"[Equus] was looking for an office building on Central Avenue to convert," says Chris Ackel, a senior associate with CB Richard Ellis Inc.'s Phoenix office who represented Equus in the transaction. "Central Avenue is really starting to emerge as a condo market."
Situated on roughly three acres at 3225 N. Central Ave., Century Plaza is ideal for residential condominiums, says Rick Abraham, a senior associate with CBRE who represented the Praedium Group in the transaction. He was assisted by CBRE's Bob Young, Steven Brabant, Glenn Smigiel, Charles Miscio, Ashley Brooks, Keith Lambeth and Jim Bayless.
Abraham tells GlobeSt.com that Century Plaza received 10 offers. "There's this whole revival going on with Central Avenue. There's a lot of activity down there and if you're ever thinking of selling, now would be the time," he says.
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