RED Development has purchased a large office campus in north Phoenix that previously served as a technology hub for General Electric and later Honeywell. The property, located near the intersection of Interstate 17 and Thunderbird Road, consists of two vacant office buildings and a sizable land component. The acquisition positions RED Development to evaluate an office-to-industrial conversion on a site with a long corporate history and substantial redevelopment potential.
The campus currently comprises two empty office buildings totaling more than 500,000 square feet. While the buildings are no longer occupied, the underlying real estate offers redevelopment flexibility given its scale and freeway-adjacent location. The site spans roughly 28 acres, providing room for a reconfigured site plan and new construction once demolition of the obsolete office improvements occurs.
According to reporting cited from the Phoenix Business Journal, RED Development paid $28.6 million for the property. The seller was Dimension Financial & Realty Investments, which had previously controlled the site as part of a broader repositioning effort. The transaction reflects a change in ownership at a time when the former corporate campus is already being repositioned away from traditional office use.
Dimension had laid the groundwork for an office-to-industrial reuse strategy under a proposed project called Canyon Commerce Center. That plan calls for demolishing the existing office buildings and developing three new industrial facilities measuring 62,268 square feet, 152,889 square feet and 236,735 square feet, respectively. These buildings are planned to be constructed after the existing improvements are removed, shifting the site toward modern logistics or light industrial functionality.
The planned industrial project is part of a much larger, approximately 160-acre redevelopment area known as Metro North Corporate Park. Dimension acquired the broader Metro North site in 1994 and has been repositioning the former corporate holdings over time. The former GE and Honeywell campus sits within this larger park, making it a key component of the ongoing transition of legacy office assets within the area.
In the recent sale to RED Development, Ray Cashen of Cashen Realty Advisors represented both the buyer and the seller. The dual representation underscores the ongoing involvement of local brokerage expertise in navigating the repositioning of older office campuses. While RED Development is considering the industrial redevelopment envisioned under the Canyon Commerce Center concept, no additional project details beyond the described building sizes and demolition plans were disclosed in the source material.
