PHOENIX — CBRE announced Wednesday the sale of the 268,516 square-foot Paradise Village Office Park in Phoenix to New York-based real estate developer Time Equities Inc.
CBRE’s Barry Gabel and Chris Marchildon represented the sellers, Sterling Equities and Lincoln Property Company, which had co-owned the property for more than 13 years. CBRE’s Sean Spellman and Corey Hawley, the leasing agents for the site, also assisted in the sale.
The five-story, Class A office building, located at 11811 N Tatum Boulevard, offers an 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 percent leased at closing to a mix of national, regional, and local tenants.
“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,” said CBRE’s Gabel.
Paradise Village Office Park is centrally located within the Paradise Valley submarket, an area that is poised for 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.
“We are incredibly excited to enter the Phoenix office market and have been carefully working with our design team to implement a refresh of the entire building,” said Aaron Medeiros, Director of Acquisitions for Time Equities. “We intend to improve on an already great building and hope to attract new tenants and most importantly improve the user experience for our existing tenants.”
Added Keaton Baum, Acquisitions and Asset Management Analyst for Time Equities, “We are thrilled to be working in Phoenix and excited to build an office footprint in the rapidly growing city. As it relates to Paradise Village Office Park, the team at Time Equities is executed to bring fresh capital into the deal and focus on a spec suite program to lease up the vacant space.”
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