Phoenix, Arizona – CBRE has recently completed the sale of Desert Canyon 200, a 98,761-square-foot office building located at 2421 W. Peoria Avenue in Phoenix, Arizona. The buyer was G2 Capital, based in Scottsdale, Arizona. The seller was REEF Desert Canyon LLC, managed by Washington Capital Management, based in Seattle, Washington.
Barry Gabel, Chris Marchildon, Jim Bayless and Ashley Brooks with CBRE’s Phoenix office represented the seller. Total consideration for the transaction was $10.55 million ($107 PSF).
“We are excited to add to our holdings along the I-17 Corridor,” said James Greaves with G2 Capital. “Desert Canyon 200 is a fantastic building with great access to a large labor pool.”
Matrix Absence Management, a subsidiary of Tokio Marine Group, has already leased 69 percent of the office space. The disability and worker’s compensation firm will utilize its space at Desert Canyon 200 as the company’s U.S. headquarters. CBRE’s Bayless and Brooks negotiated that lease and will continue to handle the marketing and leasing of the property’s remaining unoccupied space.
Desert Canyon 200 is positioned within the three building, ±22 acre, Desert Canyon Corporate Campus. The property is centrally located less than 1/4 mile east of the full diamond I-17 Freeway interchange with Peoria Avenue and only one-mile north of abundant shopping and dining options including the ±1.4 million square foot Metrocenter Mall.