PHOENIX—The class-A office property, The Grove at Black Canyon, located in the Interstate 17 Corridor, has been acquired by Drawbridge Realty of San Francisco. A $14.5 million price tag accompanied the project from its seller, NSD Holdings of La Jolla, CA.
The property located at 11001 N. Black Canyon Highway contains 95,389 square feet of office space and is 100% leased by Mass Mutual.
Cushman & Wakefield senior managing directors, Bob Buckley, Tracy Cartledge and Steve Lindley and associate, Ben Geelan, along with executive managing director, Jeff Wentworth and senior vice president Sean Spellman negotiated the sale.
Buckley tells GlobeSt.com: "The excellent asset quality and freeway-frontage location that attracts high quality, strong national tenants made The Grove an outstanding investment for the buyer, especially considering MassMutual leases the entire property with a long remaining lease term."
The property was built in 1986 and renovated in both 2009 and 2013.
"The property has a strong history of success with high-quality tenants. CIGNA previously occupied the entire building. Many factors made this an appealing acquisition," Buckley continues.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
