Long-Term Hold Ends on 313K-SF Canyon Corporate Plaza

Northridge Capital LLC ended a nearly 15-year hold on Canyon Corporate Plaza, a two-building, 313,000-square-foot office campus on Phoenix’s northwest side. ViaWest Group and Taconic Capital Advisors bought an additional 6.4 acres of developable land, for $27 million.

Dennis Desmond, Tivon Moffitt, Peter Baumann and Lynn LaChapelle with JLL brokered the transaction. JLL’s John Bonnell, Brett Abramson, Chris Latvaaho and Chris Beall are leasing the property at 2510 and 2512 W. Dunlap Ave. Amherst Capital Management provided $34 million in debt financing, arranged by AKS Capital Partners.

The asset is 66% occupied, a number anticipated to drop when tenant Cognizant vacates the property this year. The new owners are planning extensive renovations, including lobby and elevator upgrades, and addition of a food truck plaza and tenant lounge.

“ViaWest Group is the ideal owner to renovate Canyon Corporate Plaza, restore occupancy to the property’s historical average of +90%, and to ensure it remains the pre-eminent office campus in the submarket,” Desmond said.

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