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PHOENIX – A subsidiary of Griffin Opportunities has acquired a 145,000-square-foot flex-office showroom development in the Phoenix submarket of Deer Valley for $21.6 million. The building is located at 2851 W. Kathleen Road.
The 9.5-acre property was developed in 1988 and renovated in 2009. It is fully leased to building technologies company Climatec.
The subsidiary was represented by Ben Prater of Colliers International. The seller, Intravest 2851 Kathleen LLC, was represented by Bob Lundstedt and Chris Rogers of Daum.
This is Griffin Opportunities’ first investment in Deer Valley. It also represents the largest transaction in the Deer Valley submarket so far this year, according to Daum.