ACQUISITION OF BLACK CANYON CORPORATE CENTER, PHOENIX, AZ

by Dan Peoples | Nov 05, 2012

October 4, 2012

NEWS FROM:  Parallel Capital Partners, Inc.

FOR INFORMATION: Matt Root, Parallel Capital Partners, 858-882-9506
   Jim Ingebritsen, Parallel Capital Partners, 858-882-9504
   Dan Peoples, Peoples & Company, 858-552-1456

Parallel Capital Partners Acquires Black Canyon Corporate Center

Phoenix, Ariz.  Parallel Capital Partners, Inc. has announced that it has acquired Black Canyon Corporate Center in Phoenix, Arizona.  The acquiring entity was Black Canyon CC, L.L.C., a partnership between Parallel Capital Partners and Angelo, Gordon & Co.

Black Canyon Corporate Center is a 218,694-square-foot office building located on 19 acres at 16404 N. Black Canyon Highway, adjacent to I-17 and approximately two miles south of the Loop 101 freeway. The complex was built in 1980 and renovated in 2006. The Center holds an Energy Star designation from the U.S. Environmental Protection Agency and is among the top 10% of office buildings in the nation in terms of its energy efficiency.  Black Canyon Corporate Center affords its occupants excellent identity to the I-17 corridor and a parking ratio of over 6/1000 square feet.

The Center is currently 77% occupied. Major tenants include High-Tech Institute, Inc. (92,974 SF), Paychex North America, Inc. (36,749 SF), Direct Alliance Corporation (25,978 SF) and Teletech Services Corporation (25,678 SF).

Parallel Capital Partners plans major upgrades to the building interior and exterior, including a new full serve deli with interior/exterior seating, enhanced entrance façade, redesigned entry lobby with a conference room, new finishes, and electronic tenant directory.  The interior atrium will receive new flooring insets, new furniture, and sweeping architectural sail designs suspended from the two story ceiling.  Preliminary designs are being drafted for a new 200,000 square foot build-to-suit in the south end of the parking field, with a new 5 story parking structure to tie the two buildings together.

“This acquisition capitalizes on the growing demand for call center, back office, education and health services plug and play requirements looking to benefit from the strong West Valley labor market,”  according to Matt Root, CEO.  “During our acquisition process, we leased over 25,000 square feet to Teletech Services Corporation and finalized a new deal to bring a full-service deli operator to the project.”



Parallel Capital Partners, Inc. represented itself in the transaction.

Parallel Capital Partners, Inc. (parallelcapitalpartners.com) is a private, fully-integrated real estate investment and operating company focused on acquiring value-added and core plus opportunities for our own account in the western United States and Hawaii.