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July 18, 2019
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Phoenix Office Campus Changes Hands in $21 Mil Deal


Libitzky Property Companies, based out of Emeryville, CA, purchased Corridors Phoenix, a 164.4k sf office campus in Phoenix, for $21.2 mil ($129/sf). The property, located at 1925, 2001, 2075 and 2095 W. Pinnacle Peak Rd, was sold by Adler Realty Investments.

Corridors Phoenix consists of four single-story office buildings. Located in the Deer Valley submarket, the property is currently 80% leased to a diverse tenant base including Mars Petcare, Amica Insurance and Belcan Engineering.

Bob Buckley, Tracy Cartledge and Steve Lindley with Cushman & Wakefield Phoenix’s capital markets group negotiated the transaction on behalf of the seller.

“Corridors has a strong tenant mix due to the quality of the property and its location in the dynamic Deer Valley area,” said Buckley. “This sale completes a successful investment for Adler Realty, and Libitsky can now realize investment upside through the lease up of the Corridors’ vacant space.”

Deer Valley is Metro Phoenix’s ninth largest submarket, and has been consistently in the top four submarkets for net absorption over the past five years. The Deer Valley submarket has already experienced almost 150k sf of net absorption as of midyear 2018, with a vacancy rate that has fallen to 12.1%.

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