The Ellman Corp., which Ellman heads, has sold the Talley Towers Plaza, a 224,000-sf office building at 2828 N. 44th Street in Phoenix. The office building was purchased by Tri-Yar Capital, a Los Angeles-based real estate investment company, for $24 million. Ellman has owned the building for the past five years.

Ellman and partner Wayne Gretzky are in the final stages of purchasing the Phoenix Coyotes, the National Hockey League franchise that plays in the Valley. Ellman was to have closed on the $87-million purchase in December, but a portion of his financing with a Japanese bank fell through.

Ellman found financing with a European bank and now awaits a final approval from the NHL ownership committee, which is expected to come sometime this month.

A new ice hockey arena for the Phoenix Coyotes will be the cornerstone of the entertainment and retail development that Ellman has planned for the former site of the Los Arcos Mall, at the southeast corner of McDowell and Scottsdale roads in south Scottsdale.

The Phoenix office of Marcus & Millichap, with broker Mark Magnianti, represented Ellman in the sale, and the Madison Capital Group represented the buyer.