PHOENIX, October 17, 2019 – Griffin Opportunities has sold Desert Gateway, a 172,803-square-foot (sf) 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.
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 sf.
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.
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