Cushman & Wakefield announced Aug. 19 the firm has brokered the sale of a multi-tenant office building in Phoenix.
Located at 4545 E. Shea Blvd., the property is 90% leased to a synergistic mix of tenants, a press release stated. 4545 Investment Alliance, a Washington company, acquired the asset from Jumping Cholla II for $8.2 million.
Eric Wichterman and Mike Coover with Cushman & Wakefield’s Private Capital and Capital Markets teams in Phoenix represented the seller in the transaction.
“This was a strong investment opportunity of an office building located in one of metro Phoenix’s most prestigious areas,” Wichterman, executive managing director, said in the release. “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.”
Originally built in the mid-1980s and renovated during 2007–08, 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, connected by exterior walkways.
The building is conveniently located near the 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 as well as State Route 51.