PHOENIX-Newton, Massachusetts-based Commonwealth REIT has purchased the Arizona Center situated at the northeast corner of Van Buren and 3rd streets in downtown Phoenix for $136.5 million. The Arizona Center, which sits on a 16-acre site, includes retail shops, restaurants, open space, two office towers, a movie theater and three parking structures.
General Growth Properties has sold the property as part of its Chapter 11 restructuring plan. CB Richard Ellis represented General Growth, while Commonwealth had in-house representation in the deal.For the full story, go to Phoenix Business Journal.
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