Phoenix & Southwest CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors


Phoenix & Southwest  + Phoenix  + Retail  | 
Arizona Center sells for $27M

Iconic Arizona Center Sells for $27M

The Arizona Center, Phoenix’s original downtown entertainment destination located at 3rd 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.


Inside The Story

Josh Baumgarten

About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

  • ◦Sale/Acquisition