10.58 Acre, C-1 Zoned Commercial Land   •   Rapidly Growing Submarket   •   Close Proximity to Regional Employment Centers   •   I-17 Frontage with 102,000 Vehicles Per Day   •   Strong Visibility to Both I-17 & Pinnacle Peak Road

Offered at $6,175,000

THE OPPORTUNITY

The subject site is located adjacent to Interstate 17 at Pinnacle Peak Road in the North Phoenix / Deer Valley employment hub. The site is zoned for commercial development with the City of Phoenix zoning code of C-1, which allows for several land uses. Ownership may also consider cooperating on a buyer’s potential alternative zoning request.


The site is 10.58 acres in size and neighbors State Trust land to the north. The site has excellent visibility with an estimated traffic count of over 100,000 cars per day on Interstate 17 and 14,500+ per day on Pinnacle Peak Road. This is an attractive opportunity for a commercial, multifamily, and / or hospitality development. The opportunity in our opinion meets the physical, legal, and financial feasibility criteria to be developed as a commercial or multifamily site.


The subject is well-served by numerous regional transit routes, including Interstate 17, Loop 101, North Valley Parkway, Loop 303, and the Deer Valley Airport. This combination of transit linkages along with numerous office installation headquarters also suggests a strong potential for hospitality development.


The Deer Valley submarket has also become a major employment hub within the Phoenix Metro Valley with approximately 4,000,000 square feet of Class “A” Office. Employers are attracted to the area’s growing infrastructure, housing supply, and transit linkages. Northwest Phoenix has absorbed over 800,000 square feet of office space since 2015.


 

Location  | Neighborhood Description

 

The subject site is located at the Southwest Corner of Interstate 17 and Pinnacle Peak Road. The site enjoys excellent access to Interstate 17, along with scenic views at the foot of Adobe Mountain. The composition of surrounding land uses includes single-family development, retail and commercial development, regional employment centers, and industrial employment hubs. The State of Arizona also maintains significant open spaces surrounding the subject property. 

Examples of demand generators and submarket attractions are as follows:

Honeywell: Honeywell has three facilities in proximity of the property; one installation near Deer Valley Airport, one plant at the northeast corner of 49th Avenue and Union Hills Drive, and a facility at the southwest corner of the Interstate 17 and Loop 101 Freeways.

Deer Valley Airport / Airpark: Located north of Loop 101 and east of the I-17 Freeway, Deer Valley Airpark is one of the primary job hubs in Metro Phoenix. Deer Valley Airpark's reported current inventory is comprised of approximately 100 commercial buildings with over three million square feet, plus flex and industrial buildings totaling over seven million square feet.

PetSmart, Inc: Headquartered near Interstate 17 and the Loop 101 Freeways. The company employs an estimated 1,700 workers at this site.

American Express: American Express has two nearby campuses employing about 4,000 workers reportedly.

Discover Card: Located about 1.6 miles south of the subject site, the Deer Valley Campus employs over 2,000 people.

Waste Management: Waste Management of Arizona (WMAZ) located on 19th Avenue just north of Deer Valley Road provides waste and recycling services to thousands of customers.  WMAZ employs nearly 1,000 people and services nearly 500,000 customers throughout Arizona.

USAA Campus: A leading insurance and financial services firm located at the Interstate 17 Freeway and Happy Valley Road in North Phoenix. The company currently employs an estimated 4,000 workers at the site. The USAA campus is situated on 640 acres and is planned for significant long-term expansion. 

Metro Center: Situated at Interstate 17 and Peoria Avenue, this regional mall was acquired by Carlyle Development Group in 2012 and is currently being repositioned.

Thunderbird School of Global Management: Thunderbird School of Global Management / ASU is a graduate business school and is located southwest of the subject site. Thunderbird consists of approximately 1,400 students, 70 academic staff members, and offers concentrations in global finance, marketing, management, development, and an MBA in Global Management. Thunderbird is consistently highly ranked by the Financial Times in Global MBA Rankings.

Midwestern University (MU): Located northwest of the property off of Loop 101 and 59th Avenue, MU opened its 144-acre campus in 1996. Currently, the school enrolls approximately 1,800 students, with enrollment projected to reach 2,500 students by 2020. MU employs nearly 400 faculty and staff members and has recently invested $150 million on expanded degree programs and the construction of a dental school, additional classroom space, and a student services and recreation center at the campus. In 2008, MU officially began its dental program, while a new doctor of optometry program began in the fall of 2009. The optometry program is the first in the state and one of only 18 nationwide.

