a clean canvas to reposition the existing buildings for new industrial uses and even construct new structures on the vastly underutilized site,” said Michael Kitlica, Senior Director.
“The sale provided Hopewell Development with a rare opportunity to acquire a sizable value-add development within the prestigious Deer Valley submarket, which is experiencing high demand for a very low supply of industrial space,” said Eric Wichterman, Executive Managing Director.
Constructed during the early 1980s and in 2002, the buildings feature highly functional floor plates, 100% air conditioned, secured parking yard, and abundant parking ratio of 6.82/1000. The portfolio spans four parcels on ±10.88 acres.