The Arizona Center, Phoenix’s original downtown entertainment destination located at 3^rd Street and Van Buren, was recently sold for $27 million. The buyer of the Arizona Center is Presson Corporation. The seller was Angelo Gordon & Co.

The center, which has struggled on and off since it was built in 2000, underwent a massive, $25 million renovation in 2019. Arizona Center has several empty retail and restaurant spaces, but current tenants include AMC Theaters, Jersey Mike’s, Cold Stone Creamery and BoSa Donuts.

The transaction also included a 19-story office building, which was constructed in 1990.

Combining office and retail space together, the Arizona Center has more than 461,000 square feet of leasable space across five buildings on a total of 7.31 acres.