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10/09/20
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Cloud Peak Development LLC, based in Billings, Montana, paid $16.75 mil for Paradise Valley Plaza, a 100.2k sf ($167/sf) office complex in Paradise Valley (Phoenix), AZ. The property, which consists of three two-story buildings with expansive frontage along Shea Blvd, was 92% leased at the time of sale to a diversified tenant mix.
Paradise Valley Plaza sits on nearly six acres at 5010, 5020 and 5040 E Shea Blvd in the Phoenix submarket. 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 Blvds, featuring over a half million square feet of retail amenities.
Eric Wichterman, Mike Coover, Steve Lindley, Robert Buckley and Tracy Cartledge with Cushman & Wakefield in Phoenix represented the buyer and seller, Fenway Capital Advisors, out of Solana Beach, 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 Wichterman. “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.”
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