Cushman & Wakefield Negotiates 33,451 SF Sale of Retail/Showroom Property
Cushman & Wakefield announced today that Flight Center, located at 615 and 625 West Deer Valley Road in Phoenix, sold to KBP Realty Advisors of Scottsdale, Arizona for $4.5 million.
Bob Buckley, Steve Lindley, Tracy Cartledge and Ben Geelan with Cushman & Wakefield represented the seller, Business Properties of Irvine, California.
Flight Center is a 33,451-square-foot, high-quality, multi-tenant retail/showroom project in the Deer Valley submarket that is currently 93 percent occupied. At the immediate corner of Deer Valley Road and 7th Avenue, the property includes two multi-tenant retail/showroom buildings, as well as two undeveloped pads fronting Deer Valley Road. The property also features attractive architecture, convenient drive-up parking and signage designed to take advantage of the high visibility location.
“Nearly fully occupied, Flight Center offered the buyer in-place income as well as the ability to increase rents in a strong Deer Valley submarket,” said Buckley.
A focal point of Flight Center is the “Jenny” model aircraft on display at the entrance, which was built in 2004 by Arizona Model Aircrafters to the exact specifications of a 1921 U.S. Army Signal Corps JN-4D “Jenny”. The flying airframe was built by the owner of Flight Center to honor his father, a “Jenny” pilot in the U.S. Army at March Field, California.
Positioned at the entrance of the Phoenix Deer Valley Airport, Flight Center is located in one of the most sought after submarkets in Phoenix at one of the highest profile intersections in the area. Deer Valley Road and 7th Avenue also offers direct freeway access to Interstate 17 Black Canyon and Loop 101 Pima freeways.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.