AAA INSURANCE LEASES 41,752 SF AT BLACK CANYON CORPORATE CENTER

by Dan Peoples | Mar 12, 2013
March 11, 2013

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

AAA Insurance signs 41,752 square feet at Black Canyon Corporate Center

Phoenix, Ariz.  Parallel Capital Partners, Inc. has announced the signing of AAA Northern California, Nevada & Utah Insurance Exchange to a 40-month lease in the Black Canyon Corporate Center in Phoenix, Arizona. The new lease includes 41,752 square feet of office space and brings the Center’s total occupancy to 100%.

Black Canyon Corporate Center is a 218,694-square-foot office building purchased by Black Canyon CC, LLC, a partnership between Parallel Capital Partners and Angelo, Gordon & Co., in September 2012. The building is located at 16404 N. Black Canyon Highway in Phoenix, adjacent to I-17 and approximately two miles south of the Loop 101 freeway. 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.

Matt Root, a partner of Parallel Capital Partners, said, “We are particularly pleased to sign the lease that brings Black Canyon Corporate Center to full occupancy. This is recognition of the quality and location of property in the eyes of our tenants and further demonstrates the steady recovery of the Phoenix commercial office market, a region we are committed to for the long term.”

AAA Northern California, Nevada & Utah Insurance Exchange was represented in the negotiations by Wally Hale and Kevin Mechelke of Jones Lang LaSalle. Parallel Capital Partners, Inc. was represented by John Bonnell and Brett Abramson of Jones Lang LaSalle.

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 its own account in the western United States and Hawaii.