Cushman & Wakefield announced today that 9215 N. Black Canyon Highway in Phoenix sold by ViaWest Group for $5.98 million.
Located in the Northwest Phoenix submarket, 9215 N. Black Canyon Highway is a two-story, 38,086 sf office building. At the time of sale the building was 100% leased to UEI College, which offers specialized, short-term focused programs in growing industries where there is a high demand from employers such as healthcare, medical services and technology.
Andrew Bogardus, Douglas Longyear and Christina Campanella of Cushman & Wakefield's Net Lease Investment Services Group, in coordination with Steve Lindley, Bob Buckley, Tracy Cartledge, and Ben Geelan with the Phoenix Capital Markets Group represented ViaWest Group. In the transaction, Scottsdale based investor Urman Investments, the buyer, was represented by Darren Tappen of Kidder Mathews.
The sale marks the completion of a complex value-added investment by ViaWest Group. "The property had all the features in demand by high quality education tenants" says Steven Schwarz, founding principal at ViaWest Group. "We purchased the property vacant, but signed a new long-term lease to a post-secondary education company as part of our acquisition. The property had a long history of occupancy by education companies, attended by the high-visibility freeway frontage and population of 2.4 million within 30 minutes."
"This was the only office building over 35,000 sf in metro Phoenix with freeway frontage and 10/1,000 parking. The buyer was attracted to the property's value and the long-term lease to a quality tenant," said Steve Lindley, senior managing director at Cushman & Wakefield.
The property is located on the East frontage road of the Black Canyon Highway business corridor between W. Dunlap Avenue and W. Mountain View Road. Adjacent to Metro Center Mall, a super-regional shopping mall with over 125 retailers and a 12-screen movie theater, the building is just minutes from downtown Phoenix, Sky Harbor International Airport and Phoenix-Deer Valley Municipal Airport.