Historic Luhr's City Center Sells for $44 Million

Area Map

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.

Vizzda subscribers: click here for the full report.

Would you like complete rentable square footage, contacts, and more? Vizzda has it!

Contact us for more information.

        
Sponsored by:
 

Presidio at South Mountain Sells for Over $80 Million

Vicinity Map

The 842-unit Presidio at South Mountain apartment complex in Phoenix sold to Fairfield Residential for $80.5 million, or $95,606 per unit. Its previous owners, Dallas-based Invesco, originally purchased the property for just under $85.5 million in 2007. The complex is located 2 miles east of South Mountain Park, and sits on a total of 34 acres. Midland National Life Insurance funded the sale with a total of $58,750,000 in new debt.

For more information on this property including complete history, unit mix, and buyer/seller contacts, visit us at our website or send us an email. We're happy to hear from you!