Evergreen Devco Completes Sale of Black Rock Coffee Bar in Phoenix

At nearly 2,000 square-feet, the popular coffee bar celebrates successful grand opening of its first Phoenix location

Evergreen Devco, Inc., a leading retail and multifamily development company in the western U.S., announced today that it has completed the sale of its single-tenant Black Rock Coffee Bar building, located at 3415 W. Greenway Road in Phoenix’s northwest valley, for $1.8 million (or $977 per square foot).

The 1,887-square-foot development was in escrow during construction and sold following Black Rock’s successful grand opening on March 13. Black Rock offered free drinks throughout the grand opening day. Black Rock continued serving customers through their drive -thru during the stay-at-home order and plans to welcome customers back into their store in the coming weeks.

Walk-in patrons experience a warm, cozy environment with the coffee shop. The interior walls feature unique mushroom wood that’s been imported from the Pacific Northwest, as quartz countertops and subway tile highlight the coffee bar. From the outside, passersby can see barnwood stone wrapping on the exterior. Vertical Design Studios was the architect and American Retail Contractors, LLC, was the general contractor.

The single-tenant building, located as an outparcel to a Cube Smart self-storage anchored shopping center just west of I-17 at the intersection of 35th Ave and Greenway in Phoenix, is the first location in the city of Phoenix for the Portland-based coffee chain that has nearly 70 shops in five states, including 10 in Arizona.

Joe Compagno of CBRE represented the landlord, Evergreen-35th & Greenway, L.L.C. Benjamin Farthing of CBRE represented the buyer, BRC 4SHER, L.L.C., who purchased the building and a 15-year corporate lease.

Construction started in July 2019 and was completed in February 2020.

About Evergreen Devco, Inc.

Founded in 1974, Evergreen specializes in retail and multifamily development, tenant roll outs, project and construction management, property management, asset management, sustainable building and solving financing issues for various retailers and franchises. Working throughout the nation, Evergreen has earned a reputation as an industry leader by delivering high-quality real estate developments and services reliably, efficiently and cost effectively. The company has over 50 employees with offices in Arizona, California, Colorado and Utah. Evergreen is currently engaged in the development of more than 60 retail and apartment projects and has completed more than 500 projects. www.evgre.com.

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