Cassidy-Turley announced it successfully sold Blackhawk Corporate Center II, a ±36,724-square-foot class B office building at 3050 West Agua Fria Freeway in Phoenix. Valley Schools Trust (Phoenix, AZ) purchased the property for $3,517,500 ($95.78 psf) from Special Servicer LNR Partners, LLC (John Mitchell, Vice President, REO Asset Management) of Miami Beach, FL. Executive Vice Presidents Eric Wichterman and Mike Coover, with Cassidy Turley’s Capital Markets Group and Vice Presidents Mark Stratz and Tyler Wilson and Associate Vice President Scott Baumgarten, with Cassidy Turley’s Office Group represented the seller. Mike Sayre of Cushman and Wakefield represented the buyer.
According to Wichterman, “The Blackhawk Corporate Center sale is an excellent representation of the significant surge in owner-occupant acquisitions seen in The Valley as a result of highly affordable post-recession pricing and, in several cases, abundant financing available to owner/users.”
Built in 2000, Blackhawk Corporate Center II sits on 2.44-acres and is located on the North 101 Freeway, west of the I-17 Freeway. The two-story, high visibility project was 55.5 percent leased at the time of sale. Valley Schools Trust plans to occupy the majority of the vacant space in the building.