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PHOENIX-Broadening its footprint in the metro area, Irvine, CA-based Cornerstone Real Estate Funds has acquired the 159,714-sf Pinnacle Park Business Center II in an off-market transaction. The buyer, making its fourth local purchase, has paid $20 million for the 96%-occupied office/warehouse complex.
The three-building complex at 23040 11 N. 11th Ave. was completed and sold by LaPour Partners of Las Vegas. Steven Sayre, senior director with Cushman & Wakefield Inc. of Arizona's Phoenix office, says the asset is a perfect fit for the buyer. "They look for institutional type properties that have significant barriers to entry. They believe these types of properties will always be highly desirable by users and will either stay full or will have good activity," he says.
Sayre, who is also the leasing broker for the 12.4-acre complex, tells GlobeSt.com that Pinnacle Park II was completed in late 2006 and leased up within a year. He says that the leases are long term. Tenants include Nationpet, Premiere Industrial Supply, RKF Architectural Inc. and Hufferman Inc.
Sayre also says that the acquisition complements a similar one in March by Cornerstone when it bought Mack Deer Valley at 21420 and 21430 N. 15th Lane for $23.15 million. "This project is on the north side of Deer Valley Airport. They purchased about the same amount a few months ago on the south side of the airport," says Sayre, who teamed with C&W senior director Patrick Harlan and client coordinator Katy Boyd to broker the sale.
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