West USA Realty has acquired the historic Heard Building in downtown Phoenix at the auction price of $5.5 million. The building is well known as the one with the Mexican grizzly bear mural. The 77,000-square-foot structure was built in 1919 in the heart of downtown at 112 N. Central Ave.
The Phoenix Business Journal reports coworking operative Expansive was the most recent owner. The company acquired the property in 2019 for $11.4 million. The unpaid principal balance on its loan was nearly $10.9 million. SMS Financial VW LLC, filed a notice of trustee sale for the property earlier this year.
West USA plans to continue using the building as an office property and invest in modern renovations to help boost its occupancy. The company, owned by the Chavez family, has invested in commercial properties across the Valley and currently manages a $140 million portfolio of assets, including single-family homes, multifamily, land and more.
Read More: Iconic Heard Building Sells at Auction
