PHOENIX—Cassidy Turley announces that Kootenay Holdings, a private investor, has acquired Palm Valley Office Park I & II, a 83,575 square foot office project located at 1616 N. Litchfield Rd. and 1646 N. Litchfield Rd. in Goodyear, for $15.35 million ($183.67 per square foot). The seller was REO asset manager, Steve Schrag of Key Bank c/o KeyCorp Real Estate Capital Markets, Inc.
Senior managing directors Bob Buckley, Tracy Cartledge and Steve Lindley with Cassidy Turley's capital markets group brokered the transaction on behalf of the buyer and the seller.
Cartledge tells GlobeSt.com, “Palm Valley is its own micro submarket that operates independently—it's isolated, but in a good way, there is much better supply and demand. Location was key for the buyer. There is a lot of medical office in the area and this location benefits from the overflow from the hospital and cancer center nearby.
“Palm Valley Office Park is the market leader for class A office product in the West Valley,” continues Cartledge. “The project has an excellent track record of attracting high quality tenants that want an upscale office environment.”
Executive managing director Jeffery Hartland and associate vice president Scott Boardman of Cassidy Turley's office group have been engaged by Kootenay Holdings for the marketing and leasing assignment of Palm Valley Office Park I & II.
“We are glad to complete this transaction along with our capital markets team,” said Boardman. “Our team is looking forward to the improvements Kootenay has planned for the asset and continued leasing success.”
Built in 2000, Palm Valley Office Park I & II is a class A office project prominently positioned within the heart of the master planned Palm Valley community in Goodyear. Rising two stories each and comprising a combined total of 83,575 square feet, the buildings are uniquely designed with striking architecture, reflective glass, stone accents and dramatic two-story atrium lobbies. The Office Park is situated amid a wealth of amenities and within one-half mile of Interstate 10, creating a conveniently accessible business environment. The property was 87.8% leased at the time of sale to high quality companies including, Edward Jones, Wells Fargo Home Mortgage, American Family Insurance and a well-diversified group of medical practices and real estate services companies.
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