Cushman & Wakefield Arranges $17M Phoenix Office Sale
- Oct 09, 2020
Cushman & Wakefield has brokered the $16.7 million sale of Paradise Valley Plaza, a three-building office complex spanning 100,241 square feet in Phoenix. Eric Wichterman, Mike Coover, Steve Lindley, Robert Buckley and Tracy Cartledge represented the buyer and the seller in the deal.
Fenway Capital Advisors sold the property to a Montana-based private investor. The new owner funded the acquisition with a $10.9 million loan from AlaskaUSA Federal Credit Union, according to Maricopa County records. The note carries a variable interest rate.
Located on 6 acres at 5010, 5020 and 5040 E. Shea Blvd., the two-story buildings buildings were completed in 1985 and 2000. In 2015, the seller executed a capital improvement plan on the property. At the time of closing, the campus was 92 percent leased to a mix of office and medical office tenants, including American Family Insurance, Farmers Insurance, HonorHealth and Twisted Tree Health.
Paradise Valley Plaza is a short distance from the busy retail corridor at the intersection between East Shea and North Tatum boulevards. The complex is 14 miles north of Phoenix Sky Harbor International Airport and 15 miles northeast of the city center.
In September, Wichterman and Coover brokered the $16.8 million disposition of The Fordham, a 90,688-square-foot office property in Phoenix. Cushman & Wakefield negotiated on behalf of the seller, Jevan Capital.