Paradise Village Office Park, a five-story Class A office building in Phoenix, has been purchased by New York-based real estate firm Time Equities, Inc.
Time Equities purchased the 268,516-square-foot space at 11811 N. Tatum Blvd., for $43 million from Sterling Equities and Lincoln Property Company.
This acquisition represents TEI’s first office property in Arizona and its second asset in the state, according to a press release.
“We are particularly excited about the acquisition of Paradise Village Office Park for multiple reasons, not least of which being, Time Equities’ expansion into the Phoenix office market,” said Aaron Medeiros, director of acquisitions at TEI.
Over the next year, and in collaboration with the design and innovation team, TEI will implement a large-scale redesign of the common areas, as well as introduce new design concepts and amenities to the building. The property’s lobby atrium is one of the largest in the market, an element that TEI intends to take full advantage of through its Art-in-Buildings program, activating the space with works of art by renowned artists around the globe, the press release stated.
TEI’s Medeiros and Keaton Baum, acquisition and asset management analyst at the firm represented TEI in the transaction. CBRE’s Barry Gabel and Chris Marchildon represented the sellers, Sterling and Lincoln Property, and were assisted by the building’s current leasing agents, Sean Spellman and Corey Hawley, also of CBRE.
Current amenities at the Paradise Village Office Park includes a tenant lounge, conference center and training room; an on-site deli and a cafe; a secured covered parking garage with 945 parking spaces and professional on-site management to its tenants.
As well, the building is situated in one of the most amenity-rich submarkets in the Phoenix area. Located adjacent to the Paradise Valley Mall and numerous other retail centers, the development offers a wide variety of shops and restaurants.