Renovation is in Landmark Property’s Future


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Arizona Center has been acquired for $126 million.
 PHOENIX—In recovery mode with many believing the downtown core will capture the economic benefits of the new cycle, San Diego-based Parallel Capital Partners, in a joint venture with Angelo, Gordon and Co., has acquired a downtown property for $126 million. This is not just any property, but Arizona Center–a class-A mixed-use campus. Spanning 1 million square feet-plus, the Van Buren Street property–acquired from Equity Commonwealth–is comprised of two 20-story office towers, low-rise office and open-air retail space, a 3.5-acre urban garden, a 24-screen AMC movie theatre and 3.341 acres of vacant land all set on a 16-acre superblock site…
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