June 9, 2022
Market Share in Black Canyon Corridor Aids In $3.2M Office Sale
PHOENIX, June 2022 – SVN Dessert Commercial completed the sale of two office buildings consisting of ±38,000 SF, situated on 2.6 acres of land located off of Black Canyon Highway in Phoenix, AZ. The property located at 7103-7107 N Black Canyon Hwy, Phoenix, AZ 85021 was sold for $3.2M. The Seller consisted of a parent company located within the greater Cleveland, Ohio area. The Seller housed their western call center operations out of the buildings for nearly 35 years.
This property was a build to suit for the original owner (Seller) back in the ’80s, Jonathan Levy and Anthony Ruiz represented the Seller in the first true sale of the subject property. This was a true value add opportunity for the buyer who plans to occupy the vacant South building after completing interior renovations. The North building is fully occupied by two tenants, one of which being, Neutron Industries the local subsidiary of the Seller, who currently occupies the first floor in the northern, 7107 building.
From the Seller, “SVN’s efforts throughout this listing and escrow process were extremely valuable. Jonathan and Anthony were very communicative with us, the buyer, and Title company. We appreciated their efforts in working towards a successful close of escrow.” Listed by other brokerages in the past, SVN was approached directly by the Seller given our other transactions and existing inventory in the area.
With multiple competing offers prior to acceptance, “Anthony and I were thrilled to have closed this escrow on behalf of our Seller. Our marketing efforts and persistence throughout this listing period, along with the escrow, paid major dividends. The buyer was excited to begin the next chapter of not only his business but his commercial real estate career as well. We took some additional pressure off our Seller’s hands as the parent company, who isn’t local, cashed out on their only commercial asset in Arizona”, stated Jonathan Levy.
SVN | Desert Commercial Advisors is a full-service commercial real estate services firm providing comprehensive expertise in investment brokerage, leasing, landlord/tenant representation, analysis/valuation and market research. We specialize in multifamily, industrial, retail, office, medical/dental, restaurant, and land/development. Visit our website at www.SVNDesertCommercial.com for more information.
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