[[{“value”:”
**Cotterkey Investments Acquires Phoenix High-Rise at Deep Discount**
A 20-story office tower in Phoenix has changed hands for $15 million, significantly below the $29.4 million paid by its previous owner. The building, located at 2600 N. Central Avenue, was sold by Townline Ventures to Cotterkey Investments.
Constructed in 1994, the property occupies 2.74 acres at the intersection of Central Avenue and Thomas Road. It underwent renovations in 2022 that included updates to the main lobby, the addition of a modern tenant lounge, a new conference center, and a fully equipped gym.
The transaction was brokered by Ric Holway of Berkadia, who represented the buyer, Cotterkey Investments. Mindy Korth of Colliers represented the seller.
Tenancy at the property is currently around 63% occupied, with the U.S. Bureau of Indian Affairs occupying approximately four floors. The building also houses other government agencies and professional service firms, including law offices.
Cotterkey Investments is no stranger to the central Phoenix office market. The firm previously acquired the nearby Bank of America building at 3030 N. Central Avenue two years ago for $11.4 million. That property was about 50% occupied at the time of purchase and has since seen improved occupancy rates.
“}]]
