DPC recently sold 3200 Central, a 25-story highrise in the heart of Midtown Phoenix, for $24.5 million. The property was originally purchased by DPC for $49 million in 2016 and has now been acquired by Younan Properties. Built in 1984 and formerly known as the Great American Tower, this fully renovated office building offers prime location and top-notch amenities.
According to Newmark’s Barry Gabel, Chris Marchildon, and CJ Osbrink who represented the seller: “3200 Central is a centrally located office building with exceptional amenities that presents new ownership with an immediate opportunity to add value through leasing available space.” Some of these amenities include a fitness center, boutique deli, bank branch storage units conference facility showers lockers and round-the-clock security.
Younan Properties has proven success when it comes to downtown Phoenix real estate as they also own another similarly sized office building at nearby address:4041 N.Central Ave.The sale of this tower marks DPC’s loss according to Commercial Edge reports on Connect CRE website.
