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Former Granny’s Closet to be purchased by NAU for $4,914,000

Correction: NAREH already owns the building and is looking for NAU to purchase it.

The former Granny’s Closet building on Milton Avenue in Flagstaff is under agreement for purchase by an NAU subsidiary for $4,914,000.

NAREH is a subsidiary of the NAU Foundation (NAUF) and they’re looking for approval at Wednesday’s Arizona Board of Regents meeting.

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.

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.

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

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