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SunCor Collects $23M for Black Canyon Commerce Park

PHOENIX-Brookwood Financial Partners closes on its first Phoenix deal this year, a 181,629-sf office building. The owner of three other Arizona properties plans to spend up to $100 million in the next 18 months in the state.

By Jennifer Brenner Andrade | Updated on July 10, 2002

PHOENIX-Brookwood Financial Partners LP has paid $23 million to SunCor Development Co. for the three-building, 181,629-sf Black Canyon Commerce Park along Interstate 17 in Phoenix. Brookwood plans to spend another $50 million to $100 million for acquisitions in Phoenix and southern Arizona in the next 12 to 18 months.

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.

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