Native American Connections bought 4520 and 4530 N. Central Ave. as a multi-tenant investment and expansion site for its programs. The group, headquartered at 650 N. Second Ave., provides behavioral health and affordable housing services for low-income residents.
"The buyer has several different operations that will end up in the facility," says John Barnes, vice president in Phoenix for Colliers International Inc. He and Colliers' Peter Barbey represented the buyer while Les Larsen with Larsen & Associates in Phoenix negotiated for the seller of record, JLW 4520 LP of Hawaii.
Barnes tells GlobeSt.com that the 1980s-constructed complex had been on the market for lease although "there was a lot of space available," he says. "We knew a guy who was looking for the opportunity and so they bought it." At sale time, the complex was pushing 30% occupancy.
Barnes says the seller had begun a renovation and the new owner intends to follow through on its completion. "This is a great location," he adds. "The building is a really solid structure that just needed some cosmetic stuff."
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