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Shidler Group Sets Out $60M-Plus Plan for 792,000-SF Trio of High Rises

PHOENIX-The San Diego investment group marks its first buy in eight years in the metro, picking up a 68.5% trio of high rises in the Central Corridor. The next step will bring an investment of more than $10 million for renovations and repositioning.

By Amy Wolff Sorter | Updated on August 19, 2005

PHOENIX-The Shidler Group has acquired City Square commercial development, a portfolio featuring 792,000 sf of class A office space in the city’s Central Corridor. With the deal closed, the buyer’s plotting a $10-million repositioning.

Matt Root, partner in the San Diego-based Shidler Group, tells GlobeSt.com that the full financial implications of the deal represent “a commitment to the property in excess of $60 million.” The acquisition marks the first time in eight years that Shidler acquired an office property in the Phoenix area. Bill Palmer of the Palmer Team in Phoenix represented the New York City-based seller, Praedium Group. Shidler use in-house representation to structure the deal.

City Square, located southwest of Indian School road and Central Avenue, is made up of three high-rise buildings as well as mixed-use amenities, including the 156-room Hilton Garden Inn and the Sports Club at City Square. Also on location are service businesses like day care, banking, dry cleaning and restaurants.

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