General Growth Properties (GGP) sold Arizona Center, a mixed-use project in Phoenix, to Commonwealth REIT for $136.5 million according to a CoStar report. CB Richard Ellis represented GGP in the transaction. The property was 93% occupied at the time of the sale, with one office tower fully leased to Arizona Public Services.
Arizona Center is centrally located to downtown hotels, the Phoenix Civic Plaza and is within walking distance of all of downtown’s major attractions. The property includes two office towers, parking structures, open space and a three story retail component with a movie theatre. Arizona Center was designed by the Rouse Company and opened in the fall of 1990.
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