By Chris Keeley,
Phoenix Commercial Brokers
On October 29, SIHI purchased 80.41 acres on the NWC of 7th Avenue and Rose Garden for $22,400,000 with the plans to build a new business park in the heart of Deer Valley Airpark. This property sold at a state land auction to the highest bidder, for approximately $6.40 per square foot (psf) – which is great comp for the area considering the anticipated amount of infrastructure required prior to construction. Land comps have been steadily moving up in the Airpark and this follows that trend.
Bob Parsons of YAM Properties made a big move into the Deer Valley market with the purchase The Shops at Norterra (Happy Valley Road and I-17) in July 2019 for about $108,000,000 or $305 psf. YAM Properties plans on adding to the already very successful retail center which already houses a Harkins Theaters, Best Buy, Dick’s Sporting Goods, P.F. Chang’s and many more stores and restaurants.
In July 2019, the FBI Regional Headquarters at 21711 N. 7th Street sold for $92.3 million or $439 psf. Of course, it was sold with a long-term lease in place but there are no other details available.
The Deer Valley Financial Center sold for $22.2 million or $174 psf in September 2019. This was an investment sale to a 1031 tax exchange investor. This is a 100 percent occupied, Class A, two-story office building located at 22601 N. 19th Avenue.
In February 2019, the southeast 28.81 acres surrounding the BMO Harris Bank at Happy Valley and 19th Avenue sold for $10,800,000.
17.5 of those acres immediately sold to an apartment developer that plans to build a 200-unit apartment complex on the site.
An additional portion sold to the Cobblestone Auto Spa which was recently completed.
Park Ladera Building B at Spectrum Ridge on 7th Street and Lone Cactus sold for $11.6 million or $138 psf in October 2019.
Desert Gateway Buildings A & B sold for approximately $24,000,000 or $138 psf as an investment. This project is an industrial development built in 2017, located on 9th Avenue and Pinnacle Peak.
Altogether, this is approaching $300 million in sales in 2019. This number does not include some of the apartment sales in the Deer Valley Airpark, which were significant. What a banner year for the investment into the future of Deer Valley Airpark!
Chris Keeley is a Deer Valley Commercial Specialist with Phoenix Commercial Brokers, an Industrial Real Estate Agency located at 22849 N. 19th Ave. Ste 140 in Phoenix.