Cushman & Wakefield Sells 1.3-Acre Parcel for Residential High-Rise
PHOENIX, April 12, 2018 – Cushman & Wakefield completed the sale of 1.3 acres at Arizona Center. Palm Court Tower LP, an entity of North American Development Group (NADG), purchased the land located at the northwest corner of 5th Street and Fillmore Street from AGP Arizona Center Owner, LLC (Parallel Capital Partners and Angelo, Gordon & Co.) for $4.027 million.
Brent Mallonee and Don Arones of Cushman & Wakefield Phoenix brokered the deal. “We’re excited to have had this opportunity to continue our relationship with both the seller and buyer and see NADG bring this project to Arizona Center,” said Brent.
The buyer plans to build a residential high-rise, designed by Will Bruder Architects and Forum Studio, known as Palmcourt Tower. The planned 29-story, 354-unit apartment community will start on the eighth floor sitting on top of the lobby and a seven floor parking structure. The eighth floor will feature 30,000 square feet of indoor/outdoor space including a fitness and yoga facility, lounges, work spaces and an outdoor roof garden with a pool and spa.
Acquired by Parallel Capital Partners and Angelo, Gordon & Co. in December 2015, Arizona Center is Phoenix’s original downtown entertainment destination located between 3rd Street and 5th Street to Van Buren and Fillmore. The one million square foot, mixed-use development began construction on its $25 million makeover in March 2017. AC Hotels by Marriott announced its arrival at the development, which will start construction this summer, and will offer downtown Phoenix approximately 200 rooms.
For retail leasing information, contact Brent Mallonee of Cushman Wakefield at 602-224-4437 or firstname.lastname@example.org. For additional leasing information, visit http://arizonacenter.com/leasing-information/.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.