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9/17/24
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Scottsdale-based CaliberCos Inc purchased Canyon Corporate Plaza, a 311.7k sf, Class A office campus in Phoenix. The asset was sold by ViaWest Group, who purchased the complex in a joint-venture with New York-based Taconic Capital Advisors in early 2020 for about $27 mil.
The two-building asset sits 11.6 acres at 2510 and 2512 W. Dunlap Ave in the city’s northwest area. Constructed in 1989 and 2000, Canyon Corporate Plaza consists of five-story and six-story buildings and a parking garage.
The property boasts a transit-oriented location in Phoenix’s I-17 Corridor area, at the center of Metro Phoenix and close to two stops on the newly opened light rail extension. It is across Interstate 17 from the high-profile former Metrocenter Mall currently being redeveloped as a high profile mixed-use residential project. Canyon Corporate Center is also situated in a Phoenix Opportunity Zone.
Steve Lindley and Alexandra Loye of Cushman & Wakefield’s Capital Markets represented the seller in the transaction. CaliberCos is a real estate investor, developer, and manager that has been active in the acquisition, conversion and redevelopment of high vacancy commercial buildings. The price was not immediately given out.
“We marketed the property to value-add office buyers, users looking for a campus environment, and conversion to alternative uses,” commented Loye. “With its best-in-market quality and location, this site is well positioned to benefit from solutions including value-added office or conversion. We also attracted extensive interest from residential convertors and supported them with examples of other successful office to residential conversion projects.”
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