Black Canyon Corridor Experiencing Transformation
Phoenix, Arizona (April 16, 2026) — BHBC LLC, an Arizona limited liability company, has acquired an office property at 2225 W. Peoria Ave. for $5,350,000 ($95.46 PSF). The building sale is part of a larger transformation of the Black Canyon Corridor submarket.
The 56,042-square-foot, two-story office building was built in 2001 and is situated on 3.99 acres in North Phoenix. The buyer purchased the development from Parker and Emily Ganem, who are focused on premier real estate development across the metro Phoenix market. The transaction was handled by Colliers, with Brian Ackerman representing the seller.
The property is located along Peoria Avenue with immediate access to Interstate 17 and sits less than one mile from the $850 million redevelopment of Metrocenter Mall. The surrounding area is undergoing significant transformation, with obsolete office and retail space being repurposed, tightening supply and improving fundamentals for well-located assets.
“This transaction reflects continued confidence in the changing in-fill submarket as it evolves into a more dynamic and diversified environment,” said Brian Ackerman of Colliers. “As older, functionally obsolete buildings are being repurposed, quality office buildings like 2225 West Peoria are becoming increasingly limited, and we expect continued demand for well located, functional office space in the submarket.
Michael Marsh, Phil Breidenbach, and Juliet Rozo of Colliers provided leasing expertise to the sale transaction.