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PHOENIX-The second phase of Pinnacle Park Business Center has hit 98% occupancy, getting a 59,907-sf boost from Nationpet. The retailer's seven-year expansion lease is valued at $3 million.
Nationpet will move in April 1, 2007 to its new headquarters and distribution center at 23040 N. 11th Ave. The supplier of cat supplies and furniture to PetSmart, PetCo, Target and others currently operates in 20,000 sf at 2005 W Parkside Lane.
The 159,714-sf office/warehouse's other top tenant is Diamondback Tactical, which has 57,846 sf. Additional tenants are Premiere Industrial Supply, RKF Architectural Inc., Hufferman Inc. and Carlson Systems LLC.
Situated on 12.4 acres, the $11.5-million, three-building expansion of Pinnacle Park had the bulk of its leases signed during construction. "We broke ground on this in late 2005, finished it about four months ago and are 98% today," says Jeff LaPour, president and owner of LaPour Partners. The developer tells GlobeSt.com that the in-place leases average six years, with the combined revenue totaling nearly $7.5 million for the full terms.
The Las Vegas-based LaPour Partners acquired 57 acres for its business park in early 2005. The park's first building--123,000 sf of flex space--is 45% occupied. Steve Sayre and Pat Harlan with Cushman & Wakefield of Arizona Inc. in Phoenix are the leasing agents for Pinnacle Park Business Center.
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