North Phoenix Flex Office Sells for $11.2 Million

Black Canyon Commerce Center, a 62,000 sf, multi-tenant flex office building in Phoenix, was acquired by Washington-based Evergreen Associates for $11.2 mil, or $178/sf. Located at 2101 West Peoria Ave, the single-story building is 100% leased to two strong credit tenants. 

Originally built in 1999 and situated on over 6.1 acres, Black Canyon Commerce Center, is well located along Peoria Ave, a major arterial with immediate I-17 freeway access. The property is near Metrocenter Mall (see story), which is undergoing a major redevelopment into a dense multi-family and mixed-use project nearby a new light rail station. It is also proximate to the Taiwan Semiconductor Manufacturing Company (TSMC) plant. 

Eric Wichterman with Cushman & Wakefield represented the seller, Next Gen Black Canyon LLC, in the transaction, “This offering also provided exceptional market timing with the trade area being in the early phases of a significant transformation as the new TSMC plant is expected to open in 2023.”