At the recent auction, West USA Realty successfully acquired the historic Heard Building located in downtown Phoenix for $5.5 million. This well-known building is famous for its Mexican grizzly bear mural and has a total area of 77,000 square feet. It was originally built in 1919 at its prime location of 112 N. Central Ave.
According to reports from the Phoenix Business Journal, Expansive, a coworking company, was the previous owner of this property after purchasing it in 2019 for $11.4 million. However, they were unable to pay off their loan balance of almost $10.9 million which led SMS Financial VW LLC to file a notice of trustee sale earlier this year.
West USA plans on utilizing the building as an office space and will be making modern renovations to increase occupancy rates. The Chavez family-owned company has been actively investing in commercial properties throughout the Valley and currently manages assets worth over $140 million including single-family homes, multifamily units and land parcels among others.
This iconic Heard Building’s successful sale at auction marks another milestone for West USA Realty as they continue expanding their portfolio with valuable investments across various sectors.
