Cushman & Wakefield has brokered the sale of Center Pointe Deer Valley, a 33,367-square-foot, multi-tenant office property in Phoenix, Arizona. Located at 23460 North 19th Avenue, the building was acquired by JLM Corp, as the upleg of its 1031 Exchange. The property sold for $6.4 million.
Eric Wichterman and Mike Coover Cushman & Wakefield represented the seller, Pinnacle Campus Office-Retail, LLC in the transaction.
“Center Pointe is a high-quality multi-tenant office asset desirably located in the prized and rapidly growing Deer Valley submarket of Phoenix,” said Eric Wichterman, Executive Managing Director. “Office space in the trade area has performed extremely well, and at 97% leased, this asset reflected the market’s strength.”
Mike Coover added, “The property will benefit from the new $12 billion Taiwan Semiconductor plant under construction to the north, which is anticipated to provide significant tailwinds to the Deer Valley submarket”
Built in 2008 and situated on over two acres, the two-story building provides convenient multi-directional freeway access, situated approximately a half-mile from Interstate I-17 and two miles from Loop 101. The property is also conveniently located near an abundance of retail and hotel amenities, and Deer Valley Airport, the busiest general aviation airport in the US, lies within one mile. Deer Valley is home to many national and local corporations.