Corporate Center Nabs Buyer With Spacious Layout and Glass

The property enjoys access to 2.3 million square feet of walkable amenities and freeways.

SCOTTSDALE, AZ—With incomes the highest in Metro Phoenix, the Scottsdale/Paradise Valley area is home to Paradise Valley Corporate Center located at 4835 E. Cactus Rd. With its large floor plates, spacious lobbies and ample glass, this class-A office property recently attracted a buyer to the tune of $37.4 million. Cushman & Wakefield executive director, Chris Toci , and director, Chad Littell , negotiated the sale transaction, representing the seller which sold the property to Buchanan Street Partners of Newport Beach, CA. No outside broker was involved. Toci tells GlobeSt.com: “Buchanan Street Partners was attracted to Paradise Valley Corporate Center because of the wide gap between current contractual tenant lease rates compared to existing market rents and where they are trending.” Built in 2002, the four-story building includes 198,534 square feet of office space, featuring an onsite deli. “The property enjoys immediate access to approximately 2.3 million square feet of walkable amenities, convenient freeway access, an attractive Scottsdale address, and is surrounded by the highest demographics in metro Phoenix,” says Toci. The demographics in Scottsdale/Paradise Valley are the highest in metro Phoenix with average annual incomes of $109,000 in Scottsdale and $132,000 in Paradise Valley. “Paradise Valley Corporate Center is 94% leased to a diverse set of investment-grade and blue-chip tenants in the finance, insurance, real estate and technology sectors,” adds Littell.