FOR IMMEDIATE RELEASE
Wilton, CT, November 21, 2011 — Real estate investment firm Westport Capital Partners LLC (“Westport”) announced today that it has closed on the purchase of Pinnacle Peak Business Center (“Pinnacle”) in Deer Valley, AZ. Terms were not disclosed.
Pinnacle is a 124,000 square foot, four-building flex-industrial park located in Deer Valley, north of Scottsdale, AZ, near the I-17/N-101 intersection. Deer Valley is home to many Fortune 500 companies, including Honeywell, USAA, PetSmart, and American Express. The property is currently 70 percent leased and tenants include a manufacturing facility and a medical applications company. Following some immediate property upgrades and enhancements, Westport will step up marketing efforts aimed at quality tenants seeking space in a conveniently-located facility.
Russel S. Bernard, Managing Principal at Westport, said, “The area is sought after as a prime industrial location. Pinnacle has the added advantage of being relatively new construction (built in 2006) and offering a flexible component that is adaptable to a broad range of office types, including distribution warehouse, medical facility and back office. The Pinnacle property is a prime example of Westport’s opportunistic investment philosophy at work. We believe our management expertise will establish Pinnacle as a premier property in a strong niche market.”
About Westport Capital Partners LLC
Westport Capital Partners LLC is a real estate investment firm specializing in the opportunistic real estate arena. Westport provides domestic and international investment opportunities to institutional and private clients. Through its various funds, the firm invests in a wide variety of distressed and opportunistic real estate assets. The firm has offices in Los Angeles, CA and Wilton, CT.
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