Cushman & Wakefield Negotiates Sale to Denver-Based Bow River Capital Partners
PHOENIX, Nov. 15, 2018 – Cushman & Wakefield announced that Denver-based Bow River Capital Partners purchased Grand Central Tower. Fenway Capital Advisors of Solana Beach, Calif. sold the property, located at 3550 N. Central Avenue in Phoenix, for $14.65 million.
Steve Lindley, Eric Wichterman, Bob Buckley, Tracy Cartledge and Mike Coover of Cushman & Wakefield’s Phoenix office negotiated the transaction on behalf of the seller.
Grand Central Tower is a 20-story, 284,709-square-foot, transit-oriented office tower in Phoenix’s Central Corridor. The multi-tenant building, built in 1958, is 34 percent occupied and includes a 4.4 acre surface parking lot that could be developed with multi-family residential.
“The investment in Grand Central Tower offers exceptional value-added potential,” said Lindley. “The buyer plans a complete building repositioning to take advantage of accelerating tenant demand created by rapid improvement in the Midtown submarket, influenced by the Park Central redevelopment, new surrounding luxury apartment construction, and recent announcement of Creighton University’s new $150 million medical school.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com