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10/18/19
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Greenwood & McKenzie purchased Desert Gateway, a 172.8k sf, two-building industrial project in Phoenix, in a recent $24 mil ($139/sf) deal. The property, located at 909 W. Pinnacle Peak Pkwy and 1000 W. Vista Bonita Dr, was sold by Griffin Opportunities.
Originally developed by Griffin in 2017, Desert Gateway is a state-of-the-art, multi-tenant industrial project. The Class A warehouse property is currently 95% leased and features 32’ clear height, nine drive-in doors, 16 overhead doors, 4’ by 8’ skylights and ESFR sprinklers between both Building A and Building B. Located in the Deer Valley submarket, the property is a five-minute drive to Happy Valley Town Center with 1.1 msf of retail amenities and offers immediate access to I-17, Loop 303 and Loop 101.
Trevor McKendry and Chris Rogers with DAUM Commercial Real Estate Services, along with Will Strong of Cushman & Wakefield, brokered the transaction. McKendry and Rogers sold the 10.26-acre site at 11th Ave and Pinnacle Peak to Griffin Opportunities in 2014. Once the building was completed year-end 2016, McKendry and Rogers brought the project to a 95% occupancy with tenants ranging from 8.1k sf to 41k sf.
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