Cassidy Turley announced they successfully sold Black Canyon Corporate Center, a ±94,203-square-foot Class A office project at 10835 North 25th Avenue in Phoenix. Younan Properties Inc. (Woodland Hills, CA) purchased the property for $7,140,000 ($75.16/psf) from REO Asset Manager, John Mitchell, of LNR Partners (Miami Beach, FL), as special servicer. Executive Managing Director Eric Wichterman, Senior Vice President Mike Coover, Executive Managing Director Jeff Wentworth, and Vice President Sean Spellman with Cassidy Turley negotiated the transaction on behalf of the buyer and seller.
According to Eric Wichterman, “Black Canyon Corporate Center is arguably the highest quality office building in the Northwest Phoenix trade area. With a strong tenant base it offered a unique mix of stability with upside potential for Younan Properties.”
Built in 2002, Black Canyon Center is a three-story, multi-tenant office building with a two-story lobby area. The property is located on Interstate 17 near two full-diamond interchanges at Peoria Avenue and Cactus Road. Black Canyon Corporate Center is less than one mile from Metrocenter Mall and numerous restaurants and retail amenities. The property was 82 percent leased at the time of sale.