EverWest Sells Great America Building for $49 million to DPC Cos.

The Great American Tower has been sold, as announced by American Realty Advisors and EverWest Real Estate Partners. The Great American Tower is a well-known office building located in midtown Phoenix. DPC Cos. bought the property for $49 million. DPC Cos. is based in Colorado and is a private commercial real estate film. DPS Cos. specializes in the development as well as acquisition of real estate present in the West.

According to Amr Ceran, who is a senior director of EverWest, it is an exciting time for them to operate and own office space located in the Central Avenue corridor. There is a lot of potential for Great American Tower that happens to be a landmark property in the area. Tenant interest is also very strong and that bodes well for the firm.

The Great American Tower was built back in 1985. It is 24-story high, Class A office building. It was the 6th tallest building in Phoenix when it completed construction. The tower is located at 3200 North Central Ave. It covers a total of 344,527-square-feet. The average floor plates featured in this construction is 15,000-square-feet. You can find the tower at a very prolific intersection of Osborn Road and North Central Avenue, covering 2.6 acres. It is adjacent to the Park Central Mall that covers 39-acre. More than a single establishment, including Dignity Health, happened to lease 86% of the tower during the time the deal was made.

As for the specifics of the current sale, Cushman and Wakefield’s Chris Toci, Chad Littell and Larry Downey served the role of representatives for EverWest and American Realty Advisors. The transaction for the Great American Tower was subject to a loan of $39 million. Washington Federal held the loan. The maturity date for the loan remains undisclosed

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