Cushman & Wakefield completed the sale of .9 acres at Arizona Center. Palm Court Tower LP, an entity of North American Development Group (NADG), purchased the land located at the northwest corner of 5th Street and Fillmore Street from AGP Arizona Center Owner, LLC (Parallel Capital Partners and Angelo, Gordon & Co.) for $4.027 million.
Brent Mallonee and Don Arones of Cushman & Wakefield Phoenix brokered the deal. “We’re excited to have had this opportunity to continue our relationship with both the seller and buyer and see NADG bring this project to Arizona Center,” said Mallonee.
The buyer plans to build a residential high-rise, designed by Will Bruder Architects and Forum Studio, known as Palmcourt Tower. The planned 29-story, 354-unit apartment community will start on the eighth floor sitting on top of the lobby and a seven-floor parking structure. The eighth floor will feature 30,000 square feet of indoor/outdoor space including a fitness and yoga facility, lounges, work spaces and an outdoor roof garden with a pool and spa.
Acquired by Parallel Capital Partners and Angelo, Gordon & Co. in December 2015, Arizona Center is Phoenix’s original downtown entertainment destination located between 3rd Street and 5th Street to Van Buren and Fillmore. The one million square foot, mixed-use development began construction on its $25 million makeover in March 2017. AC Hotels by Marriott announced its arrival at the development, which will start construction this summer, and will offer downtown Phoenix approximately 200 rooms.