PHOENIX—Mission Capital Advisors' asset sales group has been retained as the exclusive financial advisor for the sale of 13450 N. Black Canyon Highway, a 352,000-square-foot office building in Phoenix.
On this assignment, Mission Capital vice president Howard Freedman will collaborate with Ray Cashen of Cashen Realty Advisors (acting as broker), with the two firms jointly soliciting bids for the property. Mission will be providing potential buyers with an array of due diligence data, which the firm developed to demonstrate the property's significant value.
Freedman tells GlobeSt.com that Phoenix has tremendous growth potential, job growth and that he's seen an increase in investor activity.
“We've seen a 12% surge in office activity in 2014,” says Freedman, who will begin taking bids on the project March 4. “If the right user can come in and lease up aggressively, they will really benefit.
“Ideally located in the Deer Valley submarket of Phoenix, 13450 N. Black Canyon Highway presents an attractive asset to investors looking for a value-add opportunity,” continues Freedman. “The Phoenix office market has experienced six consecutive quarters of declining vacancy, which has led to the lowest vacancy level since the recession. In 2014, the Phoenix office market experienced its strongest occupancy growth since the last market peak and the declining vacancy has spurred steady increases in asking rents across all buildings classes. With the Phoenix market continuing its growth, we are sure to see significant interest from opportunistic investors.”
In addition to the recently renovated, two-story office building, the property contains a large, 1,400-car parking lot. Current tenants include a division of the State of Arizona and several established corporations
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