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8/05/21
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Pulliam Innovation Park, a four-building flex park totaling 91.4k sf of industrial, life sciences, R&D and office space in Flagstaff, AZ, traded for $18.26 mil ($200/sf). The purchased was financed with an acquisition loan of $11.9 mil.
Pulliam Innovation Park was developed in phases between 2000 and 2007 by the seller, Kentwood Ventures, who designed the multi-tenant property for a variety of uses. The park is 92% occupied by a diverse tenant roster that includes Translational Genomics Research Institute (TGen); Unisource Energy Services; Machine Solutions, Inc.; FAA; Vulcan Materials Company; POBA Medical and other tenants that have invested in their spaces. The highly accessible park is situated on 21 acres at 2051, 2951, 3001 and 3051 W. Shamrell Blvd, directly off Interstate 17 and adjacent to the Pulliam Airport.
Brian Ackerman and Ben Geelan with JLL Capital Markets represented the seller in the deal. JLL’s Tony Lydon provided market and leasing expertise. Jason Carlos, also with JLL, arranged the financing for the 1031 exchange buyer.
“This was a complex transaction that included a 1031 exchange buyer, a city of Flagstaff participating ground lease and very limited comparable sale and lease transactions in the established Flagstaff market,” said Kentwood Ventures Partner, Jim Zemezonak. “The sale process attracted a buyer who will continue to improve the property after the seller’s 20 years of ownership.”
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