$20M Phoenix business center sale

Low vacancy rate at closing

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Pinnacle Park Business Center II, a multitenant industrial park in Phoenix, Ariz., has sold for more than $20 million to a limited liability company. The three-building project, located at Pinnacle Peak Road and 11th Avenue, was completed in 2006 and contains approximately 159,714 square feet of space. COP-Pinnacle Peak LLC purchased the property from LaPour Deer Valley North LLC at a price that represented $126 a square foot. At the time of sale, the property was 96 percent occupied. ...