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7/16/20
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OC-based Safe Harbor Exchange Inc paid $8.4 mil for a freestanding, 40.7k sf industrial/flex building in Phoenix, AZ, as the upleg of a 1031 Exchange. The single-tenant facility is fully leased to one of the largest cable providers in the US that has occupied the property for more than 20 years.
Located at 17602 N Black Canyon Hwy in the region’s Black Canyon submarket, the property comprises an on-site call center, service center, broadcasting, and research and development. The property is also centrally located with immediate freeway access to Interstate 17 and Loop 101.
Paul Boyle and Rick Danis of Cushman and Wakefield’s Phoenix office represented the seller, Scottsdale-based VJ Black Canyon LLC, an entity controlled by VJ Properties Inc.
“This was a very attractive investment property fully leased to a major communications company that has provided stable occupancy for decades, and through multiple downturns,” said Boyle. “Furthermore, recent improvements in 2018 and 2019 were made in both the technology and common areas of the tenant’s space, while one of the company’s key divisions also operates in the facility, illustrating the commitment and critical nature of this facility for the tenant.”
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