Cushman & Wakefield has advised seller ViaWest Group in the sale of Canyon Corporate Center, a 311,706-square-foot Class A office campus on a total of approximately 11.6 acres.
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The property was acquired by Scottsdale-based CaliberCos Inc, a real estate investor, developer, and manager who has been active in the acquisition, conversion and redevelopment of high vacancy commercial buildings.
Steve Lindley and Alexandra Loye of Cushman & Wakefield’s Capital Markets represented the seller in the transaction.
“ViaWest Group and the Cushman & Wakefield sales team collaborated to implement a creative solution to maximize the potential for this high-vacancy, high-quality asset that faced a challenging office market. The property sold for far below replacement cost, providing exceptional upside potential and flexibility. Given Caliber’s expertise and experience with value-add solutions for high vacancy commercial buildings, the opportunistic sale of this campus provided a win-win for both parties,” said Steve Lindley, Executive Managing Director.
“ViaWest has worked on multiple office assets where creative solutions including alternative uses have maximized the investment potential,” said Todd Weiss, ViaWest Group Chief Operating Officer. “We have now transformed a vacated former office headquarters in Tempe into an industrial logistics park and sold a class A office campus in Deer Valley for conversion to medical, in collaboration with the same Cushman & Wakefield brokerage team. Marketing the mostly vacant Canyon Corporate Center with a focus on both value-added office and alternative use solutions was key to this successful sale.”
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.
“We marketed the property to value-add office buyers, users looking for a campus environment, and conversion to alternative uses. 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,” added Alexandra Loye, Executive Managing Director.
