Thomas W. Brown, senior managing director and director of acquisitions for Beverly, MA-based Brookwood, tells GlobeSt.com that the plan is to focus on office and industrial properties, with its lone multifamily holding most likely going up for sale. That property, the 304-unit Woodbridge Apartments in Central Phoenix was the private equity firm's first purchase in the region. It was acquired in 1997. A year later, Brookwood bought the 202,000-sf Brookwood Commerce Center. The firm then took a one-year break from Phoenix because "the market was overheated and needed to cool off," Brown says. In September 2001, Brookwood returned, buying the Red Mountain Corporate Center, a 132,000-sf, class A office building adjacent to Sky Harbor International Airport.

"The Phoenix market is a strategic focus for Brookwood," Brown said in a press release. "It offers excellent demographics for real estate investment."

Brown says Black Canyon is a perfect fit for the firm's investment strategy because it is 95% leased to four strong credit tenants: Insurers Administrative Corp., Allied International Credit, Matrix Financial Services and Pinnacle West Capital Corp. The property also fits the bill in terms of age and quality. In short, Brown says he is looking for similar properties with a "stable, predictable cash flow."