Colliers International Completes $2.3M Sale of Office Shell in Downtown Phoenix

Downtown Office Shell pic_CoStar photo creditColliers International in Greater Phoenix has recently completed the sale of a Class C office shell in downtown Phoenix for $2.3 million, or $130 per square foot.

Phoenix-based New City Church purchased the building, located at 1300 N. Central Ave., from Drapac Group of Los Angeles.
The New City Church has experienced tremendous growth in the last three years and had outgrown their current location. New City Church was attracted to the property because of its downtown location, light rail access, bike parking and proximity to the downtown arts district.

Larry Ortega, Executive Vice President of Colliers, served as the broker for the buyer. Ortega specializes in sales and leasing of retail and commercial properties. He has focused on downtown Phoenix since 1990.

The seller was not represented by a broker.

The 17,692-square-foot building was constructed in 1961. New City Church plans to redesign the building.

“This transaction is an example of persistence and creativity coming together to make a deal work for both parties.” Ortega said.

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