Cushman & Wakefield Announces $14.8 Million Sale of Midtown Phoenix Office Building

Cushman & Wakefield of Arizona, Inc. has completed the $14.8 million sale of the Midtown Phoenix Bank of America Tower at 3030 N. Central Ave.

The tower contains approximately 189,000 square feet of office space situated on .86 acres.  In addition, the transaction included a four-story parking garage situated on a .75-acre parcel.  Anchor tenants at the building include Bank of America, Dignity Health, Xerox, AVESIS, Teach for America and Barrow Neurological Institute.  The Bank of America Tower currently is 87 percent leased.

A partnership of Morrison Street Capital and Ronald Realty Group of Portland, OR sold the property to Omninet Capital of Beverly Hills, CA.  Omninet already owns several buildings throughout Phoenix, including but not limited to Siete Square I and IV, Inverness Commons, Le Cota and One MacDonald.   Omninet has announced plans to invest more than $2 million in renovations to the Bank of America Tower.

“The Bank of America Tower is a very strategic addition to our portfolio and we are very excited with the rebound and growth of the Phoenix market,” said Michael Daniel, one of the Managing Partners of Omninet Capital handling the asset.  Omninet’s projections for the Phoenix market are to invest an additional $200 million in the next two years.         

“It is exciting to work with Omninet as it takes over this asset,” according to Michael Crystal with Cushman & Wakefield of Arizona, Inc. “Omninet’s successful track-record will benefit the building, its tenants and the overall Midtown submarket.”

Crystal worked with Jim Palmer of The Palmer Group of Sacramento, CA in representing Morrison Street Capital in the sale of the Bank of America Tower. They worked together to procure Omninet as a purchaser.  Omninet represented itself in the transaction.  Crystal will serve as exclusive leasing agent for the property.

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