ViaWest Purchases Back Canyon Submarket Office Building for $9.5 Million
Phoenix, Arizona – Continuing their quest to buy value-add office properties throughout the valley, ViaWest Group has purchased Concorde Commerce Center, an office building located at 2222 W. Dunlap Ave. The property was purchased with a partner for $9.5 million ($247 PSF).
Built in 1998, Concorde Commerce Center is a three-story office building that contains approximately 138,430-square-feet of space. The 9.3-acre site is located a half mile from Interstate 17.
The sale was brokered through Barry Gabel and Chris Marchildon of CBRE. Colliers International in Greater Phoenix has been chosen to handle leasing of the project.
“This was a strategic acquisition for ViaWest because it is one of three buildings in the submarket that can accommodate an office user needing 100,000 square feet,” says Ryan Timpani, vice president of Colliers International in Greater Phoenix. “United Healthcare will be vacating 108,000 square feet that will become available in May.”
Timpani, Todd Noel, and Kyle Campbell are the exclusive leasing team for Concorde Commerce Center.
“This asset presents a great value-add opportunity for our company,” says Steven Schwarz, founding partner of ViaWest Group. “We will be modernizing and repositioning this office property like we have with many other assets around the Metro area, including Biltmore Center, Nexus @ ASU Research Park, The Monroe, Connexion, San Tan Tech Center and many others.”
Concorde Commerce Center’s architecture features large spans of glass windows. The office property provides generous parking at 5.3 spaces per 1,000 square feet and 90 percent of the spaces are covered.