The 24-story, 483,745-sf office tower at 1850 North Central Ave. in the city's CBD outpaced the second most expensive Valley property by more than $23.6 million to become the priciest asset in the Phoenix market. Built in 1991 by Huber, Hunt & Nichols Inc., the building was sold in June by FP Arizona Inc., an investment firm affiliated with the government of Singapore. The buyer on that property was Parkway Properties Inc. a real estate investment trust from Jackson, MS.
The Stapley Center, Mesa's premier office complex at the junction of State Route 60 and Stapley Drive, came in second on the money list, with a sales price of nearly $34.4 million. The 272,708-sf office complex was sold to PM Realty Advisors of Newport Beach, CA by Denali National Trust.
Both buildings provided a windfall in commissions to Insignia/ESG, which represented both parties in the two deals. David Alcorn, Ann and Bruce Gillespie, Brian Polachek brokered the Viad property while Dennis Desmond and Trevor Klinkhamer negotiated the Stapley transaction.
Anastazi Plaza I and II, two separate office buildings in North Phoenix totaling nearly 206,149 sf got seller Lowe Enterprises about $29.3 million, for the third largest deal in 2002. The buyer of that property was Hub Properties Trust.
Scottsdale's Gainey Center II, a 146,700-sf office complex developed by Opus West at 8501 North Scottsdale Rd., went for $32 million to MSB Gainey Center LLC.
Researchers at Cushman & Wakefield of Arizona Inc. compiled the list based on hundreds of office sales from brokers throughout the Valley.
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