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December 18, 2018
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ViaWest Group Completes $34 Mil AZ Biz Park Buy


In a recent AZ biz park buy, ViaWest Group has purchased Blackhawk Corporate Center I, II and III for $34.25 mil, or about $135/sf. The seller was Cohen Equities NY LLC.

Constructed in 1997 and 1998, Blackhawk Corporate Center contains approximately 252.4k sf within three freestanding campus-style buildings. The center is located at 20401 N 29th Avenue, and at 2902 and 3010 W Agua Fria Fwy in Phoenix, AZ.

Blackhawk Commerce Center is located a half-mile from the intersection of Interstate 17 and the Loop 101 Fwy. The property was 68% leased at the time of purchase.

Darren Tappen and Peter Beauchamp with Kidder Mathews, along with Ryan Timpani of Colliers International, the project’s leasing agent, represented both parties in the transaction.

“We feel these buildings are a great complement to our portfolio and continue our efforts to expand our I-17 corridor holdings along with Concorde Commerce Center and Deer Valley Financial Center,” said Steven Schwarz, founding partner of ViaWest Group. “The Black Canyon Corridor submarket is seeing strong activity for quality office space with very few new buildings being added to inventory. This property’s 80k sf of vacancy will capture the attention of growing and relocating businesses looking in the area,” he said.

According to Tappen, “Blackhawk presented an ideal opportunity to acquire a high-image multi-building portfolio that offers an increasingly rare value-add component as it relates to existing vacancy. The asset’s Deer Valley/I-17 location with Loop 101 visibility & frontage presents ViaWest the opportunity to leverage the firm’s expertise in stabilizing assets in this rapidly improving trade-area."

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