Griffin Opportunities Sells Desert Gateway for $24 Million

Griffin Opportunities has sold Desert Gateway, a 172,803-square-foot two-building industrial project located at 909 W. Pinnacle Peak Parkway and 1000 W. Vista Bonita Drive in Phoenix, to Greenwood & McKenzie for $24,021,365 ($139 PSF).

Developed by Griffin Opportunities in 2017, Desert Gateway is a state-of-the-art, multi-tenant industrial project. The Class A warehouse property is currently 95% leased and features 32’ clear height, nine drive-in doors, 16 overhead doors, 4’ by 8’ skylights and ESFR sprinklers between both Building A and Building B. Located in the Deer Valley submarket, the property is a five-minute drive to Happy Valley Town Center with 1.1 million square feet of retail amenities and offers immediate access to I-17, Loop 303 and Loop 101.

Trevor McKendry, Chris Rogers, and Will Strong teamed up to complete the sale transaction. McKendry and Rogers sold the 10.26-acre site at 11th Avenue and Pinnacle Peak to Griffin Opportunities in 2014. Once the building was completed year-end 2016, McKendry and Rogers brought the project to a 95% occupancy with tenants ranging from 8,091- to 41,000-square-feet.

McKendry and Rogers work closely with the buyer, Greenwood & McKenzie, on several other projects in the Deer Valley submarket. Through their relationship and working knowledge of Greenwood & McKenzie’s 1031 exchange requirement, the team was able to make a successful introduction between Greenwood & McKenzie and Griffin Opportunities. With McKendry and Rogers’ focus of industrial asset types and investments in Deer Valley, coupled with Will Strong’s capital markets expertise valley-wide, the teams were able to secure a strong investment in the growth driven submarket of Deer Valley.

Read the full article here: https://realestatedaily-news.com/griffin-opportunities-sells-desert-gateway-for-24-million/