Cushman & Wakefield, a global leader in commercial real estate services, announced today that Northgate Business Center and Blackhawk Corporate Center I, located at the interchange of Interstate 17 and Loop 101, have been sold to a New York investor for approximately $29.5 million.
Cushman & Wakefield’s Eric Wichterman, Mike Coover, Tim Whittemore and Mike Sayre represented the seller, CMLT 2008-LS1 North 29th Office, LLC, an entity of LNR Partners LLC, in the sale. REO Asset Manager Kevin Hanson, of LNR Partners (Miami Beach, FL) is special servicer. The buyer was Blackhawk Office 2-15 LLC, an entity of Cohen Equities from New York.
The Deer Valley Office Portfolio consists of Northgate Business Center, 20401 N. 29th Ave., and Blackhawk Corporate Center, a two-building complex at 2902 and 3010 W. Agua Fria Freeway. Northgate Business Center’s single building contains 138,540 square feet of office space and was constructed in 1997. Blackhawk Corporate Center Phase I is immediately west of Northgate and contains two buildings totaling 113,810 square feet. Northgate’s buildings were built in 1998.
“With occupancy of approximately 66%, the properties represented a superb opportunity to purchase an ideal combination of in-place income and significant upside potential,” said Mr. Wichterman. “Further, the acquisition enables the buyer to take advantage of Deer Valley’s growing appeal. The Deer Valley office market ranks third amongst Metro Phoenix submarkets for net absorption as of the third quarter.”