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SCOTTSDALE, AZ-A 1031 Exchange buyer from Thousand Oaks, CA, has paid $20 million for the Village at Hayden, a 146,502-sf office and retail complex.
Cameron Court Plaza LLC beat 21 other buyers to lay claim to the 11-building project at the northwest corner of Hayden Road and Via de Ventura. Praedium II Hayden Associates LLC of New York City was the seller.
The Praedium Group owned the property for six years and was at the end of its holding period, says Stan Shafer, a senior vice president of Grubb & Ellis/BRE Commercial LLC. The seller's Grubb & Elllis/BRE team also included Eric Wichterman, Cliff Johnson and Don Arones.
"It's a great location with a stable rent roll that offers long-term upside," Shafer tells GlobeSt.com. Situated on 12 acres, the complex has 98,718 sf of second-story, class B-plus office space and 47,784 sf of first-floor retail space. The project, developed in 1985, is 90% occupied by regional and local credits, according to Shafer.
Cameron Court Plaza LLC, represented by Greg Valladao, Ryan Schubert and Tony Lydon from Grubb & Ellis/BRE Commercial LLC, obtained acquisition financing for the closing.
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