X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-A nine-story office tower in the city’s Art District that houses offices for Maricopa County has been sold for $6,047,500 to an Arizona investment firm after being on the market just two months.

Central-Roosevelt LLC grabs the 96,971 sq. ft. multi-tenant office building and adjacent parking garage at 1001 Central Ave. in a quick deal even though it initially looked as if its major tenant was moving out, Frank Demeter, with CORE Realty Partners ONCOR Int’l. tells GlobeSt.com.

Demeter said Maricopa County, which occupies about half of the building’s space, had planned to move to new offices being built by the county but budget restraints have put a hold on that construction.

“The buyer had to assume they were going to leave but it looks more like the county will stay,” he said, noting that with the county offices and the lease of space to another major tenant, Cavco Builders, the building remains about 95 percent occupied.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.