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Jan. 28, 2014

Younan Buys Class A Office Building for $7M; Hansji Urban to Start $80M Marriott Project

By Amalia Otet, Associate Editor

In a $7.1 million deal, Woodland Hills, Calif.-based Younan Properties Inc. has acquired Black Canyon Corporate Center, a 94,203-square-foot office property in Phoenix. The price translates to about $75 per square foot. Black Canyon Center was 82 percent leased at the time of sale.

Built in 2002, the asset is a Class A, multi-tenant office building with a two-story lobby. It is located at 10835 North 25th Avenue, within 15 minutes of Sky Harbor International Airport and a half mile of the National YWCA Leadership and Conferencing Facility, Nearby shopping and dining destinations include the Metrocenter Mall.

Eric Wichterman,  Mike Coover,  Jeff Wentworth, and Sean Spellman of Cassidy Turley arranged the transaction on behalf of the buyer and seller. LNR Partners, the property’s seller, was represented by asset manager and special servicer John Mitchell.

“Black Canyon Corporate Center is arguably the highest quality office building in the Northwest Phoenix trade area,” Wichterman commented in a statement. “With a strong tenant base it offered a unique mix of stability with upside potential for Younan Properties.”

In hospitality development news, the Phoenix Business Journal reports that Irvine, Calif.-based Hansji Urban plans to start work on an $80 million project within the historic Luhrs block in downtown Phoenix.

Dubbed the Luhrs City Center Marriott, the 19-story structure will replace a two-story office building on the northwest corner of Madison Street and Central Avenue. The site is located within Luhrs City Center, a Hansji-owned city block consisting of mixed-use, office, retail, parking and development sites. Hansji acquired the property in October 2007 with plans to return the area to its former vibrancy.

The 320-key hotel will host two brands: Courtyard by Marriott, which will take over the lower 120 rooms, and a 200-key Residence Inn by Marriott.

Groundbreaking is scheduled for this spring, followed by 22 months of construction.

Photo credit: Luhrs City Center via Hansji Urban Facebook Page

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