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Deal-Tracker: Mechanics Institute Sold to CA Investor

PHOENIX—In this week's Deal-Tracker, Cassidy Turley announces the sale of a 40,427-square-foot class B flex project at 2932 W. Deer Valley Rd. in Phoenix's Deer Valley Submarket. California-based Hyperion Fund L.P.

By Kristian Seemeyer | Updated on August 14, 2014

PHOENIX—In this week’s Deal-Tracker, Cassidy Turley announces the sale of a 40,427-square-foot class B flex project at 2932 W. Deer Valley Rd. in Phoenix’s Deer Valley Submarket. California-based Hyperion Fund L.P. purchased the property for $5.97 million from California-based 2932 DVR LLC. Executive managing director Eric Wichterman and senior vice president Mike Coover with Cassidy Turley negotiated the transaction on behalf of the buyer, while Barry Gabel and Chris Marchildon with CBRE represented the seller. Built in 2002, the Deer Valley building on 4.01 acres is part of a three building complex incorporating the Motorcycle Mechanics Institute campus. The project is located at Deer Valley Road, one-half mile from Interstate 17 and two miles from the North Loop 101. The property is leased entirely to Universal Technical Institute, a private technical training school for auto mechanics, marine technicians and NASCAR techs. The new owners plan to hold the property and maintain the current tenancy.

 

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