Washington-based investor purchases fully occupied office building
PHOENIX - Black Canyon Commerce Center, located at 2102 W. Peoria Avenue, sold for $11.2 million. The Northwest Phoenix office building was sold to a Washington-based investor as part of a 1031 Exchange transaction.
“This investor was seeking a 1031 Exchange opportunity and is very bullish on the Phoenix market for long-term real estate appreciation,” says Bill Swirtz, vice president with the Investment Services Group at Colliers in Arizona. “The property is 100% occupied by two credit tenants, making the property ideal to meet the buyer’s specific leveraged yield requirements.”
Swirtz represented Evergreen Associates of Everett, Washington in the acquisition negotiations. Eric Wichterman of Cushman & Wakefield represented the seller, Next Gen Black Canyon, LLC of Phoenix. The building is fully occupied by OpenTech Alliance and Convergent Outsourcing.
Black Canyon Commerce Center is a single-level office building with 62,771 square feet that was constructed in 1999. The property features floor-to-ceiling window lines and decorative metal awnings. Situated on 6.13 acres of land, the building offers frontage and visibility along Peoria Avenue. Black Canyon Commerce Center is located just 15 minutes south of the upcoming TSMC semiconductor plant that is anticipated to open in 2024. The office building is less than a mile from Metrocenter Mall, which is undergoing a $750 million redevelpment.
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