Phoenix, Ariz. (February 22, 2018) - ViaWest Group, a Phoenix-based commercial real estate investment, development and services firm, has purchased Blackhawk Corporate Center I, II and III for $34,250,000. The seller was Cohen Equities, NY, LLC, a commercial real estate investment management company. Darren Tappen and Peter Beauchamp, investment specialists with Kidder Mathews, along with Ryan Timpani with Colliers International, the project"s leasing agent, represented both parties in the transaction.
The center is located at 20401 N 29th Avenue, 2902 and 3010 W Agua Fria Freeway in Phoenix, Arizona. Constructed in 1997 and 1998, the Blackhawk Corporate Center contains approximately 252,350 square feet within three freestanding campus-style buildings.
"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. "The Black Canyon Corridor submarket is seeing strong activity for quality office space with very few new buildings being added to inventory. This property"s 80,000 square feet of vacancy will capture the attention of growing and relocating businesses looking in the area," he said.
According to Kidder Mathews Sr. VP, Darren Tappen, "Blackhawk presented an ideal opportunity to acquire a high-image multi-building portfolio that offers an increasingly rare value-add component as it relates to existing vacancy. The asset"s Deer Valley/I-17 location with Loop 101 visibility & frontage presents ViaWest the opportunity to leverage the firm"s expertise in stabilizing assets in this rapidly improving trade-area."
"I concur, the strong activity of the Deer Valley office market been steadily improving, with vacancies down from a year ago. Similarly, asking rents for the same period climbed by nearly 4%," said Beauchamp.
Blackhawk Commerce Center is located a half-mile from the intersection of Interstate 17 and the Loop 101 freeway. The property was 68 percent leased at the time of purchase.
"This is a popular submarket for larger tenants and call centers," said Timpani who will continue to market the center for lease under ViaWest"s ownership. "The location of this particular property appeals to call center users because the transportation outlets provide convenient access to West Valley employees while also being close to the executive housing markets to the east," he said.
About ViaWest Group
Established in 2003, ViaWest Group is a Phoenix-based full service commercial real estate acquisition, development, property management, investment and advisory firm. ViaWest Group has been one of the fastest growing real estate investment companies in the Valley over the last few years with over $300 million of acquisitions. Since inception, ViaWest has been involved in over $1 billion of acquisitions. ViaWest Group is looking to acquire and develop more office, industrial, retail and commercial land parcels in the Southwestern United States. For more information, visit viawestgroup.com.
About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with nearly 700 real estate professionals and staff in 21 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $7 billion in transactions, manages nearly 50 million square feet of space, and conducts 1,500 appraisals annually. For more information, visit kiddermathews.com.
About Colliers International Group
Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry leading global real estate services company with 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting. For more information, visit colliers.com.