Black Salmon Acquires U.S. Bank Center in Phoenix for $93M
PHOENIX — Black Salmon, a national commercial real estate investment firm, has purchased U.S. Bank Center in Phoenix. Local news reports an acquisition price of $93 million, while Black Salmon claims a total capitalization of more than $107 million, inclusive of other costs. The buyer engaged in a joint venture with ScanlanKemperBard Cos., a privately held real estate merchant bank, for the transaction.
Centrally located at 101 N. First Ave., the 375,862-square-foot, Class A office building is located in Phoenix’s downtown submarket. Currently, the high-rise building is 83 percent leased to a variety of tenants, including U.S. Bank, WeWork and Jacobs Engineering Group. The transaction also includes a separate, seven-story parking structure that sits in a designated Opportunity Zone.
Additional terms of the transaction were not released.