PHOENIX—DTZ closed the sale of 2828 N. Central Ave., a 104,016-square-foot, 14-story office tower in Phoenix located on the southwest corner of Central Avenue and Thomas Road. Granite Investment Group of Irvine, CA, acquired the property for $9.8 million from Phoenix-based Ironline Partners.
Senior managing directors Bob Buckley, Tracy Cartledge and Steve Lindley, and associate Ben Geelan with DTZ's capital markets group and vice presidents Mark Stratz and Scott Baumgarten with DTZ's office group represented Ironline in the sale transaction.
“Investors are actively pursuing Midtown office properties like 2828 North Central, attracted by both national trends towards urban, infill investments and central Phoenix's resurgence in residential development, new restaurants and office demand,” says Lindley. “This is our team's third sale of a Central Avenue office tower in the last six months, and we have more Midtown office sales in negotiation.”
Ironline Partners (principals Bob Karber, Tim O'Neil, Earl Petznick and Olen Petznick) has been actively acquiring assets in the metro area, including additional office properties in central Phoenix. Ironline Partners purchased 2828 N. Central Ave. in 2012 and completed renovations in 2013 and 2014 that repositioned the property as one of Phoenix's first true creative office towers. The renovations highlighted the building's mid-century modern, split-face block façade.
The property's recent renovations and location, adjacent to the Thomas Road METRO Light Rail station, has attracted new tenants in the design, business incubator, digital media and healthcare technology industries. New tenants include Mod, a co- working space that offers clients a full-service café and bar in addition to meeting and co-workspace. 2828 N. Central Ave. was 53% leased at the time of sale.
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