With a vision of realizing a truly unique mixed-use property for downtown Phoenix, leading owner, developer and property manager Lincoln Property Company (LPC) has sold the historic Luhrs Building to Provo-based PEG Companies (PEG) and Dallas-based A.G. Hill Partners for $14 million. An industry expert with an extensive track record in hotel development, PEG plans to renovate 92,000 square feet of the 108,000-square-foot Luhrs Building into a stylish upscale hotel.
LPC will maintain ownership of the balance of Luhrs City Center, which includes the 14-story Luhrs Tower office building at 45 W. Jefferson St., an adjacent six-story, Class A parking garage and 15,995 square feet of fully renovated ground-floor retail space called the Arcade – home to La Madeline, Serafina Coffee Bar and Monroe’s Chicken.
Since purchasing Luhrs City Center in late 2015, LPC and partner Invesco have completed a multi-million-dollar renovation that improved lobbies, common areas, streetscapes and the Luhrs garage while protecting and improving historic brick interiors, exposed beams and ornamentation. The work earned the company a “2017 Redevelopment Project of the Year” award from NAIOP Arizona.