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8/23/22
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A 46.6k sf, multi-tenant office building in Phoenix sold for $8.2 mil ($176/sf). Located at 4545 E Shea Blvd, the two-story property is 90% leased to a synergistic mix of tenants.
Originally built in the mid-1980s and renovated during 2007-2008, the garden-style property features a vast, best-in-class covered central courtyard, as well as large outdoor common area patio spaces on the second floor uniquely connected by exterior walkways.
The building is conveniently located near the high-profile intersection of Tatum and Shea boulevards—two main arterials serving Paradise Valley. The property is also close to an abundant upscale collection of shopping, dining, sports, and entertainment resort locations and is also convenient to State Route 51.
The buyer was 4545 Investment Alliance LLC, a Washington company. Eric Wichterman and Mike Coover with Cushman & Wakefield repped the seller, Jumping Cholla II LLC.
“This was a strong investment opportunity of an office building located in one of metro Phoenix’s most prestigious areas,” said Wichterman. “The restriction of commercial developments within the adjacent Town of Paradise Valley, coupled with land costs in excess of what is feasible for office development, creates barriers to entry that benefit existing high-quality properties such as 4545 Shea.”
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