Canyon Corporate Plaza, a 311,706-square-foot Class A office campus on approximately 11.6 acres in Phoenix, has been sold by ViaWest Group to CaliberCos for an undisclosed amount. The property was originally purchased by ViaWest Group in 2020 for $27 million when it was fully leased. However, due to the impact of the COVID-19 pandemic, most tenants left and at the time of sale it was only 5% occupied.
The transaction was facilitated by Steve Lindley and Alexandra Loye from Cushman & Wakefield’s Capital Markets team who represented ViaWest Group as the seller.
Lindley commented on the sale saying that despite being sold below replacement cost, there is great potential for upside with this property under Caliber’s ownership. He also mentioned that given their expertise in value-add solutions for high vacancy commercial buildings, this deal is a win-win situation for both parties involved.
According to Lindley and Loye’s recent track record of brokering office sales involving conversions to industrial, medical or residential uses; they are confident that Caliber will be able to successfully repurpose Canyon Corporate Plaza into a thriving asset once again.
This latest transaction highlights how even during challenging times like these where many businesses have had to vacate their offices due to economic uncertainty caused by COVID-19; there are still opportunities available in real estate market through strategic acquisitions such as this one made by CaliberCos.
