JV Acquires Phoenix Office Asset

Totaling more than 250,000 square feet, the three buildings in the city’s Black Canyon Corridor submarket fetched a sale price of nearly $35 million.

2902 W. Agua Fria Freeway in Phoenix, Ariz.
2902 W. Agua Fria Freeway in Phoenix, Ariz.

In a $34.3 million deal, a joint venture between Taconic Capital and the ViaWest Group has purchased the 252,350-square-foot Blackhawk Corporate Center. The acquisition of the Class B Phoenix office property was funded with a $32.1 million mortgage held by Annaly Capital Management. The seller, Cohen Asset Management, acquired the buildings in late 2015 for $29.5 million, according to Yardi Matrix. Darren Tappen and Peter Beauchamp of Kidder Mathews, along with Colliers’ Ryan Timpani, worked on behalf of both parties in the transaction.

Located at 2902 W. Agua Fria Freeway and 20401 N. 29th Ave., the Blackhawk Corporate Center I, II and III buildings are situated near the intersection of Interstate 17 and Arizona Route 101, enabling convenient access into downtown Phoenix and throughout the wider metro area. Constructed in 1997 and 1998, the three one-story structures are home to Expert Global Solutions and Syntel, with approximately 80,000 square feet available for lease.

“We feel these buildings are a great complement to our portfolio and continue our efforts to expand our I-17 corridor holdings along with Concorde Commerce Center and Deer Valley Financial Center,” said Steven Schwarz, founding partner of ViaWest Group, in a prepared statement. “The Black Canyon Corridor submarket is seeing strong activity for quality office space with very few new buildings being added to inventory.”

Image courtesy of Yardi Matrix