Opus West purchased a 6.4-acre parcel at the corner of Peoria Avenue and Interstate 17, in The Grove at the Black Canyon business park for $2.3 million. The developer plans to begin construction in the near term on the Black Canyon Center, a 95,000-sf office building.

"This is one of the few remaining infill parcels in emerging hub of major corporate tenants," says Jeff Roberts, director of real estate development for Opus West. "That puts us in a unique position to provide one of the few large blocks of contiguous space in an established suburban office market."

Opus West purchased the land from Perini-Eagle of Framingham, MA.

The Black Canyon Corridor has become increasingly popular for corporate tenants in the past few years, with increasing residential development in the northwest Valley and progression of Loop 101, which allows for convenient east/west travel. Some of the companies to recently move into the area are: Bank One, Arizona Public Service, CIGNA Insurance, General Motors, American Express, Wells Fargo, and Southwest Gas Corp.

The vacancy rate there has dipped to 7.5%, compared to an overall vacancy rate of approximately 9.7%.

"Companies who locate here benefit from a large pool of workers and nearby housing is ample and affordable for their employee's needs," says Ashley Brooks, an office broker with Cushman & Wakefield, who along with brokers Chris Toci and Bob Lundstedt, negotiated the land sale.

The project represents the fourth Opus West has recently built in the north Black Canyon area.