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BREAKING: ABOR green lights NAU’s $4,900,000 purchase of “Granny’s Closet” lot

As discussed on the show today with Jerry Nabours.

The Arizona Board of Regents has agreed to allow NAU to move forward with the purchase of the Granny’s closet building on Milton Avenue in Flagstaff.

An letter of intent was signed on April 15 for a purchase price of $4,914,000.

  • 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 the 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.

The Jeff Oravits Show airs Monday – Friday from 3-5PM & Sundays at 8:30AM on 97.1FM and streams at

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