California Investor Purchases 2020 On Central High-Rise: Buyer Takes Advantage of Midtown’s Growing
Sperry Equities of Irvine, CA has purchased the Midtown Phoenix high-rise at 2020 N. Central Ave. This marks Sperry Equities’ 10th purchase in Metro Phoenix in the last 24 months, and its first purchase in the Arts District of Midtown Phoenix urban office submarket, with plans to purchase another $100 Million of real estate in the Phoenix market within the next 12 months.
“2020 on Central benefits from the remarkable resurgence in the Midtown corridor,” says Mindy Korth, executive vice president with Colliers International in Arizona. “The accelerating recovery of Midtown, with continual year over year growth in rental rates, and the rapid improvements in occupancy has the attention of investors. Together with the new residential, dining and retail options this is a very dynamic focal point of our city.”
Sperry Equities plans to invest $2 million in immediate capital upgrades to the common areas to make 2020 on Central one of the premier office properties in the Arts District of the Midtown market.
“We see tremendous demand in the market for high quality, amenity rich class A office. With the planned improvements to the property, 2020 on Central will offer prospective tenants a premier office experience at some of the most favorable rental rates in the market making it one of the best values in the Midtown Phoenix Urban office market.” says Burton Young, President of Sperry Equities.
Korth, Charles Miscio and Kirk Kuller of Colliers International in Arizona negotiated the sale on behalf of Arizona Central Credit Union (ACCU), which headquarters is at the property, after a 16-year ownership. Miscio has been responsible for the leasing at the Property on behalf of ACCU for the past decade.
2020 on Central was constructed in 1985 and contains ±247,645 square feet of office space. The contemporary design of the 12-story building features an adjoining three-story atrium, along with a fully-equipped fitness center, conference center and deli. The property is located in the heart of Midtown’s arts and cultural neighborhood, surrounded by beautiful, historic neighborhoods. New multi-family residential units as well as numerous walkable restaurants and retail spaces have been moving into the area. Downtown Phoenix is only three miles to the south, and easily reached from 2020 on Central via two light-rail stations that are situated near the building.
The “live, work, play” offerings of Midtown Phoenix have attracted an abundance of new residents and employers. Nearly 2,000 multifamily units are under construction or planned in the immediate vicinity. The housing, light rail access and trendy retail/restaurant additions have drawn a variety of tech companies and start-ups to the submarket. The landmark Park Central Mall development will undergo an exciting renovation and soon the area will become home to a Creighton University Medical School campus. All of this points to further vacancy decline and rising rents through the remainder of 2019 with no new office buildings planned in the area at this time.