Great American Tower Sold
At 3200 N. Central Avenue, the famous Great American Tower that opened in 1985 has just been recently bought for the price of $49 million.
The sale of the Class A, a 24-story office building Coloroda-based DPC Companies, was handled by EverWest Real Estate Partners and American Realty Advisors. DPC Companies is a well-known real estate development firm.
The property can be found across Park Central Mall in midtown Phoenix.
EverWest and American Realty Advisors were represented by Chris Toci, Chad Littell, and Larry Downey of Cushman and Wakefield during the whole selling process.
According to Amr Ceran, senior director for EverWest, the present period is a great time for owning and operating office buildings in Central Avenue, as tenant interest is looking good and landmark properties, such as the Great American Tower, bear great potential in the industry.
The Great American Tower, with a height of 344,527 feet, was constructed in 1985. The building is located at Osborn Road and Central Avenue, and one of its tenants is Dignity Health.
Meanwhile, midtown Phoenix market has just suffered from the recent recession.
However, for Cushman’s Tuci, they are looking forward to making some improvements in the building. They aim to transform the Central Phoenix/midtown office submarket by ensuring the construction of about 4000 family units. Moreover, the presence of Dignity Health and Banner Health can aid in uplifting Phoenix submarket.