Montana buyer acquires 100,200-sf best-in-class office complex with decades of high occupancy
PHOENIX, Ariz. – Cushman & Wakefield announced today the firm has brokered the sale of the Paradise Valley Plaza in Paradise Valley (Phoenix), Arizona. The property consists of three (2)-story buildings totaling 100,241-square-feet and sold for nearly $16.75 million ($167 PSF). The seller was Fenway Capital Advisors of Solana Beach (San Diego), California and the buyer was Cloud Peak Development, LLC based in Billings, Montana. The complex, which features expansive frontage along Shea Blvd, was 92% leased at the time of sale to a diversified tenant mix.
Eric Wichterman, Mike Coover, Steve Lindley, Robert Buckley and Tracy Cartledge with Cushman & Wakefield in Phoenix represented the buyer and seller in the transaction.
“Paradise Valley Plaza is a high-quality office property serving Paradise Valley, nationally renowned as Arizona’s most affluent and upscale residential community,” said Eric Wichterman, Executive Managing Director. “The property’s location, recently completed renovation and rare Santa Fe architectural design have all contributed to its exceptional historical occupancy rate of well over 90% over the last twenty years.”
Wichterman continued, “Paradise Valley’s restriction of commercial uses within its boundaries creates tremendous barriers to entry that benefit commercial properties such as Paradise Valley Plaza. This is an extremely supply-constrained trade area with virtually no available land.”
Paradise Valley Plaza spans the addresses 5010, 5020 & 5040 E Shea Blvd and is situated on nearly 6 acres in the Phoenix suburb. The first two buildings were developed in the 1980s and the third in 2000, with the entire campus undergoing a renovation in 2015. The property is situated near the intersection of Tatum and Shea boulevards featuring over a half million square feet of retail amenities.