DC Asset Manager Acquires Canyon Corporate Plaza for $45M

PHOENIX-Washington, DC-based Northridge Capital LLC has obtained its second property in the area, the class A, 301,696-sf Canyon Corporate Plaza I & II. The office property, which includes an adjacent 6.5 acres for future development, was acquired for $45 million from BlackRock Realty Advisors Inc., on behalf of Metropolitan Life, both of which are New York City-based.

Built in two phases in 1989 and 1999, the properties are located at 2510 and 2512 W. Dunlap Ave., near the Sheraton Crescent Hotel and Metrocenter Mall. The two-building property was 93% occupied at closing, and includes tenants such as American Express, Liberty Mutual and Hartford Insurance. Bill Zurek and Jim Achen of Transwestern Commercial Services’ Phoenix office will continue overseeing leasing activities.

“This is a high-quality project with excellent tenancy,” says George Gummere, senior investment analyst with Northridge Capital. “It’s a great long-term hold for us.”

There are no major renovations and no immediate plans for the extra land, though Gummere tells GlobeSt.com the company is considering a variety of options for the parcel. “Those could include office, or perhaps multifamily.”

Northridge purchased Azure Creek, a 160-unit multifamily property in Cave Creek this past March. The firm will continue shifting capital into Atlanta, GA, Denver, CO and the Phoenix area. “We consider those our top three markets,” Gummere notes. Though nothing is under contract in the metro area as of now, he says the company is “definitely in the market for office projects that are well-located. We’re looking at multifamily as well.”

The seller was represented by Chris Toci, Brian Ackerman, Ted Harrison, Tim Whittemore and Mike Beall of Cushman & Wakefield of Arizona Inc. Northridge was self-represented.