PHOENIX – Cassidy Turley, a leading commercial real estate services provider in the U.S., announced the successful sale of a ±58,120-square-foot Class B flex, office-industrial project at 2844 West Deer Valley Road and 2837 West Louise Drive in Phoenix’s Deer Valley Submarket. California-based Hyperion Fund L.P purchased the property for $6.3 million ($108.40/psf) from locally based City Park, LLC, a company formed by Cutler Commercial.
Executive Managing Director Eric Wichterman and Senior Vice President Mike Coover with Cassidy Turley negotiated the transaction on behalf of the buyer.
Built in 1983 and 1985, the Deer Valley project is a ±58,120-square-foot, two building complex that includes 42,160-square-foot and 15,960 square-foot structures. The project is located at Deer Valley Road and 27th Avenue one mile from the Interstate 17 and two miles from the North Loop 101. The property is leased entirely to Universal Technical Institute, a technical training school for auto mechanics, marine technicians and NASCAR techs. The new owners plan to hold the property and maintain the current tenancy.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 4,000 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $25.8 billion in 2013, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 24,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.