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June 22, 2024
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California Investor Pays $13.45 Mil for Phoenix Industrial Property


Desert Gateway II, a two-building industrial project in Phoenix, was sold in a recent $13.45 mil transaction. The 76.9k sf asset was sold by a venture between 36th Street Partners and Cale Enterprises, who built the Class A project in January 2018.

Located at 747 and 777 West Pinnacle Peak Rd, Desert Gateway II consists of two multi-tenant buildings totaling 36k sf and 40.9k sf on six acres. They feature 20 clear height, 12 by 14 overhead doors, office build-out and air conditioning throughout the office and warehouse space.

The project is adjacent to the FedEx distribution center, and is a five-minute drive to Happy Valley Town Center and the 1.1 msf Shops at Norterra. It is also a 20-minute drive to the Phoenix Sky Harbor International Airport.

36th Street Partners/Cale Enterprises was self-represented in the off-market transaction. The buyer was a California-based private investor. Additionally, Dylan Scott, Mike Ciosek, and Eric Bell of Kidder Matthews were responsible for leasing the property, currently 95% occupied, prior to the sale.

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