Newmark Knight Frank (NKF) announced the $20.1 million sale of Black Canyon Tower, a 147,731-square-foot office building located at 10851 North Black Canyon Highway in Phoenix, Arizona. NKF Capital Markets represented the seller, Fenway Capital Advisors, in the sale to buyer, Mikhail Holdings Limited.
“Black Canyon Tower is one of the higher quality and more visible office properties in the I-17 Corridor and provides new ownership with attractive cash-on-cash returns as well as short and long-term embedded value,” stated Executive Managing Director CJ Osbrink. Osbrink led the NKF Capital Markets team that provided seller representation for the property, in addition to Co-Head, U.S. Capital Markets Kevin Shannon, Executive Managing Directors Paul Jones, Ken White, Brunson Howard and Sean Fulp, Senior Managing Director Rick Stumm and Director Mark Schussler.
Black Canyon Tower is located in Northwest Phoenix’s I-17 corridor, offering a central location to draw a wide range of employees from diverse residential centers including downtown, Central Phoenix, North Phoenix/Anthem and the West Valley.
Adjacent to the property, New York-based Carlyle Development Group has recently rezoned the Metrocenter Mall property and has begun a massive mixed-use redevelopment project which is planned to include residential, office and retail space.