PHOENIX - The downtown Phoenix Arizona Center has been sold to a Massachusetts group for $136 million.
The Arizona Center opened 21 years ago. It was envisioned as a retail and entertainment establishment intended to jump-start downtown. The concept eventually turned mostly to office space.
The new owner, CommonWealth REIT, controls a $6.4 billion national portfolio of office and industrial properties, including five other projects in Arizona, The Arizona Republic reports.
The company did not immediately respond to a request for information about its plans for the property.
The center includes more than 1 million square feet of office and retail space. It was sold by General Growth Properties Inc., which intends to focus on its regional malls. Among its malls across the country are Tucson Mall and Park Place.