Hansji Hotels has sold the ninety-year-old Luhr's City Center to a joint venture between Invesco and an entity care of Lincoln Property Company for $44 million. The sale includes both towers - of ten and fourteen stories each - as well as 19,000 square feet of ground floor retail and above-ground parking structure. The sale was funded by a loan of nearly $31 million with Bank of America.
The Luhr's City Center is located at the southeast corner of 1st Avenue and Jefferson Street in downtown Phoenix. The parcel to the southeast of this property - not included in this sale - is planned for the nineteen-story "Luhr's City Center Marriott" to be completed in 2016.
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