Los Angeles (November 2019) – Adler Realty Investments, Inc. (Adler) announced today the sale of its twenty-story office tower located at 2600 Central Avenue in Phoenix, Arizona. The 323,621 square foot building and adjacent parking structure were sold to Townline, a Vancouver based company.
Adler acquired the 32% occupied property in 2004 and completed a full renovation to the common areas including lobbies, restrooms, and café. During its first few years of ownership, Adler successfully stabilized the property with several large leases, including four with various government agencies. Adler maintained high occupancy during its fifteen years of ownership and subsequently made other major upgrades to building infrastructure, including the replacement of the fluid cooling towers, modernization of all seven elevators, and major improvements to the fire life safety system.
“The investment provided Adler’s investors cash flow and substantial appreciation as the property nearly doubled in value over the ownership period. We acquired an under performing asset at a discounted price and successfully executed our business plan to renovate and lease-up the high vacancy” said Michael Adler, President of Adler.
Adler continues to look throughout the western United States for other value-add office, industrial, and retail opportunities. Mindy Korth of Colliers represented Adler in the transaction.