Parc Pinnacle Transaction Included Last Remaining 10-Acre Parcel Which Sold for $19.75/SF
LaPour Partners has closed out their 65-acre industrial park in north Phoenix in a transaction that includes the highest price for industrial land ever in the Phoenix market.
Parc Pinnacle, which is located on Pinnacle Peak Road in the Deer Valley submarket, was sold for $8,650,322 earlier this month, a record price-per-square-foot of $19.75. The property is home to an Amazon fulfillment center as well as 325,000 square feet of multi-tenant space.
“We continue to be very pleased with the momentum we are seeing across all market sectors in commercial real estate in Arizona,” said Jeff LaPour, President of LaPour Partners. “This sale shows that the industrial market in particular is reaching new levels, and it is a strong sign for future growth in the marketplace. We expect further land appreciation in industrial in the coming years.”
LaPour Partners has been active in the Phoenix market for 20 years. Recent announcements included a new industrial development near Mesa Gateway Airport and the sale of the AC Marriott Hotel in downtown Phoenix. The Las Vegas-based company has been a known entity in the market for years, but has significantly increased its footprint in the past 12 months, particularly in the industrial sector.
Other pending new industrial projects include:
- In Avondale, LaPour Partners is working through the approval process on a new 450,000 square foot industrial project at the southeast corner of Fairway Drive and Interstate 10.
- The City of Glendale is currently considering a new 135,000 square foot industrial building fronting the 303 Freeway north of Bethany Home Road.
Additionally, three years ago LaPour Partners and Holualoa Companies opened the Camelback Collective project at 28th and Camelback in Phoenix, the first significant new hotel project in the area in decades and one of the first Class-A office buildings to be built in the Camelback Corridor in 10 years.
The company prides itself on compelling investment opportunities in real estate by identifying early-stage market opportunities and unique transactions. It leans toward investments with situational complexity and deploy its in-house resources and leverages its networks to develop creative solutions.
“We are always looking for new opportunities and right now there are many opportunities across the region as the area continues to grow,” LaPour said.