Ambitious real estate firm scoops up more downtown Phoenix property

Jan 16, 2024, 4:05 AM

This building at 840 N Central Avenue has been acquired by an entity connected to Intersection Deve...

This building at 840 N Central Avenue has been acquired by an entity connected to Intersection Development, which is behind a slew of projects announced in the Roosevelt Row District. (Jim Poulin/Phoenix Business Journal)

(Jim Poulin/Phoenix Business Journal)

Philadelphia-based radio station owner Audacy has sold off the prime Phoenix real estate that houses Big 94.5 and other local stations — and the buyer appears connected to a local real estate firm that’s planning a slew of ambitious projects along the Roosevelt Row District in downtown Phoenix.

The studio building at 840 N. Central Ave. was sold for $10.5 million on Dec. 8, according to Maricopa County records and filings from Audacy with the U.S. Securities and Exchange Commission. Audacy, which owns more than 200 radio stations across the country, filed for Chapter 11 bankruptcy protection on Jan. 7.

The purchase included $7.5 million as a down payment and $3 million in new debt, data from real estate database Vizzda shows.

The stucco building was constructed in 1957 and had a full cash value of more than $1.4 million in 2024, according to Maricopa County records. The purchase price appears to include multiple parcels surrounding the building that make up more than 46,000 square feet in total, public records show. Vizzda pegged the general land area of the sale at 1.06 acres.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.

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Ambitious real estate firm scoops up more downtown Phoenix property