Sperry Equities Expands Phoenix Footprint with Acquisition of 2020 on Central

Article originally posted on CoStar on March 13, 2019

The Class A 2020 on Central office high-rise in Phoenix. Photo: Colliers International

Sperry Equities purchased a 247,645-square-foot office building in Phoenix from Arizona Central Credit Union. 2020 on Central sold for an undisclosed price.

The acquisition marks Sperry Equities’ 10th acquisition in the Phoenix metropolitan area, and the firm plans to invest in another $100 million of real estate in the area in the next year.

The 12-story structure at 2020 N. Central Ave. was built in 1985 and renovated in 2016. The Class A, 4-Star property spans nearly 2.5 acres less than five miles from Phoenix Sky Harbor International Airport.

Sperry Equities’ President Burton Young said in a statement, “With the planned improvements to the property, 2020 on Central will offer prospective tenants a premier office experience at some of the most favorable rental rates in the market making it one of the best values in the Midtown Phoenix urban office market.”

Headquartered in Irvine, California, Sperry Equities’ current portfolio consists of approximately 80 properties totaling more than 9.2 million square feet valued at more than $800 million, according to its website.

Mindy Korth, Charles Miscio and Kirk Kuller at Colliers International represented both the buyer and seller in the transaction. The seller, which is headquartered in the building, originally purchased the property in April 2003, CoStar data shows.