CONTACT US
Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting cushmanwakefield.com to read:%0A%0A {0} %0A%0A {1}

Cushman & Wakefield Advises Sale of Paradise Valley Plaza for nearly $16.75 Million

10/7/2020
PHOENIX, Ariz., October 7, 2020 – Cushman & Wakefield announced today the firm has brokered the sale of the Paradise Valley Plaza in Paradise Valley (Phoenix), Arizona

Paradise Valley Plaza

The property consists of three (2)-story buildings totaling 100,241 square feet and sold for nearly $16.75 million. The seller was Fenway Capital Advisors of Solana Beach (San Diego), California and the buyer was Cloud Peak Development, LLC based in Billings, Montana. The complex, which features expansive frontage along Shea Blvd, was 92% leased at the time of sale to a diversified tenant mix.

Eric Wichterman, Mike Coover, Steve Lindley, Robert Buckley and Tracy Cartledge with Cushman & Wakefield in Phoenix represented the buyer and seller 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 Eric Wichterman, Executive Managing Director. “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.”

Paradise Valley Plaza spans the addresses 5010, 5020 & 5040 E Shea Blvd and is situated on nearly 6 acres in the Phoenix suburb. 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 boulevards featuring over a half million square feet of retail amenities

About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.

Contact/Author

Joshua Deale San Diego Communications Manager
Joshua Deale

Communications Manager • Costa Mesa

Mr. Deale leads strategic media relations and thought leadership efforts for the West Region markets, and oversees their online presence including managing article and social media efforts.

With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on  Cookies

More Options
Agree and Close
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All
SAVE SETTINGS