Midtown Bank of America Tower Sold to California Investors

PHOENIX-Cushman & Wakefield of Arizona, Inc. has completed the $14.8 million sale of the Midtown Phoenix Bank of America Tower at 3030 N. Central Ave.

The 14-story tower contains approximately 189,000 square feet of office space situated on .86 acres. In addition, the transaction included a four-story parking garage situated on a .75-acre parcel. Anchor tenants at the building include Bank of America, Dignity Health, Xerox, AVESIS, Teach for America and Barrow Neurological Institute. The Bank of America Tower currently is 87% leased.

A partnership of Morrison Street Capital and Ronald Realty Group of Portland, OR sold the property to Omninet Capital of Beverly Hills, CA. Omninet already owns several buildings throughout Phoenix, including Siete Square I and IV, Inverness Commons, Le Cota and One MacDonald. Omninet plans to invest more than $2 million in renovations to the Bank of America Tower.

“The Bank of America Tower is a very strategic addition to our portfolio and we are very excited with the rebound and growth of the Phoenix market,” said Michael Daniel, one of the Managing Partners of Omninet Capital handling the asset. Omninet's projections for the Phoenix market are to invest an additional $200 million in the next two years.

“It is exciting to work with Omninet as it takes over this asset,” said Michael Crystal with Cushman & Wakefield of Arizona, Inc. “Omninet's successful track-record will benefit the building, its tenants and the overall Midtown submarket.”

Crystal worked with Jim Palmer of The Palmer Group of Sacramento, CA in representing Morrison Street Capital in the sale of the Bank of America Tower. They worked together to procure Omninet as a purchaser. Omninet represented itself in the transaction. Crystal will serve as exclusive leasing agent for the property.

 Cushman & Wakefield is the world's largest privately-held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world's major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. The firm has more than $3.7 billion in assets under management globally.