John C. Lincoln North Mountain

Peoria Sports Complex: This 145-acre sports complex hosts spring training games for the San Diego Padres and Seattle Mariners as well as other baseball games throughout the year. It also hosts other exciting events such as beer festivals, a Halloween bash, job fairs, and other festive holiday and charity events.

Arrowhead Towne Center: A 1.3 million-square-foot regional mall with several department stores including Dillard's, JCPenney, Macy's, Sears, Dick's Sporting Goods, and Forever 21. Moreover, there are dozens of specialty stores totaling over 170 retailers, a full-scale food court, and a 14-screen AMC Theater.

Examples of leading employers in Northwest Phoenix include:

  • USAA Insurance (Corporate Campus) 3,200+ Employees
  • Cigna - 1,700+ Employees
  • American Express - 7,600 (total for metro area)
  • Farmer's Insurance - 1,000 Employees
  • Liberty Mutual - 1,100 Employees
  • Discover Card - 2,000 Employees

Schools: 

ASU West (9,000 enrolled), Grand Canyon University (approximately 17,000 students / 515 faculty), Apollo College (approximately 1,300 students), Glendale Community College (over 25,000 students), Northern Arizona University West Valley Campus (7,000 students), Paradise Valley Community (10,000 students), and Arizona College are all also within easy reach of the subject site. Also the Adobe Mountain State Juvenile Facility is situated across Pinnacle Peak Road from the property.

Medical:  

John C. Lincoln at Deer Valley: A 204-bed, not-for-profit community hospital that features all private rooms. This hospital serves the North Phoenix metropolitan area. In 2011, Deer Valley Hospital was given an Honorable Mention as the only hospital in Arizona to receive a Premier QUEST Award for High Value Health Care. 

John C. Lincoln North Mountain: North Mountain Hospital feature 266 beds and more than 1,600 health care professionals. North Mountain Hospital offers numerous services including 24-hour emergency and Level I trauma center, extensive heart care services, primary stroke center, and an advanced interventional pulmonary program.

Arrowhead Community Hospital: Located on the northeast corner of 67th Avenue and Union Hills Drive. 

Paradise Valley Hospital: A full-service 136-bed community-based acute care hospital.  Paradise Valley offers state-of-the-art orthopedics featuring navigational technology and sports medicine, expanded rehabilitation services, enhanced diagnostic imaging, and dedicated women's programs.

Mayo Clinic Hospital: This hospital is a seven-story facility with 268 licensed beds, 21 operating rooms, and a Level II emergency department.  Mayo Clinic Hospital is the first hospital planned, designed, and built by Mayo Clinic.  The hospital provides inpatient care to support the medical and surgical specialties and programs at the clinic.

Submarket Retail: 

Deer Valley Towne Center: Located approximately 1.6 miles from the subject site and includes anchor tenants Target, Office Max, and Michaels.

Happy Valley Town Center: Located approximately one mile north of the property off of Interstate 17 includes major tenants Barnes & Noble, Lowe's, and Walmart Supercenter.

The Shops at Norterra offer residents of the area numerous retail options including Dick's Sporting Goods, PF Chang's, Chipotle, Paradise Bakery, and Smash Burger.

Arrowhead Towne Center: Located 10 miles southwest of the property and includes anchor tenants Apple, Macy's, and Dillard's

Recreation: In addition to easy freeway access to the sports and entertainment venues throughout Metro Phoenix, the following are examples of nearby attractions and recreational options available to the property's residents:

  • Turf Paradise Race Track at 15th Avenue and Bell Road
  • Hiking on hundreds of miles of trails in the surrounding Lookout Mountain
  • North Mountain, Shadow Mountain, and Phoenix Mountains Preserves
  • The Pointe Golf Club on Lookout Mountain
  • Adobe Dam Golf Course and Regional Park
  • Victory Lane Sports Complex
  • Wet 'n' Wild Water Park
  • Lake Pleasant
  • Musical Instrument Museum
  • Reach 11 Recreational Area south of Desert Ridge
 

Aerial Maps

 

Contact Us

2525 East Camelback Road
Suite 1150
Phoenix, Arizona 85016

Phone: 602.955.1122
Fax: 602.955.9611

INVESTMENT ADVISORS

Mark Forrester                                    Ric Holway                                 Dan Cheyne                                
Senior Managing Director                  Managing Director                   Senior Director                         
602.912.1630                                      602.912.1633                           602.522.5212                              
Mark.Forrester@berkadia.com          Ric.Holway@berkadia.com     Dan.Cheyne@berkadia.com      

FINANCING

Jackson Cloak
Managing Director
949.622.9200
Jackson.Cloak@berkadia.com

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