EverWest Real Estate Partners and American Realty Advisors have completed the sale of the Great American Tower, a landmark high-rise office building at 3200 N. Central Ave., in the heart of Phoenix’s Midtown office submarket for $49 million.
Great American Tower, acquired in 2007, has been recapitalized and improved with a series of upgrades that, among other things, have earned the building an ENERGY STAR® ranking of 97 and a “Kilowatt Krackdown” award from the Phoenix Building Owners and Managers Association (BOMA) Green Building Committee.
Chris Toci, Chad Littell and Larry Downey of Cushman and Wakefield represented EverWest and American Realty Advisors in the sale. The new property owner is DPC Companies, a Colorado-based privately held commercial real estate firm specializing in the acquisition and development of commercial real estate in the West.
“This is an exciting time to own and operate office space in the Central Avenue corridor,” says Amr Ceran, senior director for EverWest. “Tenant interest is strong, and there is still solid upside potential for landmark properties like Great American Tower.”
“The Central Phoenix/Midtown office submarket is being transformed by the addition of over 4,000 multifamily units either under construction, planned or proposed,” adds Toci. “In addition, large-scale expansions of two significant healthcare firms — Dignity Health and Banner Health Systems — have begun to dominate the submarket with 337,000 square feet of leasing during the previous 18 months.”
Built in 1985, Great American Tower is a 24-story, Class A high-rise office building totaling 344,527 square feet, with average building floorplates of 15,000 square feet. The property sits on 2.6 acres at the high-profile intersection of Osborn Road and North Central Avenue. It is currently 86 percent leased to a diverse tenant roll including Dignity Health as well as legal, finance, engineering and government entities.
Great American Tower sits adjacent to the 39-acre Park Central Mall and across the street from the One Lexington condominium high-rise. The Edison Midtown urban condominium project is under construction across the street.