Big Sky Medical Real Estate acquires Blackhawk Corporate Center, marking one of Phoenix Metro’s top medical and office property sales of 2023

PHOENIX, Ariz. – January 5, 2024 –  ViaWest Group, represented by Cushman & Wakefield, has successfully sold Blackhawk Corporate Center, a three building, 252,350-square-foot office/medical campus in the Deer Valley submarket of Phoenix, Arizona. Big Sky Medical Real Estate acquired the property. 

Conveniently and strategically positioned at the intersection of two major freeways, Interstate 17 and Loop 101, Blackhawk Corporate Center was 96% leased at the time of sale to a variety of office and medical users.   

Steve Lindley, Alexandra Loye, Eric Wichterman, and Mike Coover with Cushman & Wakefield in Phoenix represented the seller in the transaction. According to Cushman & Wakefield tracking, the sale is one of the top medical and office property sales in 2023 based on total transactional value.

“This was a prime investment asset, supported by strong occupancy and credit tenancy. The property has displayed exceptional demand from medical tenants, with functional single-story construction and rising medical demand due to the rapidly growing population in the Northwest Valley—spurred in part by the new TSMC semiconductor plant under construction,” said Executive Managing Director Alexandra Loye. “The buyer will be in a position to take advantage of this demand, replacing office tenants with medical, to increase property income and value significantly.”

Todd Weiss, Chief Operating Officer, ViaWest Group, expressed, “We are excited to have completed the sale of Blackhawk Corporate Center, which has proven to be a highly desirable asset in the Phoenix market. The property’s strategic location, strong occupancy, and diverse tenant mix make it an attractive investment opportunity. We are confident that Big Sky Medical Real Estate will benefit from the growing demand for medical space in the area and maximize the property’s income and value.”

Built during 1997 and 1998, Blackhawk Corporate Center is located at 20401 N 29th Ave and 2902 & 3010 W Agua Fria Fwy. The property features immediate freeway visibility and accessibility from Interstate 17 and Loop 101, and a robust parking ratio of ±5.33/1000.  The property is also close to the HonorHealth Deer Valley Medical Center, currently being redeveloped to facilitate a major expansion.

ViaWest is currently active in Phoenix, San Diego, Salt Lake, Las Vegas, and Denver with a portfolio of owned and managed assets totalling over 13 million square feet.

TUCSON, Arizona (January 5, 2024) — San Luis Plaza LLC, an affiliate of PPEP Tec Charter School, a non-profit charter school based in Tucson, Arizona, has finished the Phase I school project on land near Juan Sanchez Blvd and San Luis Plaza Blvd, near Yuma, Arizona for estimated 8 million dollars.

San Luis is a city in Yuma County, Arizona, with a population of 31,091 at the 2014 census. It is part of the Yuma MSA.  The project is scheduled in three phases, including a new 15,000-square-foot school, a 45,000-square-foot retail/office component, and office condominiums in phase III Mixed development Commercial on the 1^st floor and Apartments on the upper floors.

Phase I

The new PPEP Tec charter school will offer a tuition-free public school and a pleasant learning environment.

“It is a great location, we are within the downtown Opportunity Zones,” said Jake Herrington. “The proximity to the PPEP park was a bonus with benefits.”

The school will be able to serve between 204 students and serve grades 9-12.

PPEP TEC High School (PTHS) is available for students seeking an alternative to a “traditional” education. With small student-to-teacher ratios, we can provide more of a one-on-one learning experience.

PPEP TEC High School (PTHS) provides an alternative educational option for students ages 14-21, grades 9-12.

We offer a comprehensive high school curriculum taught by highly qualified and caring teachers. In addition, depending on student commitment, we offer accelerated learning opportunities that will enable a first-time freshman to graduate in as little as 3 years!

Phase II

San Luis Plaza Rendering

Pre-Leasing now for 45,000-square-foot 3-story, mixed use building, that will bring class A Executive Office Space to the Heart of San Luis.

“San Luis Plaza will be one of the most desirable professional class A office buildings in San Luis,” said Herrington.

Scheduled to begin construction in the 4th quarter 2025, the 45,000-square-foot, three-story multi-tenant mixed use office building will be able to provide heavy parking users such as medical centers and doctors’ offices, ample parking.

Phase III will be -Mixed development with housing.

 San Luis Plaza Apartments

268 New units + Retail space on 1^st floor.

Mix-Development Housing (Market rate & Affordable housing)

100 one-bedroom, 78 two-bedroom and 90-three-bedroom apartments ranging in size from 575 to 1,050 square feet.

*Eleven of the units are reserved for First responders, Military and Veterans.

6 Stories Above Grade, 76,798 SF New Construction

1 Clubhouse/Social Club, 1 Story Above Grade, 2,000 SF New Construction, 3.16 Acres.

First floor retail/office space.

Sustainability a key component throughout with green roofs and reflective roof surfaces, eco-friendly bamboo flooring, energy-efficient appliances, low-flow plumbing fixtures, high-efficient heat-pump mechanical systems, good insulation, and a stormwater retention system.

COMMUNITY AMENITIES TO INCLUDE:

• Parking Garages
• Interior Hallways
• Club House
• 24 Hour Fitness Center
• Swimming Pool
• Jacuzzi
• Fire Pits
• Elevators
• Storage Units
• Private Balconies
• Bike Repair Station
• Pet Washing Station
• Secure Building with Call Box
• Pet Friendly

Construction building time for Phase III is a minimum of 26 months.

San Luis Plaza will be owned and operated by PPEP, Inc. DBA San Luis Plaza LLC.

Aaron Katz with A2 Architecture of Tucson is the Architect for the project https://a2arch.com/index.html

For more information on PPEP TEC High School call 520.806.4670 or go to https://ppeptechs.org/

Life Company Bridge Financing Supports Value-Add Repositioning Strategy for Experienced Sponsor; Acquisition Loan Options Attractive Again as Price Discovery Begins to Meet Rate Climate

San Diego, Calif. (January 5, 2024) – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $7.975 million bridge loan for the value-add acquisition of a 61,000-square-foot industrial building located at 1444 30th Street in San Diego, Calif. Originally constructed in 1986, the building is slated for a comprehensive improvement and modernization program to position the property for a legacy hold. It is currently 100% occupied by two tenants.

Gantry’s Tim Storey, Principal, and Chad Metzger, Senior Associate, with the firm’s Phoenix production office represented the borrower, a private real estate company. The bridge loan was secured through one of Gantry’s correspondent life company lenders with a fixed rate, plus extensions.

According to Gantry’s Tim Storey, “As this new rate climate continues stabilizing at the close of 2023, buyers and sellers are now finding harmony on cap rate, value, and price. This building presented an experienced sponsor with a timely opportunity to acquire an older asset with good bones primed for a major repositioning and improvement program. With its submarket vacancies for like-product remaining low, local fundamentals strongly align with their targeted business plan. Our life company correspondents remain a preferred source for bridge and construction finance in the current climate, and we expect that to carry into 2024.”