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5/12/22
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NY-based Time Equities Inc has purchased Paradise Village Office Park, a 268.5k sf office campus in Phoenix. The property was sold by Sterling Equities and Lincoln Property Company, which had co-owned the property for more than 13 years.
The five-story, Class A office building, located at 11811 N Tatum Blvd, offers strong in-place cash flow and opportunity for additional improvements to further raise the value of the property. The building features an extensive glass façade, a five-story atrium lobby, tenant lounge, conference and training center, and a yoga/fitness room. The property was 72% leased at closing to a diverse mix of national, regional, and local tenants.
Paradise Village Office Park is centrally located within the Paradise Valley submarket, a dynamic area that is poised for exponential growth, according to CBRE research. The area offers the highest-end demographic profile, abundant retail, restaurant and hospitality amenities, and immediate access to State Route 51. Additionally, the property is walking distance to the 92-acre Paradise Valley Mall redevelopment, which is currently being transformed into a premier, outdoor lifestyle shopping destination and Class A multifamily residential development.
CBRE’s Barry Gabel and Chris Marchildon represented the sellers, with CBRE’s Sean Spellman and Corey Hawley assisting in the sale. A price was not given out.
“Following a long tenure of successful ownership, the sale of Paradise Village Office Park provides Time Equities the fantastic opportunity to acquire an institutional quality office property, with significant upside through leasing and repositioning the asset and located in the heart of a rapidly improving area at a significant discount to replacement cost,” commented Gabel.
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