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PHOENIX-Broadening its footprint in the metro area, Irvine,CA-based Cornerstone Real Estate Funds has acquired the 159,714-sfPinnacle Park Business Center II in an off-market transaction. Thebuyer, making its fourth local purchase, has paid $20 million forthe 96%-occupied office/warehouse complex.
The three-building complex at 23040 11 N. 11th Ave. wascompleted and sold by LaPour Partners of Las Vegas. Steven Sayre,senior director with Cushman & Wakefield Inc. of Arizona'sPhoenix office, says the asset is a perfect fit for the buyer."They look for institutional type properties that have significantbarriers to entry. They believe these types of properties willalways be highly desirable by users and will either stay full orwill have good activity," he says.
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