July 20, 2020 Comments Off on Orange County Investor Acquires Phoenix Facility as Upleg in 1031 Exchange Views: 477 Phoenix, Phoenix & Southwest News

Orange County Investor Acquires Phoenix Facility as Upleg in 1031 Exchange

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Orange County, CA-based Safe Harbor Exchange, Inc. acquired a freestanding 40,720-square-foot industrial/flex building in Phoenix from Scottsdale-based VJ Black Canyon LLC, an entity controlled by VJ Properties, Inc., for $8.4 million. The net-leased investment was the upleg of the buyers 1031 Exchange.

The single-tenant facility is fully leased to one of the largest cable providers in the US that has occupied the property for more than 20 years. Located at 17602 N. Black Canyon Highway, the property comprises an on-site call center, service center, broadcasting, and research and development.

Cushman & Wakefield’s Paul Boyle and Rick Danis represented the seller.

Boyle says, “… recent improvements in 2018 and 2019 were made in both the technology and common areas of the tenant’s space, while one of the company’s key divisions also operates in the facility, illustrating the commitment and critical nature of this facility for the tenant.”

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