CBRE represented Irvine, California-based Granite Black Canyon Holdings, LLC in the sale Black Canyon Commerce Park, a three-building, multi-tenant office park totaling 181,584 square feet, to Next Gen Black Canyon, LLC, an entity controlled by Helix Properties (Ryan Spiekerman and Adam Feldman, Principals) of Phoenix for $10.75 million.
Built in phases between 1999 and 2001, Black Canyon Commerce Park is situated on 16.1 acres at 2101, 2133 and 2225 W. Peoria Ave. in metro Phoenix’s I-17 Corridor, which has attracted several Fortune 500 companies due to its ideal employee base and its location just blocks from the planned redevelopment of Metrocenter Mall.
“Black Canyon Commerce Park, with its large contiguous blocks of space and a parking ratio of 6.25 spaces per 1,000 square feet, provides the property with a competitive advantage within the submarket,” says Ryan Spiekerman, Founding Principal of Helix Properties. The property, which was 65 percent leased at the time of sale, features two single-story buildings and one two-story building.
“Black Canyon Commerce Park is an attractive, centrally located office property that offers Helix tremendous upside potential in addition to stable in-place cash flow,” said CBRE’s Marchildon. “The area is home to numerous corporate locations thanks to an abundant workforce and convenient freeway access that links the property with the greater Metro Phoenix area.”
“We are excited about acquiring this asset at a discount to replacement cost, allowing us to offer generous tenant improvement packages at a competitive rental rate,” says Spiekerman. “Furthermore, we are pleased to continue our longtime relationship with CBRE as leasing agent and property manager for the property.”
The property is approximately one-half mile east of the full-diamond I-17 Freeway interchange at Peoria Avenue and accessible by 3.5 million people within a 30-minute commute. The park is nearby to more than a dozen hotels as well as Metrocenter Mall, which is currently undergoing redevelopment to include a mix of retail, multifamily, healthcare facilities and medical offices.
CBRE’s Ashley Brooks will continue to lease the property and CBRE Property Management will continue to manage the property.