Orange County-based Investor Acquires Property as Upleg in 1031 Exchange
Cushman & Wakefield announced today the firm has brokered the net-leased investment sale of a freestanding 40,720-square-foot industrial/flex building in Phoenix, Arizona. The buyer was Orange County, Calif.-based Safe Harbor Exchange, Inc., which acquired the property for $8.4 million as the upleg of its 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.
The seller was Scottsdale-based VJ Black Canyon LLC, an entity controlled by VJ Properties, Inc., which was represented by Paul Boyle and Rick Danis of Cushman and Wakefield’s Phoenix office.
“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 Paul Boyle, Executive Director. “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.”
Located at 17602 N Black Canyon Highway 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.
Boyle added, “The property’s Interstate 17 corridor location is an area with established corporate presence and an abundance of amenities, including restaurants, retail services and hotels.”