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8/02/19
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Black Canyon Commerce Park, a three-building, 181.6k sf multi-tenant office park in metro Phoenix’s I-17 Corridor, sold for $10.75 mil ($59/sf). The buyer is Next Gen Black Canyon LLC, an entity controlled by Helix Properties (Ryan Spiekerman and Adam Feldman, Principals).
Built in phases between 1999 and 2001, Black Canyon Commerce Park is situated on 16.1 acres at 2101, 2133 and 2225 W. Peoria Ave. The I-17 Corridor has attracted several Fortune 500 companies due to its ideal employee base and its location just blocks from the planned redevelopment of Metrocenter Mall.
Barry Gabel, Chris Marchildon and Will Mast of CBRE in Phoenix represented the seller, Granite Black Canyon Holdings LLC, in the transaction.
“Black Canyon Commerce Park, with its large contiguous blocks of space and a parking ratio of 6.25 spaces per 1,000 square feet, provides the property with a competitive advantage within the submarket,” says Ryan Spiekerman, Founding Principal of Helix Properties. The property, which was 65% leased at the time of sale, features two single-story buildings and one two-story building.
“Black Canyon Commerce Park is an attractive, centrally located office property that offers Helix tremendous upside potential in addition to stable in-place cash flow,” said CBRE’s Marchildon. “The area is home to numerous corporate locations thanks to an abundant workforce and convenient freeway access that links the property with the greater Metro Phoenix area.”
The property is approximately one-half mile east of the full-diamond I-17 Freeway interchange at Peoria Avenue and accessible by 3.5 million people within a 30-minute commute. The park is nearby to more than a dozen hotels as well as Metrocenter Mall, which is currently undergoing redevelopment to include a mix of retail, multifamily, healthcare facilities and medical offices.
CBRE’s Ashley Brooks will continue to lease the property and CBRE Property Management will continue to manage the property.
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