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11/11/22
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Black Canyon Commerce Center – Building A, a 62.8k sf, multi-tenant office building in Phoenix, was acquired by Washington-based Evergreen Associates LLC for $11.2 mil, or $178/sf. Located at 2101 West Peoria Ave, the single-story building is 100% leased to two strong credit tenants.
Originally built in 1999 and situated on over 6.1 acres, Black Canyon Commerce Center – Building A is well located along Peoria Ave, a major arterial with immediate I-17 freeway access. The property is near an abundance of retail and commercial amenities including Metrocenter Mall, which is undergoing a major redevelopment into a dense multi-family and mixed-use project nearby a new light rail station. It is also proximate to the new TSMC plant.
Eric Wichterman and Mike Coover with Cushman & Wakefield represented the seller, Next Gen Black Canyon LLC, in the transaction.
“This is a sound investment flex office property that feeds perfectly off of the location and its vast labor pool, as evidenced by its strong credit tenancy and the recent expansion of one tenant, bringing the occupancy to 100%,” said Wichterman. “This offering also provided exceptional market timing with the trade area being in the early phases of a significant transformation as the new Taiwan Semiconductor Manufacturing Company (TSMC) plant is expected to open in 2023, Metrocenter Mall is redeveloped, and other major events ignite significant growth in northwest Phoenix.”
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