PHOENIX — REIT Industrial Property Trust has purchased a five-building industrial portfolio based in northwest Phoenix for $38 million. The transaction comprises the Lincoln Deer Valley and Lincoln Pinnacle Park assets.
The Lincoln Deer Valley project is located at 21420 and 21430 N. 15th Lane in Phoenix. Lincoln Pinnacle Park is located at 23040 N. 11th Ave., also in Phoenix. They total 340,646 square feet.
The two parks were constructed between 2005 and 2006. They are 97 percent leased with staggered triple-net lease expirations. Notable tenants include Petsmart, Alstom, Reynaer’s, US Air Conditioning Distribution and California Closets.
The seller was Lincoln Property Company (LPC). The company will continue to serve as property manager for both assets. CBRE’s Darla Longo, Barbara Emmons, Dan Calihan and Pat Feeney represented LPC in this transaction.