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Desert Gateway II Divested in Off-Market Transaction
Los Angeles-based 36th Street Partners and Cale Enterprises completed the roughly $13.45 million sale of Desert Gateway II in Phoenix to San Francisco-based Catalyst Real Estate. The two-building, Class A industrial project totals 76,874 square feet and is located at 747 and 777 West Pinnacle Peak Rd.
The 2018-built property features two multi-tenant buildings totaling 36,004 square feet and 40,870 square feet on six acres. The buildings include 20-foot clear heights, 12- by 14-foot overhead doors, office build-out and air conditioning throughout the office and warehouse space. The site is adjacent to the FedEx distribution center.
36th Street Partners’ Adam Norvell says, “At $175-per-square-foot, this is one of the highest prices paid for a multi-tenant industrial property in Phoenix and is testimony to the confidence in this thriving market despite the pandemic.”
The buyer was was represented by CBRE’s Mark Shaffer, Geoff Turbow and Anthony DeLorenzo. The seller was self-represented in the off-market transaction. Kidder Matthews’ Dylan Scott, Mike Ciosek, and Eric Bell were responsible for leasing the property prior to the sale, which is currently 95% occupied.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
- ◦Lease
