Cushman & Wakefield, a global leader in commercial real estate services, announced Thursday that a California-based investor has purchased The Grove at Black Canyon in the Interstate 17 corridor for $14.5 million.
The Grove at Black Canyon, located at 11001 N. Black Canyon Highway, was built in 1986 and renovated in both 2009 and 2013. The property contains 95,389 square feet of office space and is leased by Mass Mutual.
Cushman & Wakefield Senior Managing Directors Bob Buckley, Tracy Cartledge and Steve Lindley and Associate Ben Geelan, along with Executive Managing Director Jeff Wentworth and Senior Vice President Sean Spellman negotiated the sale. Drawbridge Realty of San Francisco acquired the project from NSD Holdings of La Jolla, CA.
“This is a great single-tenant investment opportunity for the buyer,” Buckley said. “The property has a strong history of success with high-quality tenants. Mass Mutual currently leases the project, and CIGNA previously occupied the entire building. The Grove’s freeway-frontage and credit tenancy with a strong remaining lease term made this an appealing acquisition.”
