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SoCal Investor Pays $13M for Pinnacle Peak Building

SCOTTSDALE, AZ-A San Diego physician has used 1031 exchange funds from a recent apartment sale in the city to buy El Presidio at Pinnacle Peak, a 58,212-sf office property that's about 95% occupied.

By Amy Wolff Sorter | Updated on September 22, 2005

SCOTTSDALE, AZ-A private investor from Southern California has plowed 1031 exchange gains from the recent sale of an apartment complex in the region into the $13.3-million acquisition of El Presidio at Pinnacle Peak, a 58,212-sf office property.

The Atlanta-based Pinnacle Peak Gardens LLC sold the property at 8700 E. Vista Bonita to San Diego County Medical Buildings LLC, led by Dr. David Smith. The transaction marks a return for Smith as an office building owner in the Phoenix area.

“Dr. Smith had purchased a 160-unit apartment building out here two years ago as well as one in Austin (TX),” Bret Zinn with Colliers International Inc.’s Phoenix office tells GlobeSt.com. “When he sold the apartments here, he couldn’t find anything in the multifamily area that made sense to him so he decided to go back and do what he did best, which is office buildings.” Zinn and Colliers’ Cindy Cooke represented Smith while Stan Shafer and Gordon Raguse with Grubb & Ellis/BRE Commercial LLC’s Phoenix office brokered on the seller’s behalf.

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