Phoenix Flex Property Trades for $8M

Safe Harbor Exchange acquired the asset in a 1031 exchange. Cushman & Wakefield represented the seller.
17602 N. Black Canyon Highway. Image courtesy of Cushman & Wakefield

Safe Harbor Exchange Inc. has acquired a freestanding, 40,720-square-foot industrial/flex building in Phoenix for $8.4 million. An entity controlled by VJ Properties Inc. sold the asset in a transaction brokered by Cushman & Wakefield. Safe Harbor Exchange, an independent qualified intermediary for 1031 tax deferred exchange transactions, picked up the asset as the second phase of a 1031 exchange.

According to Yardi Matrix, the facility was completed in 1981. It features an on-site call center and service center. The single-tenant building is fully leased to a large cable provider that has occupied the property for more than 20 years. Improvements to the technology and common areas of tenant space were made in 2018 and 2019.

Located at 17602 N. Black Canyon Highway, on 3 acres, the building is just off Interstate 17 and 2 miles from Loop 101. The surrounding area has several retail and dining options, including Bell Canyon Pavilions, which is within walking distance of the property. Downtown Phoenix is 15 miles from the facility.

Cushman and Wakefield’s Paul Boyle and Rick Danis assisted the seller with the transaction. In April, Boyle represented the buyer of an 83,710-rentable-square-foot self storage property in Phoenix. The asset changed hands for $11.9 million.