SCOTTSDALE, AZ—Paradise Valley Corporate Center, a 198,000-square-foot office building at 4835 East Cactus Rd. has been purchased by Buchanan Street Partners. The acquisition increases Buchanan Street's real estate investment holdings in the Greater Phoenix area to more than 1.3 million square feet as the firm continues to expand its Arizona portfolio. Terms of the sale were not disclosed.
Brian Payne, vice president at Buchanan Street Partners, tells GlobeSt.com: "We remain bullish on the Greater Phoenix region and anticipate strong job growth to drive office absorption. In the last year, Phoenix added more than 15,000 office-using jobs, ranking 11th out of the top 50 MSAs. With room to grow in rental rates, we anticipate Paradise Valley Corporate Center will benefit from a tightening office market."
Paradise Valley Corporate Center was 95% leased at the time of sale. Buchanan Street plans lobby, landscaping and other common area upgrades in 2016 to modernize the project. The four-story building is in close proximity to Paradise Valley Mall and 2.3 million square feet of retail amenities. The project is accessible from State Route 51 via the East Cactus road off ramp.
"Paradise Valley Corporate Center is located in an affluent submarket with abundant amenities nearby. This property is central to executive and employee housing, positioning it as an attractive location for business owners. Continued prospects for employment growth and the lack of any meaningful office development in the immediate submarket bode well for rent growth at the project," added Payne.
Christopher Toci of Cushman & Wakefield represented the unnamed seller in the transaction, and Buchanan Street represented itself.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
