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DPC Sells Phoenix Tower at a Loss
DPC has sold the 350,000-square-foot 3200 Central, a 25-story highrise in the heart of Midtown Phoenix, for $24.5 million. Commercial Edge reports DPC paid $49 million for the property in 2016. Younan Properties was the buyer. The building, built in 1984, was once known as the Great American Tower. Newmark’s Barry Gabel, Chris Marchildon and CJ Osbrink represented the seller.
“3200 Central is a fully renovated, centrally located office building with wonderful amenities. The property offers new ownership an immediate opportunity to add value by leasing the available space, some of which has already been built out into spec suites,” said Osbrink. New amenities include a fitness center, a boutique deli, a bank branch, storage units, a conference facility, showers, lockers and 24/7 security.
Younan Properties has a track record when it comes to downtown Phoenix. The company also owns a similarly sized office building located at nearby 4041 N. Central.
- ◦Sale/Acquisition
