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Vacant Class A Phoenix Office Property Flips to Caliber
ViaWest Group has sold Canyon Corporate Plaza, a 311,706-square-foot Class A office campus on approximately 11.6 acres. The company paid $27 million for the property in 2020. At the time, it was fully leased. However, according to the sales listing, it was only 5% leased at the time of the sale. The property lost most of its tenants during the COVID-19 epidemic. Scottsdale-based CaliberCos acquired the property at 2510 W. Dunlap.
Steve Lindley and Alexandra Loye of Cushman & Wakefield’s Capital Markets represented the seller in the transaction.
Lindley added, “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.” The agents touted they have recently brokered office sales that involved conversions to industrial, medical and residential uses.
