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Younan Properties Buys Phoenix Office High-Rise in $25 Mil Transaction

5/30/24

A 350k sf, high-rise office building in the heart of Midtown Phoenix was acquired by Younan Properties in a $24.5 mil ($70/sf) transaction. The property, 3200 Central, is fully renovated and offers new ownership an immediate opportunity to add value by leasing the available space, some of which has already been built out into spec suites.

The 25-story, Class A tower, located at 3200 North Central Ave, features contemporary lobby finishes, upgraded building systems and modernized spec suites. New amenities include a fitness center, a boutique deli, a bank branch, storage units, a conference facility, showers, lockers and 24/7 security.

Situated on one of the Phoenix MSA’s major north-south thoroughfares, the property is located near abundant amenities and a multitude of transit options. Phoenix Sky Harbor International Airport, only minutes away, can be directly accessed via the Metro Light Rail System.

Barry Gabel, Chris Marchildon and CJ Osbrink with Newmark represented the seller, DPC.

Osbrink noted, “We are witnessing a resurgence in well-maintained and competitively positioned office investments, highlighting renewed confidence in the commercial real estate market.”

Phoenix Midtown, home to a young and educated workforce, is a thriving center of commercial and residential activity. Sixty percent of the metro area’s population is within a 30-minute commute, well-connected via public transit and regional access.




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