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BREAKING: Granny’s Closet building to be purchased by NAU for $4,914,000


We broke this story today on the Jeff Oravits Show:

The former Granny’s Closet building on Milton Avenue in Flagstaff is under agreement for purchase by NAU for $4,914,000. NAU is seeking approval on Wednesday by the Arizona Board of Regents for the purchase.

According to tomorrows ABOR agenda

  • On April 15, 2018, the owners of the real property signed a Letter of Intent, agreeing to permit NAREH to purchase the real property for the sum of $4,914,000.
  • NAREH is a subsidiary of the NAU Foundation (NAUF) and is organized to finance, acquire, construct, develop, equip, operate, maintain, lease and hold real estate investments on behalf of the NAUF for the benefit of NAU.

According to documents for Wednesday’s ABOR meeting, two appraisals were obtained, with one appraising the real property at $4,100,000 and the other appraising it at $5,200,000.

The documents further state that, specific use for the real property has not been determined; however, transferring ownership from the NAU Foundation to the University will allow for the University to better manage the real property and will better position NAU to manage its anticipated future growth and needed facilities.

…allow for the University to better manage the real property and will better position NAU to manage its anticipated future growth and needed facilities

Formal approval will be required from the board at the Wednesday meeting in order to move the purchase forward.

Jerry Nabours contributed to this story.

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