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23751 N 23rd AvePhoenix, AZ 85085
Pinnacle Peak Commerce Center
Asset ClassIndustrial
% Leased100%
# Tenants: 3Weighted Average Lease Term: 4.5 YearsAccess Data Room
Multi-Tenant Light Industrial Building Totaling 93,725 SF | Premier Deer Valley Submarket | 10.5 % Below Market Rents | Excellent Freeway Access

Overview

Cushman & Wakefield’s National Industrial Advisory Group, as the exclusive advisor, is pleased to offer the rare opportunity to acquire the 100% leased fee interest in Pinnacle Peak Commerce Center (“the Property”), a 93,725 SF industrial building in the highly coveted Deer Valley submarket. The property is 100% leased to three tenants with a weighted average lease term (WALT) of 4.5 years and in-place rents that are 10.5% below market rents. This presents a unique chance to acquire a well-established asset with a stable tenancy and a staggered expiration schedule, which consistently grows net operating income through annual rent escalations and the rolling of in-place rents to higher market rents.

 

The Property is strategically located in the Deer Valley submarket in North Phoenix, one of the most in-demand locations throughout Metro Phoenix and less than a mile from the full-diamond interchange at I-17 and Pinnacle Peak Road. The Deer Valley submarket has received record demand from investors and users for (i) its close proximity to the Loop 101, I-17 & SR-51 freeways (ii) access to the two most active container ports in the U.S. (Los Angeles and Long Beach); and (iii) the recent development of TSMC, a Taiwan semiconductor manufacturer, which is building a $40 billion plant with majority of its funding provided by the U.S federal government. This has resulted in vacancies to compress to a historic low and rents to skyrocket. The Deer Valley submarket has benefited immensely from the overflow of the Inland Empire, as well as an influx of advanced manufacturing tenant demand from suppliers moving to Phoenix and to serve the TSMC plant.

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23751 N 23rd AvePhoenix, AZ 85085

Sales Team

Will StrongExecutive Vice Chair+1 602 413 9991will.strong@cushwake.com
Kirk KullerSenior Director+1 602 224 4456kirk.kuller@cushwake.com
Molly HuntSenior Associate+1 602 229 5944molly.hunt@cushwake.com
Trevor McKendryExecutive Vice President+1 602 575 2332tmckendry@daumcre.com
Chris RogersExecutive Vice President+1 602 575 2309crogers@daumcre.com

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Listing provided by Revere CRE