Investors Hot for Midtown. Here's Why.
Investors are digging deep for Phoenix office properties, and Midtown in particular is attracting their attention, Cushman & Wakefield senior managing director Steve Lindley tells us (formerly DTZ; on Sept. 1, Cushman & Wakefield and DTZ merged.)
Recently SoCal-based BluStone Capital Partners acquired the 104k SF 2828 N Central Ave, a 14-story office tower on the southwest corner of Central Avenue and Thomas Road, from the locally based Ironline Partners for nearly $10M. Investors are actively pursuing Midtown office properties, Steve says, attracted by both the trend toward urban, infill investments, and Central Phoenix’s resurgence in residential development, new restaurants and office demand.
Ironline Partners purchased the property in 2012 and completed renovations by last year that repositioned the property as a creative office tower. The renovations highlighted the building’s mid-century modern, split-face block facade. Along with Steve, senior managing directors Bob Buckley and Tracy Cartledge, as well as associate Ben Geelan with the company's Capital Markets Group and VPs Mark Stratz and Scott Baumgarten with the Office Group, repped Ironline.