Phoenix-based Rudel Co. purchased the Heard Building, aseven-story office building at 112 N. Central Ave. for $1.6million. The 70,000-sf building, the first office tower in the city, was built in 1919 by businessman Dwight B. Heard.
Rudel Co. plans to list the building on the state and nationalhistoric registers. The renovation will include an open-air café onthe ground floor, crate retail space and house offices. Therefurbishment is expected to be completed in January.
The building, which was 50% occupied at the time of the sale,was sold by Salem, OR.-based Central Avenue Investors. The Phoenixoffice of CB Richard Ellis negotiated the sale.
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