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December 18, 2018
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AZ Office Asset Goes for $51/sf

11/16/18

Denver-based Bow River Capital Partners purchased Grand Central Tower, a 284.7k sf, transit-oriented office tower in Phoenix, for $14.65 mil ($51/sf). The 20-story building is located at 3550 N. Central Ave, in the city’s central corridor.

The multi-tenant building, built in 1958, is 34% occupied. It includes a 4.4-acre surface parking lot that could be developed with multi-family residential.

Steve Lindley, Eric Wichterman, Bob Buckley, Tracy Cartledge and Mike Coover of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller, Fenway Capital Advisors of Solana Beach, CA.

“The investment in Grand Central Tower offers exceptional value-added potential,” said Lindley. “The buyer plans a complete building repositioning to take advantage of accelerating tenant demand created by rapid improvement in the Midtown submarket, influenced by the Park Central redevelopment, new surrounding luxury apartment construction, and recent announcement of Creighton University’s new $150 million medical school.”




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