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December 15, 2017
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Nicola Crosby Spends Over $14 Mil on Phoenix Area Industrial Park

10/02/17

In a recent Phoenix industrial buy, Nicola Crosby purchased Pinnacle Peak Commerce Center, a 93.7k sf, state-of-the-art flex/industrial complex, for $14.2 mil ($152/sf). Pinnacle Peak Commerce Center is located at 23751 North 23rd Ave, near Interstate 17.

Darren Tappen, Peter Beauchamp, Mike Ciosek, and Eric Bell with Kidder Mathews represented the buyer and the seller, Phoenix-based Orsett Properties Ltd, in the transaction. Nicola Crosby is a real estate and asset management company that oversees more than $2 bil worth of real estate in Canada and the United States

“All the tenants were relatively new occupants of the building and required extensive tenant improvements. Orsett Properties stood up to the task of re-positioning the building to accommodate the businesses and, as a result, they were able to find a stellar buyer in Nicola Crosby,” said Ciosek.

Deer Valley has added well over 1 msf of spec office and industrial projects over the past two years. In addition to 13,000+ homes between Happy Valley Road and Carefree Highway, USAA has broken ground on an upscale, 1,100-home residential development in the surrounding area.

“Given its strong location, excellent curb appeal and secure in-place cash flow, this asset will be a great addition to our growing portfolio in the Phoenix market,” said Mark Hannah, senior vice president of acquisitions, Nicola Crosby.

Pinnacle Peak Commerce Center is the second property Nicola Crosby has purchased in the Phoenix area in the last two months. The previous acquisition was Cabot Business Center. Kidder Mathews represented the seller, Dunbar CBC, LLC, in that transaction and was assigned to manage the asset. Kidder Mathews has also been retained to manage Pinnacle Peak Commerce Center.






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